Hello Everyone,
I filed a chapter 13 plan in attempt to save my home, but because of the burden of debt and bunch of other messy stuff, like bad home loans, decided that it was better to sell while I still had some equity and start fresh. I was ble to complete my plan early and did so in 9/2004. When I finally received my discharge, from the trustee, is was dated 4/2005, even though my case closed, officially November 2004; I have been constantly working on correcting my credit reports (and am still doing so), as well as restablishing my credit and now have a middle FICO of 680. Recently, I started searching for a home and was told my broker that because my discharge says 4/2005, that the banks won't touch me, but that I do qualify for hard money loans [No Thank You!]. I was told that I would have to wait at least 2 full years or, alternatively, I could secure a mortgage in my daugther's name (who is only 19 and a student) and that after making 10 mortgage payments I would be able refinance the loan into my name and remove her from title. Now, all of this sounds a bit sticky to me. I basically told the broker that I was uncomfortable with this scenario. Has anyone ever heard of this before and, if so, can you shed some light on how this works -- it sounds too risky to me. Do I really have to wait 2 years after my discharge? If not, could some recommend me to a mortgage broker and refer me to a program that can help me secure a good loan without all of the shenanigans?
Also, I basically have restablished my payment history with a secured CC and now with the assistance of my daugther who has just started to establish her own credit history by adding me as an authorized user to her 2 retail CC accounts. Can anyone tell me if this is a good method for building a stronger credit history and, if so, how long should I remain on her accounts? Thanks for your advice!
I filed a chapter 13 plan in attempt to save my home, but because of the burden of debt and bunch of other messy stuff, like bad home loans, decided that it was better to sell while I still had some equity and start fresh. I was ble to complete my plan early and did so in 9/2004. When I finally received my discharge, from the trustee, is was dated 4/2005, even though my case closed, officially November 2004; I have been constantly working on correcting my credit reports (and am still doing so), as well as restablishing my credit and now have a middle FICO of 680. Recently, I started searching for a home and was told my broker that because my discharge says 4/2005, that the banks won't touch me, but that I do qualify for hard money loans [No Thank You!]. I was told that I would have to wait at least 2 full years or, alternatively, I could secure a mortgage in my daugther's name (who is only 19 and a student) and that after making 10 mortgage payments I would be able refinance the loan into my name and remove her from title. Now, all of this sounds a bit sticky to me. I basically told the broker that I was uncomfortable with this scenario. Has anyone ever heard of this before and, if so, can you shed some light on how this works -- it sounds too risky to me. Do I really have to wait 2 years after my discharge? If not, could some recommend me to a mortgage broker and refer me to a program that can help me secure a good loan without all of the shenanigans?
Also, I basically have restablished my payment history with a secured CC and now with the assistance of my daugther who has just started to establish her own credit history by adding me as an authorized user to her 2 retail CC accounts. Can anyone tell me if this is a good method for building a stronger credit history and, if so, how long should I remain on her accounts? Thanks for your advice!