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Just came out of bankcruptcy with discharge papers and trying to get a mortage any help?

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July 14 2010 - US
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I have seen clients buy after about 2-5 years of banq. They have to have strong on time payment history afterwards and no late payments at all, otherwise no deal. The banks consider you a very high risk now. Best thing to do is pay your rent on time and all your other bills and give it a few years.
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July 17 2010
I would give you one more option. You maybe able to get a place on a "contract for deed" or "lease to own". Due to your high risk you will be paying a much higher interest rate than you would at a bank, but risk = return. If you could get a bank rate we wouldn't be having this discussion. The contract for deed or lease to own will give you time to build your credit back up while allowing you to have a place to call your own. After a few years you would be able to recover your credit and get a bank loan at a lower rate and by out of the contract. I hope this helps. email me if you have further questions about these options.
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July 16 2010
I agree with the previous answers.  The only way to obtain a mortgage loan now is to have a relative who is willing to purchase a home for you and have you make the payments.  Then, in 2 years buy the home from them.  The relative would have a higher interest rate, as this would be treated as an investment loan be all lenders.
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July 16 2010
I agree with the last person who gave you advice.  Build up your credit again and in about two years things will start looking up.  It may still be difficult but who knows what will happen in two years; However if you have a good job and your credit is built up again, your chances will be much greater and you may even enjoy a lower interest rate.  If it were that easy to buy a house after bankruptcy then a lot more people would probably file bankruptcy. 
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July 14 2010
You are not going to have much luck if it has not been more than 2 years since your discharge papers were issued.  There may be an investor out there that will do a portfolio loan for you, but you will have to have very strong compensating factors and yuou will pay a much higher interest rate.  Sorry!
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July 14 2010
 
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