Profile picture for melissalsmith72

I need help saving my home

Hi, I need help. Im currently in an chapter 13 bankruptcy. Is it possible for me obtain a home loan while in a bankruptcy. Ive made all my payments on time. My situation is extremely unusual as to why I filed bankrupt in the first place. If able to secure a mortgage I would be more than willing to drop my case. If you or someone you know can help me I would appreciate it. I dont want to lose my home
  • November 13 2013 - Washington Park
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Answers (9)

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  • November 30 2013
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Make sure you speak with a competent mortgage broker on your options. I would highly recommend David Hochburg at Townstone Financial, he's very well versed on situations such as yours.  Good luck.
  • November 20 2013
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Hi melissa 

12 months after bk dismissed you be able obtain fha loan , other term may apply  debt to income ratios, credit scores, work history, etc

good luck 


Omar Khamisa
  • November 14 2013
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Profile picture for dk58
Good Morning,
 In respect to refinancing your home while currently in Chapter 13 bankruptcy, there are no programs under Fannie Mae or Freddie Mac that can purchase a loan while this process is still ongoing, and of course the last thing you want to hear is to wait three year until you can refinance. I would strongly suggest in contacting your current mortgage lien holder and/or your bankruptcy trustee, and let them know your financing status and the importance of saving your home. One thing to remember is that the bank will lose money if they cannot provide a solution that will help you, so they do have every intention in trying to help you save your home despite how much you think they don't.
    Good Luck with everything and I sincerely hope that the light will shine very soon!!
  • November 14 2013
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Hi Melissa,

I will concur with the other responder that you should be able to qualify for a FHA loan if you are in a Chapter 13 Bankruptcy AND you have made on time (no 30 day lates) mortgage payments on the loan. Of course you will need to qualify on all the other areas regarding your income, debt to income ratios, credit scores, work history, etc. Look for a local CMPS in your area who is knowledgeable in this area. You can find them at http://www.cmpsinstitute.org/public/menu

All the best, Melissa,
Ros

Roswell Moore, CMPS
Certified Mortgage Planner
  • November 14 2013
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Profile picture for melissalsmith72
Thanks for the replies. Yes I live in the home now. The situation is strange but here goes. This home isn't my debt. I inherited this house my grandmother left it to me. She had a reverse mortgage so when she died it all became due. I didn't have that type of money laying around. I filed for bankruptcy and was able to put the house into it. Now get this I have to have the house paid off in 5 years. Right now my trustee payments are 4000.00 a month yep u read right. I can't continually pay that for another 4 years. Paying it for - has been very difficult. I heard that after making 12 on time payments I may have a shot at getting a loan. At this point I'll take what I can get because anything would beat what I'm paying now
  • November 14 2013
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On a chapter 13 bk, you can possibly obtain financing after 12 on time payments to the trustee. Your subject line indicates you have a home already.? Is it part of your bk and was it reaffirmed?
  • November 13 2013
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First of all I am sorry to hear that you are having to go through chapter 13 bankruptcy. There are few loan options that will be available to you once you have filed your bankruptcy, typically you will need to wait 3 years from the time that your bankruptcy has been discharged before you are eligible for FHA or even most conventional types of financing. I have heard of a few lenders typically called hard money lenders that will loan you money but typically do at a higher then prime rate with typically 30% down. I wish you the best and hope that this has shined some light on this subject.

Best Regards,

Thomas Mestas
  • November 13 2013
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Profile picture for Matt Laricy
You should speak to a lender and an attorney. I do not think you  can get a loan while going through this though.
  • November 13 2013
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