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I was told if I filed forbankrupcy I would have about a two year waiting period to get a small loan.

I want to buy a foreclosure now while the market is at bottom and have $5000.00 to put down. I have had great credit till 2009 and I got very ill  and could not work to pay my credit cards and medical bills till now I  will be on S.S. Disability now at 55 and need someone to loan me the balance for a 10 year period so I can have it paid off when I'm 65. I have not got a credit check yet but I know it's low. Should I file or try to get someone to loan me the balance say $35000.00 or less? Thanks Brian
  • October 04 2011 - Saint Petersburg
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Answers (4)

Best Answer

http://www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm
Start here! Sign up and talk with a Non-Profit - NO COST! Hud housing counselor. Based on your explanation - you need a lender that you can sit down with and discuss your situation. I will suggest - a local community lender - AND - the HUD counselors will know who they are. They will point you to a lender that has a program to support you. Yes, they will take a hard look at the past and check your credit but today is the best day to start fixing or reacting to what the counselor will see. Your question should be - are there different grades of counselors? Unfortunately, yes, you can get advice from one and call another and get different advice. Find one that meets your personality. You did not mention if you were a Veteran - If you ARE you have counseling available. Another spot that goes unnoticed is you Social Secuirty office. Many times they can point you to a community bank that understand health issues and will try. You can find a GREAT realtor and possibly get seller financing or look into the www.homepath.com programs - they work with common sense underwriting on slightly less than perfect credit. You need 'manual' underwriting guidelines. "Manual' underwriting is someone that listens and does not use a computer to make an underwriting decision. Stay well! Good Luck - I hope this helps.
  • October 05 2011
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Profile picture for brian farnum
Thanks for the wonderful information from Norm and Nelson. I will get back to you if any of this helps. Thanks again, Brian
  • October 06 2011
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To dovetail Mr StCas, I don't think the Maryland CDA will be of any help to you in Florida.

This may be more appropriate:

http://apps.floridahousing.org/StandAlone/FHFC_ECM/AppPage_HomePage.aspx
  • October 05 2011
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I forgot to send you to your local - state housing agency - Every state has set up Housing counseling groups - In Maryland - we call it CDA - ours has a web site - www.morehouse4less.com or Maryland Housing Fund. Call your State Government and see what programs they have. I do not really mean programs - but what lenders that support their funding options - that may have funds which they can provide. Good luck!
  • October 05 2011
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