Forum Rules (Everyone Must Read!!!) (updated: 04/28/2015)

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A Good Ending to Give Hope!

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  • A Good Ending to Give Hope!

    I'm posting this in order to give others on this board some Hope.

    We went into Chapter 7 in April 2008 with TWO foreclosures. The CH7 was dismissed August 2008. The house we were in at the time [a third property] was meant to be kept out of the BK, but the inept lawyer left it in and we ended up doing a ride-through on it, paying to stay but not liable for the debt. That one was in my husbands name only.

    October 28, 2011 we closed on a new house. We got a 3.4% FHA loan with 3% down. We made sure the house payment was small enough to be handled if only one of us had a job.

    During that 3 years, I supported my husband while he went back to school and now we are both working full time. I did everything this forum recommended to repair credit and we stayed out of trouble. 4 lines of credit starting with the Orchard card, a Capitol one card, a used car loan for a couple thousand, then a real credit card through the local credit union. After 3 years, I was eligible for an FHA and here we are.

    The CH7 was in both our names, but the house we stayed and paid was only in his name. This new house is in my name only. He will have the stay and pay--which we're walking away from--on his credit, but we do have our new house. The old stay and pay was falling down around us and not saleable, so we felt we had to move.

    That's all. It can be done with a little attention to this forum, a little luck, and a lotta prayer.

    In gratitude,


  • #2
    Congrats! Just wondering, was it hard to get FHA when they still know about the house in his name? Or is it because you did this all in just your name?


    • #3
      Congratulations and thank you for sharing this great success story!!!
      Chap 7 Non-consumer --Realized headed for bankruptcy Nov 2010 --Started planning BK7 Spring 2011 -- Filed Sept 2011 -- 341 & Continued 341 Meetings Nov 2011 --No Asset Case Nov 2011 --Discharged Jan 2012 --Closed Feb 2012


      • #4
        Kingfisher, may I ask why your 7 was dismissed?
        Glad to hear of your success, congrats!


        • #5
          I think she meant "dsicharged".

          Also, why are you calling your lawyer inept. He did what he was supposed to and it actually helped you in the end. You cannot "leave out" anything in a bankruptcy. And now you can walk away from that house without financial consequence.

          In any event, thank you for posting, always good to hear a success story.
          Last edited by HHM; 11-20-2011, 08:44 PM.


          • #6
            Thanks HHM - that (discharged) makes sense.


            • #7
              I did mean discharged[], thanks.

              The lawyer had asked if we meant to include our house in the BK and we said no, we wanted to continue to pay on it as we had been and to continue to be responsible for the debt. Granted that it worked in our favor, but the lawyer herself used the term inept to describe her own mistake in having included it in the BK.

              The credit union who granted the FHA loan was made completely aware of my husbands ownership of the other house. I was asked to write a letter for the file describing our situation and hisory concerning the BK.

              I made this post to demonstrate how well the advice on this forum has helped us and to convey gratitude and encouragement to all.



              • #8
                Originally posted by kingfisher View Post
                I'm posting this in order to give others on this board some Hope.

                During that 3 years, I supported my husband while he went back to school and now we are both working full time. I did everything this forum recommended to repair credit and we stayed out of trouble. 4 lines of credit starting with the Orchard card, a Capitol one card, a used car loan for a couple thousand, then a real credit card through the local credit union. After 3 years, I was eligible for an FHA and here we are.

                So what's your definition of a real credit card? My 1st three credit cards out of BK were Orchard, Juniper and CapitalOne. I don't have Orchard anymore because I cancelled before I was charged an AF after the 1st year but I still have CapitalOne and my Juniper is now a BarclayCard (same card different name). Today I also have a Chase ans I'm an authorized user on a USAA and a Bank of America card.
                Of those 5 cards my best interest rate is my BarclayCard which you wouldn't classify as a real credit card. My interest rate is 7.99% and I have no AF. My CapitalOne is the card I use when traveling out of the country since it's the only card that doesn't charge a foreign transaction fee--also a card that you don't consider real.
                So my credit cards that are not considered real have the best interest rate and don't charge foreign transaction fees. These seem pretty real to me.


                • #9
                  Logan Niceley said...... I have 2 cap ones 1 personal and 1 for business both real and a NFCU is that real?
                  Filled 5-2010
                  7-2010 341 Meeting (Chapter 7 No Asset)
                  8-2010 Discharged/Case closed!


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