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Answers (4)
- sunnyview
- Contributions:25139
I think I understand the situation, but I don;t think that a bank will loan to you right now. You have two recent short sales and a banruptcy that is still new. I read yesterday that some lender would lend about 2 years out from a short sale with 20-30% down, but I believe that you will have to wait longer than that with your bankruptcy.
You can talk to a local lender or contact a local credit union. They may be able to give you their requirements and a plan to get back on track to buy.
You can talk to a local lender or contact a local credit union. They may be able to give you their requirements and a plan to get back on track to buy.
- Need Advice
- Contributions:2
Thank you for responding. My husband is in the same job for the past 13 yrs. he is a tech.for Ford.Since the bankruptcy we have kept our two outstanding car loans,one is paid in full,the other has only 3 months left.We are current with our HOA.dues and pay all debts on time Also, we do not have any other open lines of credit.Before this we had excellent credit.We are both age 53,the purchase of the home in the bombing range was a retirement plan that backfired misserably.We want to purchase a modest home as apposed to renting and use a small retirement account as a down payment it would be at least a 30% to 40% down.We still have a good 15yrs left to work to pay off that mortage.Please remember we surrendered both properties in the bankruptcy,we were to far upside down,and my husbands salary was severly reduced due to the economy at that time.Do you think that it would be possible to obtain a loan considering this situation? Thanks again for your prompt response.Sincerely,Need Advice
- wetdawgs
- Contributions:26853
Could you expand on the "do we have to wait for an additional 3 years for this home to foreclose?" Are you suggesting that you aren't paying on the current town home?
- sunnyview
- Contributions:25139
I do not think that you would be able to buy another home right now if you have been out of bnkrptcy for a little over a year. You need to deal with the situation as it is and you may need to get some legal advice to find see what your options are.
Your bk lawyer may be able to advise you. I know it is difficult, but you need to stabilize financially before you buy another house.
Your bk lawyer may be able to advise you. I know it is difficult, but you need to stabilize financially before you buy another house.
We are 14mos out from a chap 7,we surrendered 2 properties,our primary has already forclosed.Help!
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