We are 3 months out of our bk. Looking for lendors that work with us on a home equity loan. Son needs a truck and we need to do some minor construction on the house. Looking for 10 - 20 thousand. Tried a local credit unikon, but was told that not enough credit, bad credit, and bk are reasons that they will not loan. Talked to rep from another intitution and they said there was a 1 year waiting period. Can anyone help??
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Honestly, you're 3 months post bk.
Let your son buy his own truck. If the projects are minor, delay them for awhile and save some money and pay cash.
You'll find that many lenders require some distance between filing and funding a loan. -
'Hub's ex-wife is not yet a year from her CH7 discharge, and she was hoping she could get a small loan for a $3,000 or $4,000 camper. NOPE! Anyone she has thus far talked to wants a minimum of five years since the discharge.
The anniversary date is December 20. Plus she rents an apartment, so a HELOC is out of the question."To go bravely forward is to invite a miracle."
"Worry is the darkroom where negatives are formed."Comment
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I agree with keepmine. We are currently doing some renovations on our house, and it is very slow going because we save up and pay cash for the materials, and do the work ourselves. When the money runs out, the projects are on hold until some more comes in or we can save a bit.Originally posted by keepmine View Post"To go bravely forward is to invite a miracle."
"Worry is the darkroom where negatives are formed."Comment
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I have to agree with other posters, let son buy own truck (sorry, but you really should not even be thinking about "helping" anyone else financially right now) and either buy a book and attempt the "minor" repairs yourselves or hold off and save the money. Part of filing chapter 7 is learning and acting on the lessons learned during the process. Questions like what got you here, how can we do a better job of saving, what do we need to do to change how we approach finances, where do we want to be one year out from discharge, should be the normal pattern of thinking after discharge.
Living on a cash basis for the majority of your living expenses (wants and needs) and making the appropriate decisions when it comes to purchasing things (wants and needs again) is the most freeing and liberating feeling you can ever imagine. Once you go through bankruptcy all of your financial decisions should be based on "never" being back in that situation again going forward. Your financial outlook must change and your previous habits stopped to move forward and gain that financial momentum. Absolutely not easy but necessary. Good Luck!Comment
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agree with all the others...
As AC stated, house renos can be done with cash, trust me. We've been renovating our house for the past 6 years this way..and while its taking much longer than I'd like, at least its paid for as we go and we wont owe anyone a red cent when we're done!Comment
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