2 years discharged and turned down today

[ethrjock]

Thanks for the insights. I have been on my job for 8 years and the company is very stable. It's a power company. I have been promoted several times and my income has grown every year.

Can anyone recommend a broker/loan officer that is experienced in working with folks like us? I live near Atlanta, Ga.

Thanks

[Flamingo]

Thanks for the insights. I have been on my job for 8 years and the company is very stable. It's a power company. I have been promoted several times and my income has grown every year.

Can anyone recommend a broker/loan officer that is experienced in working with folks like us? I live near Atlanta, Ga.

Thanks

Sent you a PM with a recommendation and it's worth a shot if you want to try. It's the mortgage company we utilized when we bought out of our Chapter 13 early and our broker was fantastic - he was recommended by our Chapter 13 attorney.

[spearmint]

How ever do people manage to save enough cash while in CH 13 to be able to afford a mortgage when they get out of BK?

[LoanDoctor]

FHA will approve loans for borrowers that have FC that are between 2 & 3 years, just depends on the situation and how well you explain what happened, and why it won't happen again.

So, Yes go to another lender.

Charles

[NoMoreRed]

Go to another lender. Also, be sure to ask if the loan will be serviced by them or if it will be sold. Try not to end up at Countrywide/BofA.

[newimges]

We got approved for a mortgage from our credit union 15 months after Chapter 7 discharge. We went in talked to the manager and explained our situation. She ran our credit reports and called later that day to say we were approved for a 15 year mortgage at 4.75%. We had a considerable amount to put down. Credit scores in the mid 600s and hubby and I are both self-employed for 10 years. We closed on our new home last Friday so it is possible.

After hearing "no" so many times - I didn't think we would be getting another home for a few years but our credit union was willing to work with us and even gave us a great rate.

Good luck to all!

[RickInMich]

NewImages,

Did you include a house in your bankruptcy? I'm thinking you did not. (Wishing you did since that would give all of us hope). That seems to be the kicker. Including a home in the bankruptcy is much more difficult to work with.

[arami008]

I read on the Economic Development Agency under housing programs, that if you have a home IIB then you HAVE to wait 3 years and not two, that was my understanding.

[newimges]

NewImages,

Did you include a house in your bankruptcy? I'm thinking you did not. (Wishing you did since that would give all of us hope). That seems to be the kicker. Including a home in the bankruptcy is much more difficult to work with.

Yes, we did include our house in the bankruptcy but we were not late on any of our mortgage payments before we filed. Our bankruptcy was discharged in January of 2008 - we made payments on the house until March of 2008. The bank foreclosed on the house in September of 2008. We were upfront with the credit union and explained the whole situation. Technically once the house was included in the bankruptcy - we no longer had any obligation to pay the mortgage. On our credit report - the mortgage shows a 0 balance and the foreclosure doesn't appear at all.

[Toby629]

We had a BK back in 88', we purchased our current home in 92' on a land contract. The land contract was for 5 yr., then we were able to get a mortgage through a bank. If you could find a home that would do land contract/owner financing at least for awhile, that would be an option for you. Have read with the glut of homes on the market, there are more land contract/owner financing going on.