Success Story!

[imoverit]

I just wanted to let everyone know that rebuilding can be done!

We filed CH 7 and at the same time we didn't want to keep our house (way underwater in a less than favorable area). Because of all the wonderful tips and information I received on this site, we opted to attempt a short sale instead of simply walking away. The short sale closed in July of 2009 (put on market in March 2009 and received an offer within 2 or 3 weeks) and our discharge occurred in August of 2009. We then only got 1 credit card to rebuild and did a ride through with our cars and were never late with them, rented a house and waited. Fast forward 2 years... we applied for a VA mortgage exactly 2 years and 2 days from discharge. We were approved and then found a house. The lender was fantastic and all we had to provide was an explanation for bk, satisfactions from the short sale and the regular bank statements and stuff. We locked at a rate of 4.125 and closed yesterday without a single hiccup. I know many times during the last couple of years I would like to come on here and read success stories and now I am happy I get to post mine!

So if you are waiting for your bk time to pass, hang in there because there can be a light at the end of the tunnel!!!

[jst4f]

Happy endings are always great to hear! Congratulations. Once we get discharged and closed we will be heading down this path to creditworthiness. These stories let us know it can be done and done in alot less time then ten years. Thanks for sharing.

[AbbeyA]

Congratulations on your new home!

[jgordo52]

what's your credit score now if you don't mind telling

[stdogz]

Congrats!!!! I am in the same boat! My 2 year discharge is 2/2012 - and I'm squirreling $ away as fast as I can to prepare for house hunting. I will NEVER EVER get myself into that situation again!

[hopejones]

Hey congrats on the new home! You got a great interest rate!

[sadandconfus]

I'm wondering if that is the key. The original house needs to be foreclosed upon. Even though IMOVERIT included the house in bk7 he/she chose to still do a short sale for the bank. The IIB shows up on the credit report. How would a short sale benefit the bank, except that they don't have to do the foreclosure process. Can you move while doing the short sale or do you have to still be in the house?