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If I'm on ssd. Have bad credit,but going thru bankruptsy. Steady $840.00 income.Plus work in own bus

I can total 1,200.00 a month for a place. Looking for a fixer upper. Must have  electric and good septic. Land would be nice..Up to 5 acreas or more.  Looking for a person to haggle with. For sale by owner preferably. I pay more in rent now then this mortgage would be. I need someone to consider that. I have owned once before and never missed a payment. Hard times put me here. Now I want out. Just need trust and an owner that wants to unload it fast and get on w/ hisor her life.  I have land to be left me in time. Can I use that as equity if it's signed over to me??
  I just need a break and a new start. What I'm saying is i need an agent with a heart and a lil' faith. I'm almost 54 and tired of moving. This one is it. You can get my money before I see it. Auto deposit,, How can you go wrong.??? I need a break and have references that can tell you I'm good for my word.
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July 28 2012 - Portsmouth
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Answers (4)

I believe you have no option , but owner financing. The amount you will be ale to spend per month will determine how quickly you can pay off your mortgage, and sometime's people just want the Income. You will need $3,000 down to begin to look for someone that may fit your needs. Lots of expenses related to closing, (title search,etc).  You may also need a Realtor who will lower their commission to make the deal work,  or who you can make other arrangements with, such as an annual balloon.
Creativity will help you . Good Luck
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July 30 2012
Unfortunatley there are not going to be many options if any for you since you are just starting the process of going through BK. if it is a chapter 7 you will have to wait 2 years from the discharge date, and have no late payments after the BK. Chapter 13 is a little different, however for specifics, oyu would need to talk with a lender.

However it seems like you are at least 2 years out with the information you have provided.

If you have a large down payment you could do Hard Money, but if you had a large down payment, you would not be going through BK.
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July 28 2012
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Thank You very much..:O).
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July 28 2012
Your best place to start is with a mortgage broker. An agent can be as kind as ever, but without financing they can't do much for you. A mortgage broker can look at your situation and tell you what your options are.
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July 28 2012
 
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