Chapter 7, FHA and approval under 2 years

[LoserBoy]

The people in this entire country that make 225k are very few and far between (less than 1%). The cost of living in cali is certainly out of line, but I doubt I'd call 100k chump change---unless you're just trying to be abrasive. California has a huge population, only a fraction of which makes 100k+.


If the guy can afford a 400K house---who cares? $400k and this "economy" have nothing to do with each other. House price is relative to income and location. I'm sure there are people on here who just filed Chap 7 that are thinking YOU are crazy for talking about spending 150k.

And yeah, I'm in that bracket. With bonus, well over.

[debtmonster]

Okay, whoa, already, huh?!
Please compare your manhood(s) somewhere else, okay?
Logan (back on topic), please DO let us know when/whether you close before your 2-year BK anniversary.
(As for me, I DON'T make $100,000 per annum, I DON'T pay state income tax, I paid $130,000 for a very nice, liveable home, and I DON'T care what any of you thinks about it! Nor do I car much about your choices, so much as your results.)

But I care about your choices and wish you would stop. If you were correct about your choices, YOU WOULDN'T BE ON A BANKRUPTCY FORUM! So this proves my point. I am right and you were wrong. I was wrong before when it came to my spending habits until I read messages on here and learned of my wrong-doing. You're not going to learn anything if you keep repeating the same things over and over.

Go bankrupt. Learn your lesson. Spend less money. SIMPLE!

Stop being brain damaged and buy a CHEAP house!!! Spend your money elsewhere instead of having insane mortgage payments. You don't need to spend more just because you make more. Break that habit. Pretend you live on $40k/yr. and try to live on that.

[afterbkloan]

Lets get this thread back to the question at hand.

Yes you can get a loan before the 2 years but only in special circumstances. 90% of the time you will have to still wait 2 years after the bk.

We call it in the mortgage business extenuating circumstances that one could not control that you would have show proof to show that this was the case. Most bk borrowers I have worked with for the past 7 years have a hard time proving this.

One note to Logan, hopefully you have a good lender. The turn times for closing a loan is 45-60 days currently so please make sure they are saying they will close before the 2 year anniversay. I would make them put it in writing (loan commitment). Then you would know for sure you have a real approval.

[debtmonster]

What if you can get a substantial down payment? Do you still have to wait the full 2 years? I was thinking about that $55,000 condo. If I could get $20,000 saved in 13 months, are they going to turn me down on a loan for putting almost 1/2 down?

[hereforinfo]

What if you can get a substantial down payment? Do you still have to wait the full 2 years? I was thinking about that $55,000 condo. If I could get $20,000 saved in 13 months, are they going to turn me down on a loan for putting almost 1/2 down?

From what you've posted here, you don't even make $20k in a year, Debtmonster. I think you need to cool it on the advice you're doling out when half the time you don't even make sense.

[debtmonster]

From what you've posted here, you don't even make $20k in a year, Debtmonster. I think you need to cool it on the advice you're doling out when half the time you don't even make sense.

After the bankruptcy is over, I will have the money.

[Logan]

We did already. $100k is chump change unless you live in an affordable home. If you are living in California, you need to have a household income of no less than $225k to offset the high tax bracket and high cost of living.

I would think about moving to Texas or maybe even Arizona. That working around the clock crap gets old fast. I would be so burned out from that.

The problem with your arguments is you're using incorrect assumptions.

I don't work my butt off, I work about 10 days a month.

I have lived in Arizona and Texas and I don't want to live in either place again.

I live in a tax free state.

I could go on but I'm getting bored.....

[Logan]

Lets get this thread back to the question at hand.

Yes you can get a loan before the 2 years but only in special circumstances. 90% of the time you will have to still wait 2 years after the bk.

We call it in the mortgage business extenuating circumstances that one could not control that you would have show proof to show that this was the case. Most bk borrowers I have worked with for the past 7 years have a hard time proving this.

One note to Logan, hopefully you have a good lender. The turn times for closing a loan is 45-60 days currently so please make sure they are saying they will close before the 2 year anniversay. I would make them put it in writing (loan commitment). Then you would know for sure you have a real approval.

I'm not getting this loan using the extenuating circumstances argument and I'm not worried about the lender but I do have a commitment date for my financing just in case.

Logan

[Logan]

What if you can get a substantial down payment? Do you still have to wait the full 2 years? I was thinking about that $55,000 condo. If I could get $20,000 saved in 13 months, are they going to turn me down on a loan for putting almost 1/2 down?

Back on subject I see.

If you've reestablished credit, have a good work history and you find the RIGHT LOAN OFFICER you could get this closed.

I spent 4 years in the mtg business and I have no doubts that I could close my loan but I found it very difficult to find the guy who could get it done.

I am not closed yet so there will always be that chance but I believe the odds are with me.

Logan

I thought about this post and I think 13 months may not be long enough. I'm in my 22nd going on 23rd month but I think 8 months ago would have been tough for me to close this loan.

[Logan]

Okay, whoa, already, huh?!
Please compare your manhood(s) somewhere else, okay?
Logan (back on topic), please DO let us know when/whether you close before your 2-year BK anniversary.
(As for me, I DON'T make $100,000 per annum, I DON'T pay state income tax, I paid $130,000 for a very nice, liveable home, and I DON'T care what any of you thinks about it! Nor do I car much about your choices, so much as your results.)

I will let you know if I close the deal. The property is a short sale so we're waiting on acceptance from the bank.

Logan

[debtmonster]

I don't understand what the big deal is about the time. The mortgage will be the ONLY thing that I would be using to re-establish credit again. I may be paying cash for a car if I can't get decent financing. I will be paying cash for everything and won't need credit.

What difference does it make whether it's 3 months or 36 months ago. As long as it's discharged, who cares? Why must they make everyone's life so miserable after the fact? Haven't we suffered enough? The majority of us are suffering from the decisions made by other people and not ourselves. Why must we suffer for years afterward from these same people's decisions (the ones who decided to lay us off)?

[oldhack]

...If you were correct about your choices, YOU WOULDN'T BE ON A BANKRUPTCY FORUM! So this proves my point. I am right and you were wrong...Go bankrupt. Learn your lesson...

...As long as it's discharged, who cares? Why must they make everyone's life so miserable after the fact? Haven't we suffered enough? The majority of us are suffering from the decisions made by other people and not ourselves. Why must we suffer for years afterward from these same people's decisions..?..

Do these two statements by the same person seem contradictory to anyone besides me?
Can you say, "TROLL"? Whatever the statement, he's got an argument! (Never mind that he's making opposite points.)

(Best of luck, Logan. This thread just became read-only for me.)

[debtmonster]

(This thread just became read-only for me.)

Thanks.

[Logan]

Do these two statements by the same person seem contradictory to anyone besides me?
Can you say, "TROLL"? Whatever the statement, he's got an argument! (Never mind that he's making opposite points.)

(Best of luck, Logan. This thread just became read-only for me.)

I'm also done posting in this thread.

I will start a new thread when my loan is approved or disapproved so others can learn from my experience.

One main reason for this thread is I read all the time what we can and cannot do after BK. You need to set realistic goals and have a realistic plan and if you do that you will most likely find post BK a pleasant experience like I have.

Logan

[gophermn]

Logan, thank you for sharing. That's the purpose of this forum - to share ideas and help those who have questions.
Will be watching for your updates. Best of luck!!