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What is a PERS LOAN?

Are they more lenient or the same in getting a mortgage after filing & discharged Chapter 7 Bankruptcy?
  • June 21 2013 - Phoenix Lake-Cedar Ridge
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Answers (3)

CalPERS loans were suspended a few years ago. When they were available they generally mirrored Fannie Mae guidelines for eligibility.
  • June 21 2013
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A personal loan is a loan TO an individual. Personal loans are available from banks and other institutions. They are typically much much smaller than mortgages often as little as a few thousand dollars. the size of the loan may be greater if you choose secured (you put your property or other resources up as security). An unsecured loan is smaller because you do not need to put your property or anything else up as security. A car loan is a form of personal loan.

They are not more lenient. Unless you are willing to pay very very high interest rates.

They still use your credit history to determine if you are loan worthy.
  • June 21 2013
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Personal loan. A loan from an individual person. They can be as lenient as they wish to be, but they always charge more interest than a bank or regular lender will and often have a balloon payment in 4-5 years so you can't drag out the payments for 30 years.

Tim
  • June 21 2013
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