I live in Indiana, I’m filing bankruptcy, found another home I would love to buy, and that I can actually afford this time! I’ve been told that it is possible to even 1 day before disclosure, does anyone know of a mortgage company that may do this?

 

  • laughter_every_day 7:04 pm on February 15, 2010 Permalink |

    You have demonstrated that you cannot be trusted to pay your creditors. So, anyone that would trust you now is going to demand so much interest, and so much built-in equity as to be prohibitive. After you screw your creditors, it takes time to put your financial life back in order. Lots of time.

  • First Lady 7:04 pm on February 15, 2010 Permalink |

    It may take awhile to find a lender that will take a chance on you. I’ve been told that it’s best to wait a couple years after filing before trying to get a loan like that. You’re going to be considered a "bad risk" for awhile. I, too, have filed Chap. 7 so I know what you’re going through!!

  • nickelrustler 7:04 pm on February 15, 2010 Permalink |

    Any will honestly…just at a higher rate…try Countrywide, Saxon, Household Finance, or Lending Tree…any of them should be accommodating

  • evelyn s 7:04 pm on February 15, 2010 Permalink |

    try a loan shark good luck with that don’t get shot

  • moataz171 7:04 pm on February 15, 2010 Permalink |

    ask God..or work ur bhind off..OR live in apt

  • Robb L 7:04 pm on February 15, 2010 Permalink |

    I am a loan officer that specialized in providing mortgages for people with recent bankruptcies (0 – 36 months from discharge).

    There are actually many loan programs that do not require any waiting period after a bankruptcy discharges. However, these programs have other guidelines that make getting a mortgage right after the discharge very difficult.

    Here is what you need for most home loan programs that have no waiting period after a bankruptcy discharges:

    1. Bankruptcy must be discharged.

    2. Twelve months worth of verifiable rent or mortgage payment history (I do have several programs that do not need this).

    3. Two credit scores over 600.

    4. Credit history – usually one account with 24 months and two with six months history. They have late payment history but they cannot have been charged off, included in the bankruptcy or sent to collections.

    5. Income sufficient to pay the mortgage and your other bills.

    Even if you can meet the five conditions listed above often you still will not be able to be approved for a loan. Funding a home loan after bankruptcy is like reaching safe ground after walking through a mine field. So please, do not be over confident because you meet these conditions and only use an experienced loan officer that specializes in this type of loan.