I'm posting this in order to give others on this board some Hope.
We went into Chapter 7 in April 2008 with TWO foreclosures. The CH7 was dismissed August 2008. The house we were in at the time [a third property] was meant to be kept out of the BK, but the inept lawyer left it in and we ended up doing a ride-through on it, paying to stay but not liable for the debt. That one was in my husbands name only.
October 28, 2011 we closed on a new house. We got a 3.4% FHA loan with 3% down. We made sure the house payment was small enough to be handled if only one of us had a job.
During that 3 years, I supported my husband while he went back to school and now we are both working full time. I did everything this forum recommended to repair credit and we stayed out of trouble. 4 lines of credit starting with the Orchard card, a Capitol one card, a used car loan for a couple thousand, then a real credit card through the local credit union. After 3 years, I was eligible for an FHA and here we are.
The CH7 was in both our names, but the house we stayed and paid was only in his name. This new house is in my name only. He will have the stay and pay--which we're walking away from--on his credit, but we do have our new house. The old stay and pay was falling down around us and not saleable, so we felt we had to move.
That's all. It can be done with a little attention to this forum, a little luck, and a lotta prayer.
In gratitude,
Kingfisher
We went into Chapter 7 in April 2008 with TWO foreclosures. The CH7 was dismissed August 2008. The house we were in at the time [a third property] was meant to be kept out of the BK, but the inept lawyer left it in and we ended up doing a ride-through on it, paying to stay but not liable for the debt. That one was in my husbands name only.
October 28, 2011 we closed on a new house. We got a 3.4% FHA loan with 3% down. We made sure the house payment was small enough to be handled if only one of us had a job.
During that 3 years, I supported my husband while he went back to school and now we are both working full time. I did everything this forum recommended to repair credit and we stayed out of trouble. 4 lines of credit starting with the Orchard card, a Capitol one card, a used car loan for a couple thousand, then a real credit card through the local credit union. After 3 years, I was eligible for an FHA and here we are.
The CH7 was in both our names, but the house we stayed and paid was only in his name. This new house is in my name only. He will have the stay and pay--which we're walking away from--on his credit, but we do have our new house. The old stay and pay was falling down around us and not saleable, so we felt we had to move.
That's all. It can be done with a little attention to this forum, a little luck, and a lotta prayer.
In gratitude,
Kingfisher
--Realized headed for bankruptcy 
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