Bankruptcy Lenders - Caution!

[chucko]

I was quote 100% financing at 6.6%and 4% once i was one year in bankruptcy.

Wait a minute...NLMC is giving you a 6.6% interest rate less than one year out of bankruptcy? He also quoted you 4% when you are discharged one year???

I find that extremely hard to believe. I emailed Tom and gave him the numbers that I was getting from my broker and he said he could get me a deal very close to that and then they would improve one year out of BK.

Do you have a GFE from them? If so, please post it so we can see what you are getting. If they are really giving someone less than 1 year out of BK a 6.6% interest rate, I will be shocked and will use them ASAP. Please verify.

CB

[Tedderbear]

brownladye

That is good. Are you going to go with them? Let me know how it turns out please because I will use them also

[brownlayde]

nlmc

I was quote 100% financing at 6.6%and 4% once i was one year in bankruptcy.

[chucko]

yes i spoke with tom from nlnc today and he is working on getting me approved he said he would be calling me back sometime today , and i was discharged 4/17/06 and i have recieved new credit already i have a car and three credit cards .

What kind of rates are you getting from Tom? I am in the same exact boat as you as far as BK discharge. I have rebuilt my credit with a few cards though, and my car loan survived the BK. I'd really like to know what rates you're getting.

I currently have a loan for $178k. 80% at 7.875% for 45 years and 20% at 11.875% for 40 years. It keeps my payment nice and low for the next two years until I can refinance. The only thing I don't like is there is a prepayment penalty. I'm just wondering if Tom can do better than this. All I'm concerned with right now is my monthly payment until I can get refi'd into an FHA.

[MTG_BANKER_OH]

it was over 2% lower than what the only broker who said that they could even do a loan for us offered us....so YES! Plus it was a 100% loan and the broker could only get 80%

The reason you are getting a good rate is you were in a chapter 13, a chapter 7 is looked at more harshly by the lenders, and you can not qualify for a FHA loan until 1 year out of chapter 7(with extenuatiing documentable circumstances), it is generally 2 years out. With a chapter 13 you can use your chapter 13 pay history as a tradeline and you can easily geta FHA loan, It seems the other brokers you talked to did not have FHA or know their programs.

[MTG_BANKER_OH]

I recieved the information from beenthere about nlmc and i checked out ther web site and did a pre qualify application tom called me and took down more information and is currently working on my loan i don,t know how long it is going to take but i hoping for the best, i,m staying positive.

What are your credit scores? Post your scenario here and we can let you know what type of deal you are getting.

[Tedderbear]

brownladye

Have you heard anything back yet from Tom about your loan??

[chucko]

it was over 2% lower than what the only broker who said that they could even do a loan for us offered us....so YES! Plus it was a 100% loan and the broker could only get 80%

So you have to pay PMI?

[brownlayde]

nlmc?

yes i spoke with tom from nlnc today and he is working on getting me approved he said he would be calling me back sometime today , and i was discharged 4/17/06 and i have recieved new credit already i have a car and three credit cards .

[Tedderbear]

brownladye

How long ago was that? When was your bk discharged? Also have you had a chance to re-establish credit yet?

[brownlayde]

nlmc

I recieved the information from beenthere about nlmc and i checked out ther web site and did a pre qualify application tom called me and took down more information and is currently working on my loan i don,t know how long it is going to take but i hoping for the best, i,m staying positive.

[Tedderbear]

I'm looking at getting a loan around $165,000 and I'm hoping to get a 100% loan.

[been there]

good rate

it was over 2% lower than what the only broker who said that they could even do a loan for us offered us....so YES! Plus it was a 100% loan and the broker could only get 80%

[Tedderbear]

been there

did you get a good rate?

[been there]

Nlmc

These guys did my loan. I closed a few days ago. I spoke to Dan and Tom at first and then after the loan was in process,I dealt with Missy and a few others. They are a bank. I know they are legit. I would'nt worry about that at all. They were the only people who could help us after talking to about 10 brokers. Hope everything works out for you! Good Luck!