How soon after Ch 7 did were you able to purchase?

[pris72]

I am sorry to hear what you went through. I was working in retail at the time just outside of Atlanta, and met a lot of people who came here due to Katrina. I heard a lot of stories that made me cry. Sorry that I was snippy. I just never saw myself filing bankruptcy. Between me having huge hospital bills, due to a rare disorder I have and that garnishment it was our only choice. Our attorney advised us to go ahead with a 7, even though we 1st went in looking at a 13 repayment plan. I guess I am just impatient wanting to get the things that I know are not possible right now. I just wish that finance companies would look at each situation individually and not automatically say no, because they see that chapter 7 there. It is very hard to buy a home now,even without a BK. My parents purchased a new home in late 2008. Lets just say they started the process in March of 2008, but it took until late Oct. to finally close. The bank kept coming back saying do this, so my Dad would do what they asked. Then they'd turn around telling him to do something else. Lets just say his FICO score is in the upper 700's, and was in the mid 700's when they 1st went through their bank for financing. It was a mess. Then the house did not appraise high enough, due to depreciation with the economy. He finally got in there, but he knows that he is upside down in it due to the economy. The way I figure it, if I am lucky I can buy in 2 yrs. That's granted everything is paid on time(which I pray nothing else happens to prevent this), and our FICO score is raised high enough. I have looked into the USDA rural development loan. It may put us a little futher out than I'd like, but it is easier to get approved than if I tried going through my bank. I have never owned a home. Me and my ex husband had a home, but it was in his name only. Right now I just want a car. I am kinda irritated, because my attorney told me a car loan would be the easiest thing to obtain. She was telling us we could even get a car loan before the discharge. So far they have all said no, even though roadloans calls my house every single day. Maybe I should answer. Maybe they changed their mind. I'd rather pay the $1,250 down on an almost new car than to put over $3,000 into my car that's sitting in my driveway right now. I just know my luck. We'll fix the car,and then next month it will be something else. That is just how my luck is these days.

[dirkdigler]

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[LSUTiger32]

I am sorry to hear what you went through. I was working in retail at the time just outside of Atlanta, and met a lot of people who came here due to Katrina. I heard a lot of stories that made me cry. Sorry that I was snippy. I just never saw myself filing bankruptcy. Between me having huge hospital bills, due to a rare disorder I have and that garnishment it was our only choice. Our attorney advised us to go ahead with a 7, even though we 1st went in looking at a 13 repayment plan. I guess I am just impatient wanting to get the things that I know are not possible right now. I just wish that finance companies would look at each situation individually and not automatically say no, because they see that chapter 7 there. It is very hard to buy a home now,even without a BK. My parents purchased a new home in late 2008. Lets just say they started the process in March of 2008, but it took until late Oct. to finally close. The bank kept coming back saying do this, so my Dad would do what they asked. Then they'd turn around telling him to do something else. Lets just say his FICO score is in the upper 700's, and was in the mid 700's when they 1st went through their bank for financing. It was a mess. Then the house did not appraise high enough, due to depreciation with the economy. He finally got in there, but he knows that he is upside down in it due to the economy. The way I figure it, if I am lucky I can buy in 2 yrs. That's granted everything is paid on time(which I pray nothing else happens to prevent this), and our FICO score is raised high enough. I have looked into the USDA rural development loan. It may put us a little futher out than I'd like, but it is easier to get approved than if I tried going through my bank. I have never owned a home. Me and my ex husband had a home, but it was in his name only. Right now I just want a car. I am kinda irritated, because my attorney told me a car loan would be the easiest thing to obtain. She was telling us we could even get a car loan before the discharge. So far they have all said no, even though roadloans calls my house every single day. Maybe I should answer. Maybe they changed their mind. I'd rather pay the $1,250 down on an almost new car than to put over $3,000 into my car that's sitting in my driveway right now. I just know my luck. We'll fix the car,and then next month it will be something else. That is just how my luck is these days.

Hey, don't be sorry.....I was where you are right now not that long ago. It's hard enough dealing with the emotions surrounding going through BK but when you add another major life event (like a sickness in your case, and a hurricane in mine) it can be enough to drive you to the brink. Trust me, I got that t-shirt!

I get a little over zealous sometimes, I just can't believe some of the stuff I see on here. People filing BK and then rolling up $25,000 car loans. Sickening. I understand you may not be in the situation I was in and that you may need a car loan. I found a nice used car and I had just gotten my income tax refund. Done deal. I just want to caution you to buy small and inexpensive. In the big picture, buying say a decent $5,000 car and making on-time (and by that I mean a month in advance) is probably a good thing for your credit. I just don't care about my FICO anymore, but that's me. Don't make the same mistakes again. If you do the right things, it will get better. It's a slow process but I am winning now. I have some savings, college funds for the kids, retirement accounts for me and my wife and we have a beautiful home (I know I am lucky there). Don't give up! I want to re-finance mine so badly, so I am making sure that I look like a no-brainer when it comes time in 11 months (two years out for me). Hang in there!!!!

[backtoschool]

People filing BK and then rolling up $25,000 car loans. Sickening.

Why the judgmental tone? The last time I checked we were all equally bankrupt on this board, you included LSU. No one who is living his/her life honestly and repairing their credit should "sicken" you.

If you were carrying on with your life and letting other people carry on with theirs, perhaps you would get "sickened' less often.

[LSUTiger32]

Why the judgmental tone? The last time I checked we were all equally bankrupt on this board, you included LSU. No one who is living his/her life honestly and repairing their credit should "sicken" you.

If you were carrying on with your life and letting other people carry on with theirs, perhaps you would get "sickened' less often.

I give up with you, seriously. You talk about me going on EVERY post.....HAHAHAHAHA! Yes, someone who files BK and then immediately goes out and gets a $25,000 car loan is sickening. As a matter of fact, it's borderline fraud.

As far as your quip, "we were all equally bankrupt" I totally agree. What that has anything to do with anything I have no idea. So me going bankrupt is supposed to make me want to APPLAUD people who go out 5 days after discharge and get a $600 car payment in an effort to "rebuild their credit?"

Pris72 and I have had great conversations and I even conceded the idea that I understand a smaller sized loan in her situation. Try reading the last couple of posts between us. I am big enough to admit when I am wrong and this is all you can come up with. Totally ignore the rest of the post and pull one line out. I think I know what's going on here now though. It's cool, keep taking it out on me.......maybe you can eventually talk yourself into that $25,000 car using that Capital One loan you got just to spite me. You can think of me everything you send that big fat car payment in. HEHEHEHEHEHEHEHEHEHE!

In other news.....this will be the last time I respond to anything you post. Let's see who is following who around from thread to thread.

[backtoschool]

Getting a legitimate loan is hardly Fraud. Seriously LSU, be adult and reasonable here.

I have reported your nasty post to the mods and am done responding to you. You are officially on ignore, which I should have done awhile ago.

[backtoschool]

Hi all,

I have given some thought to why I even replied at all to this thread, and I want to post my thoughts here to share with everyone. I am very proud at how far I have come since I filed for bankruptcy in early August of 2009. I have worked very very hard to build my life back, to find a job that I can deal with psychologically and emotionally, to retrain myself for a new industry, and to handle my money and plan for my future. It has been a long road, and I came to this particular thread because my next big step is to plan to buy my first house when my two year waiting period after discharge is over. I am working meticulously towards that goal, and each milestone I achieve makes me happy and gives me hope that I will be able to achieve it.

I saw my Capital One auto loan and the "normal" rate that they gave me (4.42%) as validation of all of my hard work and as a good sign that I will be able to get my first mortgage. To be told that I am sickening and conducting fraud simply surprised me. I have been on other boards where people share their successes and I thought that was the vibe here. I have learned many lessons about credit in going through the bk process and I do not take credit lightly. I have deliberated long and hard over whether I should get another car when I already have a car and I really don't need to trade it in, etc. But I can afford the new car, and I think that the more borrowing responsibility I show, the better I will be able to achieve my long term goal of buying a house.

I am posting this so that others who read it and who are trying to rebuild their credit can see my case history and hopefully get something out of it. I am an adult, I make my decisions with forethought, and I will live with any consequences, good or bad, that are the result of my decisions.

[pris72]

Hi all,

I have given some thought to why I even replied at all to this thread, and I want to post my thoughts here to share with everyone. I am very proud at how far I have come since I filed for bankruptcy in early August of 2009. I have worked very very hard to build my life back, to find a job that I can deal with psychologically and emotionally, to retrain myself for a new industry, and to handle my money and plan for my future. It has been a long road, and I came to this particular thread because my next big step is to plan to buy my first house when my two year waiting period after discharge is over. I am working meticulously towards that goal, and each milestone I achieve makes me happy and gives me hope that I will be able to achieve it.

I saw my Capital One auto loan and the "normal" rate that they gave me (4.42%) as validation of all of my hard work and as a good sign that I will be able to get my first mortgage. To be told that I am sickening and conducting fraud simply surprised me. I have been on other boards where people share their successes and I thought that was the vibe here. I have learned many lessons about credit in going through the bk process and I do not take credit lightly. I have deliberated long and hard over whether I should get another car when I already have a car and I really don't need to trade it in, etc. But I can afford the new car, and I think that the more borrowing responsibility I show, the better I will be able to achieve my long term goal of buying a house.

I am posting this so that others who read it and who are trying to rebuild their credit can see my case history and hopefully get something out of it. I am an adult, I make my decisions with forethought, and I will live with any consequences, good or bad, that are the result of my decisions.

You sound so much like me. I have a car, one that is paid off. It is just collecting dust in my driveway right now however. I want a new car, and me and my husband have looked over our finances to know a monthly payment we can afford and are comfortable with. We won't budge from that payment either, so if they tell us we will have to pay more than that-we will just wait. Right now our focus is getting those FICO scores up to a high enough point to mortgage a home in 2 yrs. and get good interest rates on it. I learned a lot about credit as well. We did go through credit counseling during the BK process, as I am sure everyone else did as well. We knew the key to rebuilding our credit would be to 1st get a couple of credit cards, which we have done. Make sure they are paid on time no matter what, which we have also done. I am 38 yrs old now, and have never owned a home. I think that is the ultimate goal of any adult out there. We unfortunately hit a stump in the road due to my ailing medical condition, a job layoff, new job and then that garnishment that caught us completely off guard. We were never served notice to appear. Notta, nothing. That collection issue is another story all together, and lets just say those jokers have done the same thing to others by filing in counties which they do not even reside in, not having them served and getting huge judgements that are 300% over what was owed on the junk debt they bought more than likely for pennies on the dollar. A $6,000 debt ended up an almost $19,000 debt. They "claimed" it was their interest. Gee, and I thought the IRS charged high interest. Not anymore!!
You just do what you know is right for you and your family, and ignore people putting you down over it. I will do the same. I know what I am doing here, and so do you. I want to see both of us come back on here one day with our happy stories of the homes we buy. I can't wait for that day. : )

[backtoschool]

You sound so much like me. I have a car, one that is paid off. It is just collecting dust in my driveway right now however. I want a new car, and me and my husband have looked over our finances to know a monthly payment we can afford and are comfortable with. We won't budge from that payment either, so if they tell us we will have to pay more than that-we will just wait. Right now our focus is getting those FICO scores up to a high enough point to mortgage a home in 2 yrs. and get good interest rates on it. I learned a lot about credit as well. We did go through credit counseling during the BK process, as I am sure everyone else did as well. We knew the key to rebuilding our credit would be to 1st get a couple of credit cards, which we have done. Make sure they are paid on time no matter what, which we have also done. I am 38 yrs old now, and have never owned a home. I think that is the ultimate goal of any adult out there. We unfortunately hit a stump in the road due to my ailing medical condition, a job layoff, new job and then that garnishment that caught us completely off guard. We were never served notice to appear. Notta, nothing. That collection issue is another story all together, and lets just say those jokers have done the same thing to others by filing in counties which they do not even reside in, not having them served and getting huge judgements that are 300% over what was owed on the junk debt they bought more than likely for pennies on the dollar. A $6,000 debt ended up an almost $19,000 debt. They "claimed" it was their interest. Gee, and I thought the IRS charged high interest. Not anymore!!
You just do what you know is right for you and your family, and ignore people putting you down over it. I will do the same. I know what I am doing here, and so do you. I want to see both of us come back on here one day with our happy stories of the homes we buy. I can't wait for that day. : )

Great post Pris72. 2 years from now, I want us both to be driving around in our affordable new cars and living in our new houses.

[tobee43]

2 yrs from 7
3 yrs from foreclosure
0 days from 13

All are treated separately so if you filed a ch7 but then foreclosed a loan that was included it's still 3 years from the foreclosure.

All assume clean since BK and likely that you wouldn't be able to go back through the same lender you had prior.

WHY buy now anyways ? Prices are not going up. Hold on until at least early 2011.

that's interesting since we have been in foreclosure with NO movement from the bank for almost 2 years. we moved out...but they still have not foreclosed...

the debt is discharged...they have refused a warranty deed exchange...much safer for them than a quit claim deed and general release...they just keep on holding on...

so when you say 3 years from foreclosure???? or from the debt of the mortgage being discharged???? just a wondering??

[backtoschool]

3 years from foreclosure.

[tobee43]

well...that really is going to be great!!! our bank will never ever foreclose apparently.

actually, let me rephase that.... i think they foreclosed but it hasn't gone to sheriff's sale.... never even been on the list when so many other homes went before ours....odd. (we left the state but know that the bank is taking very nice care of the house from what we heard and someone sent us a pix...not for sale...really odd i think).

actually, we don't really care...that's why God created co-signers....where there is a will...there is a way...

[LSUTiger32]

well...that really is going to be great!!! our bank will never ever foreclose apparently.

actually, let me rephase that.... i think they foreclosed but it hasn't gone to sheriff's sale.... never even been on the list when so many other homes went before ours....odd. (we left the state but know that the bank is taking very nice care of the house from what we heard and someone sent us a pix...not for sale...really odd i think).

actually, we don't really care...that's why God created co-signers....where there is a will...there is a way...

I could be wrong on this, but apply after the 2 year mark and hopefully before they foreclose. I would think the house would be listed as IIB not as a foreclosure on your credit report. Then again when they do the title work they may see that you own a house and ask about it. I am not completely sure about that. What I do know is DO NOT get a co-signer. That is trouble asking to happen.

Check some of the other threads on here, I know this has been discussed and the answer is on here.

[tobee43]

I could be wrong on this, but apply after the 2 year mark and hopefully before they foreclose. I would think the house would be listed as IIB not as a foreclosure on your credit report. Then again when they do the title work they may see that you own a house and ask about it. I am not completely sure about that. What I do know is DO NOT get a co-signer. That is trouble asking to happen.

Check some of the other threads on here, I know this has been discussed and the answer is on here.

thanks...we most likely will try the VA...or some type of program in a couple of years. yes, in most cases i would never suggest a co-signer...however, in our situation it works in all ways...it's a bit odd i understand to most. we have always had a plan and so far it's worked. i think it may seriously depend on whom it is that is a co-signer.

unlike many i undersand the ramifications both legally and for our furture if we have to go that route...but all is correctable, easy, if all is legally documented to protect each other.

[Ugh07]

cosigners are almost never useful on mortgages. They can in some instances help with income but credit wise an underwriter will qualify the file based on the borrower with the worst credit.