If you had a good c. Score, and not late

[blaze]

Hi dmc - tough decision - we too have a 2nd mortgage that we could not get rid of - that was a big chunk of debt - but we had enough unsecured debt also that chapter 7 made sense to us - even with the 2nd loan the housing market is so bad in atlanta that we still got to keep the house. Keep reading here regardless of your decision - It will help you through whatever your financial situation. Hang in there and good luck!

[Cassiopeia]

yet on anything... and the possibility to eek by, would you reconsider getting a bk?

I have no bad credit yet. I am barely and I mean BARELY making it, actually a little in the hole each month, but somehow, I have managed to stay current and probably with some budget and starvation and a lot of unwanted NOs to my little one, I might be able to sustain.

I don't think I can pay any extra, and that is the bad part. But maybe, just maybe I can sustain for say 5 years and then the market turns back and I would be okay.

Would you do that if you could??? Please answer, I am really in a quandry here.
Thank you all so much for your input!

No. I'd file BK in a heartbeat, even in that situation.

I LOVE having my debt erased and a fresh start.

[halloweendmb1]

To each their own, starting Over can be just as hard

Its just that Fanny and Freddie mac has stated to get a Prime loan after a Foreclosure they will now require 2 years and added % down depending on your market

so the 1 year out of BK with 10% down wont be allowed it will be more like 2-5 years out and 20-40% down

Or you could go sub-prime if you are risk taker

That's not true, I am a mortgage banker at a local community bank and Fannie & Freddie will allow BK within a year without huge downpayments. Remember right now no one can get 100% financing. I closed a loan in March where the people were 8 months out of chptr 7 and only put 5% down payment and the other 5% came from a city grant, so they bought their house no money down. Also it isn't so much Fannie & Freddie it is the PMI companies so if you have the traditional 20% down payment you will almost always find someone to take the risk.

[jerzey]

That's not true, I am a mortgage banker at a local community bank and Fannie & Freddie will allow BK within a year without huge downpayments. Remember right now no one can get 100% financing. I closed a loan in March where the people were 8 months out of chptr 7 and only put 5% down payment and the other 5% came from a city grant, so they bought their house no money down. Also it isn't so much Fannie & Freddie it is the PMI companies so if you have the traditional 20% down payment you will almost always find someone to take the risk.

100% is around my friend you just need to look
Grants can be a hard sell as well those dont always work out

the PMI insurers are limiting our borrowers sadly