Profile picture for dtc6102

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

  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
July 14 2010 - US
We think we've answered this question for you!
  • Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.
 
 

Answers (5)

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.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
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.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
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.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
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. 
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
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!
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
July 14 2010
 
Related Questions
legal description mean
Profile picture for Mack McCoy
Latest answer by Mack McCoy
23 hours ago | 1 answers
What communities in the Countryside area allow 50lb. dogs? Condo/villlas/townhouses
Profile picture for Malaya S
Latest answer by Malaya S
1 day ago | 2 answers
Zillow, Trulia and NAR, Round 2?
Profile picture for Dunes ..
Latest answer by Dunes ..
1 day ago | 21 answers
Any idea what a covered parking space a block from the Ballston metro would sell fo
Profile picture for Neeraj Jassal
Latest answer by Neeraj Jassal
1 day ago | 1 answers
LOOKING TO SELL IN RIO RANCHO UNIT 26 BLOCK 166 LOT36
Profile picture for RizaB
Latest answer by RizaB
2 days ago | 1 answers
Be A Good Neighbor

Zillow Advice depends on each member to keep it a safe, fun, and positive place. If you see abuse, flag it. More on our Good Neighbor Policy.