Any post Chapter 13 discharge success stories?

[missfontella]

I've been scrolling thru forum after forum (including this one) and I haven't seen any. I'm starting to feel like I may be championing a lost cause. My Chapter 13 was discharged May 2012. It will be one year after discharge by the time I go thru underwriting/close. I have 5 years at my job, money saved, and a mid score of 650 (this will increase soon, just paid my revolving utilization from 70% to 25%). I would be a first time buyer.

I need your help. This forum gave me hope and kept me sane thru my bankruptcy. Please, tell me something that will let me walk into a brokers office and ask for a loan with some confidence. Please....

[TheBajan]

Hello... I'm still early in my chap 13 but I've read many success stories here of people who have completed and told there stories. Just being in a 13 is a success story for me. I have a long way to go but when we finally finish, we will be free and doing fine. I can't offer much advice about obtaining a loan but I've read of others who have. Keep digging... you'll find what you're looking for. BTW, congrats on your successful completion of a chap 13. It's an accomplishment to be proud of!

My best to you,

The Bajan

[AngelinaCat]

There are many Ch13 success stories. Sadly, once this phase of their lives are ended, many members choose to move on with their lives and not remain here. Two notable exceptions were the members, lrprn, and Flamingo, who became moderators. But they also have moved on. However, I suggest searching for some of their posts and threads.

[sofarsogood2]

I have been told 2 years post discharge, 3 years if a foreclosure/surrender occurred (FHA).

If no foreclosure/surrender, then I still think you will find it difficult to obtain a mortgage until another year passes, but it doesn't hurt to try.

A surrendered property makes things more difficult. A bank dragging their feet to reclaim the property is what causes the most problems- as many brokers will (incorrectly) tell you that it is the date of the foreclosure that underwriting goes by, which could be years after the original surrender. However, with FHA, it is the date of the surrender that counts.

Good Luck!

[Scott50]

I believe kornellred just recently had his CH13 bankruptcy discharged and is in the process of purchasing a home. You might want to reach out to that person on this forum.

[tobee43]

don't forget there are other ways of financing other than a FHA loan. if you have enough saved and you stay within what one can afford you can seek other lending sources other than going fed backed.

some builders are holding mortgages, some far and few between but still possible, owner financed properties, land contracts, conventional with a large enough cash stash.