Chances of getting a mortgage in the SAN FERNANDO VALLEY?

[bk2011sfv]

I live in the San Fernando Valley and was wondering what the chances are of getting a mortgage after filing ch 7 bk? The answers are all across the board...ranging from IMPOSSIBLE to waiting at LEAST 2 years and to have at least 20% down as well as 6 mos worth of income in liquid savings before attempting to apply for a mortgage. My husband and I will be filing ch 7 next month. Our attorney told us that she had a client that was able to buy a house after 4 years...Do we have to wait that long? Any feedback would be most appreciated.

[dspii]

2 years FHA after a Chapter 7. You can get after 1 with extenuating circumstances...but forget that one....never happens. If you foreclose or Deed in Lieu....3 years after deed transfer. Conventional.....5 years or so.

[tobee43]

we closed on this house feb. 2011.........less than two years discharged.....however, we found a owner "owned" property......he's holding a straight 15 year 5% mortgage...so we circumvented the banks completely......and we now have a nice home of our own...

look for a creative broker....and see what's out there...maybe you can get lucky and do a land contract...(wrap around someone's existing mortgage)...that's another way to get back into home owning and i think it may be a "wave" in the future home buying market.

best of luck!

[bk2011sfv]

we closed on this house feb. 2011.........less than two years discharged.....however, we found a owner "owned" property......he's holding a straight 15 year 5% mortgage...so we circumvented the banks completely......and we now have a nice home of our own...

look for a creative broker....and see what's out there...maybe you can get lucky and do a land contract...(wrap around someone's existing mortgage)...that's another way to get back into home owning and i think it may be a "wave" in the future home buying market.

best of luck!

Thanks for the feedback dspii and tobee43! It sounds as if there are options after bk but we'll proceed with caution....Good luck to you both as well!

[tobee43]

Thanks for the feedback dspii and tobee43! It sounds as if there are options after bk but we'll proceed with caution....Good luck to you both as well!

thanks so much..and so you as well...please keep us update on your progress!!!

[HHM]

tobee...I applaud that you found a way...but let's be clear, owner financed solutions are RARE and non-conventional and the interest rate is arbitrary, so let's not be promoting false hope

Plus, why would you want to buy there NOW. That market will easily go down another 20% in the next 2 years

[tobee43]

tobee...I applaud that you found a way...but let's be clear, owner financed solutions are RARE, so let's not be promoting false hope

Plus, why would you want to buy there NOW. That market will easily go down another 20% in the next 2 years

oh, no, i do not want to promote "false" hope at all... not everyone will find the solution to purchasing a home the way we did......however, rare, they are out threre, and, also i believe we will see an increase in land contracts used to purchase homes as the banks have tighten up ....wrapping around an existing mortgage is another way of course....

it was on another thread yesterday or day before while listening to cnn, i recalled hearing WAIT to buy as the market will be diving another 25%....and there was a down side to what we did as well....we purchase above market price to be able to do this deal...my only point is, don't give up....things will get better and you are correct, owner fiinanced properties are NOT a dime a dozen.

[bk2011sfv]

oh, no, i do not want to promote "false" hope at all... not everyone will find the solution to purchasing a home the way we did......however, rare, they are out threre, and, also i believe we will see an increase in land contracts used to purchase homes as the banks have tighten up ....wrapping around an existing mortgage is another way of course....

it was on another thread yesterday or day before while listening to cnn, i recalled hearing WAIT to buy as the market will be diving another 25%....and there was a down side to what we did as well....we purchase above market price to be able to do this deal...my only point is, don't give up....things will get better and you are correct, owner fiinanced properties are NOT a dime a dozen.

Dear tobee43,

Thank you for your positivity. I know filing for bk will present hurdles in buying a home in the future but time, patience and a little luck will present the opportunity for us. So waiting 2 years won't be bad as home prices are to drop as HHM says.

Have a great Sunday!

[tobee43]

Dear tobee43,

Thank you for your positivity. I know filing for bk will present hurdles in buying a home in the future but time, patience and a little luck will present the opportunity for us. So waiting 2 years won't be bad as home prices are to drop as HHM says.

Have a great Sunday!

and that's the key! time, patience and a bit of luck...

best of luck to you!