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anonymousnonni
Guest
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Post subject: mortgage after foreclosure and bankruptcy |
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| Hi, I filed chapter 13 and had it discharged in January of 2008. My credit score is 618, and I do have a significant down payment for a morgage. I would be taking that money from my IRA. My monthly payment could also be taken from that account. what are my changes of obtaining a mortgage and should I just wait another year to get a better rate |
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jerry
Moderator
Joined: 17 Oct 2005
Posts: 1754
Location: MICHIGAN
260.24 Dollars($)
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Post subject: |
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Hi anonymousnonni,
It is always good to wait for atleast 2 years after a discharge from chapter 13 bankruptcy to get better rates and terms. Since you have good credit score and you can also put down considerable amount on mortgage, I think you can easily qualify for a mortgage. But waiting for another year would be worth your while as you will then have a lot more good options to choose from.
Thanks,
Jerry |
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MILNANI
Guest
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Post subject: foreclosure |
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| HI I HAD A FORECLOSURE IN AUGUST OF 08 BUT I FILED BK CHAPTER 13 TO AVOID LOSING MY HOUSE. SHORTLY AFTER I LOST MY JOB AND MY HUSBAND COULDNT KEEP UP W THE PAYMENTS SO WE LOST OUR HOME. NOW WE HAVE A DISMISSAL FROM THE BK. DO YOU THINK ITS POSSIBLE TO GET ANOTHER MORTAGAGE ANY TIME SOON. NOW OUR FINANCIAL SITUATION IS STABLE BUT OUR CREDITS ARE NOT. PLEASE LET ME KNOW IF I HAVE ANY PROBABILITIES AND THANK YOU. |
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Alessandro
Guest
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Post subject: |
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Hi MILNANI,
Considering the current market situation, it might not be possible for you to get a mortgage. You may get one, but you will hae to pay higher rates for that. Generally, it is advised that you wait for atleast 2 years after a chapter 13 discharge before you apply for a mortgage. This will help you get better rates. The time will also give you an opportunity to build your credit and qualify for a loan in future at ease. |
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det310
Guest
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Post subject: divorce and foreclosure |
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| My ex and I are divorced in status only. I moved out of the home 3 years ago and paying rent in an apt and he has been living in our home and paying the mortgage. Since I haven't been in contact with him for over 3 years he let the home foreclose. I was never notified of the proceedings or of anything. My credit was good but now terrible. I have a good stable career and make good money. My credit independent of his was good. Is there any way that a lender consider my credit history alone to qualify? |
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jerry
Moderator
Joined: 17 Oct 2005
Posts: 1754
Location: MICHIGAN
260.24 Dollars($)
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Post subject: |
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Hi det,
If you want to get a loan in your own name, your credit history alone would be taken into consideration by the lender. Your husband's credit history won't make a difference. You have a stable income which is a plus point in getting a loan. However, as your credit has taken a hit of late, your lender may ask you to pay down a considerable amount or may ask for higher interest rate.
Thanks,
Jerry |
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mizzhilary
Guest
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Post subject: buying again after an FHA forclosure |
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| Hi, My ex husband and I bought a house in 1996, we seperated and He kept the house. Although he tried eventually the house was forclosed on in 2002 however it was not sold until 2006 but the judgement was not paid until 2008. I have been trying to buy after getting my credit in line but am still being turned down because of the forclosure. Anyone have any suggestions as to what I can do to get this problem solved without just having to wait untill 2011? |
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savior70
Joined: 25 Mar 2009
Posts: 1338
Location: Florida
152.59 Dollars($)
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Post subject: |
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Hi
Are you being turned down because of your credit that took a hit due to the foreclosure? However, there doesn't seem to be any other way for you but to wait a few more years. |
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prissyjuls
Guest
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Post subject: mortgage loan after foreclosure |
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| I have been told by a mortgage broker that I cannot qualify until 3 years after auction of my foreclosure. Its been 2 years already. Any advice on who I can try to get a loan through? |
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savior70
Joined: 25 Mar 2009
Posts: 1338
Location: Florida
152.59 Dollars($)
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Post subject: |
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Hi
It is better to wait a little longer as this will help you get a better deal. The lenders find it risky to offer loan to borrowers who have suffered a foreclosure in recent past. But you can still qualify for a loan, provided you're ready to pay higher rate of interest on it. But it would be worth waiting for some more time to get a loan at affordable rates and terms. However, you can go for a no obligation free consultation with the community lenders of this forum and see what they have to offer you. |
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MikeB
Guest
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Post subject: |
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| I read an article on CNNMoney.com that states a FICO score will drop the same with a short sale as with a foreclosure. But I read a lot here that states a big difference in the drop. I've seen other articles quoting the same drop too. Which is correct? |
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adonis
Joined: 22 Oct 2005
Posts: 3777
Location: ALASKA
109.26 Dollars($)
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Post subject: |
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Hi MikeB,
I am not an expert but while participating in this forum I have seen experts saying that in case of short sale, the credit score may drop by 80-100 points whereas in case of foreclosure, the credit score will drop by 250 points.
_________________
Procrastination is the enemy of your financial sucess |
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justme
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Post subject: foreclosure |
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| My ex has gmblng-addiction, because of that he gambled us in foreclosure and BK which happened 7 years ago.Currently I have good stable job, my credit score is 680.I have been paying my credit card bill and student loan faithfully.Is there any chance I can be quilified for mortgage? |
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jameshogg
Joined: 20 Dec 2005
Posts: 4189
Location: nevada
492.91 Dollars($)
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Post subject: |
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Hi justme,
I don't think you'll face issues in getting a mortgage as 7 years have already passed since you filed bankruptcy. With a credit score of 680, you'll be able to get a FHA loan. However, if you are planning to get a conventional mortgage, you will have to improve your credit score and raise it to 720.
Thanks |
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Karen5411
Guest
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Post subject: refinancing after investment foreclosure |
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| I am going through 2 investment foreclosures,all my other mortgages and credit is perfect,this is my first bad credit ever..in over 30 yrs.I have a strong income and wanted to know how long I have to wait to refinance my home loan or if I could refinance with my current equity lender?How long will it take? |
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