Previously due to hardhship times we were forclosed on after we filed bankruptcy. Now we are back on our feet a year later and are wanting to get into a home.
2006-06-15 09:51:36 · 7 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Yep.
Many lenders fall all over themselves to loan money to people fresh out of bankruptcy. You have no debt, and you're hoping to rebuild your credit. You're a good risk. Your interest rate might be a bit high for a few years, but you should be able to find a subprime lender who will finance your purchase.
2006-06-15 09:55:00 · answer #1 · answered by zartsmom 5 · 0⤊ 0⤋
There are lenders out there that would lend you money, and possibly 100%. The problem with this is that unless your credit scores have come up since your BK and FC, then more than likely, you don't have the scores for these types of loans.
Another thing....DO NOT USE A HARD MONEY LENDER! Please, real estate investors, stay out of the financing?! Please just keep with buying and selling and renting your homes out.
A lease-option or a land contract would be great. Get established and then in a year or so, you basically just refinance it into your name.
Good luck and don't be too inpatient to buy another home after the challenges that you have been through in the past.
2006-06-15 16:02:01 · answer #2 · answered by Kaz 3 · 0⤊ 0⤋
sorry, no...
You will need to wait at least 2yrs for a 0 down payment or 100% purchase loan. I don't care what anyone tells you, it's just not going to happen. Also, becuase the loan amount is so small, you are going to have a hard time finding a loan officer/broker who is going to go out of thier way to help you out.
You're only option in this case is to do a lease with option from the seller and in 12 months time refinance the property (now that you have a vested interest it is no longer a purchase and you can avoid realtors fees) into your name.
2006-06-15 09:59:54 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Not without a massive interest rate. It usually takes 3-5 years after a bankruptcy for lenders to want to do anything with you as far as homeownership goes. It's easy enough to get a car loan, but not a house.
You can actually buy property for $50,000 where you live? GEEZ! I couldn't buy a SHACK for that here!
2006-06-15 09:56:04 · answer #4 · answered by WiserAngel 6 · 0⤊ 0⤋
certain, at times, yet you won't be able to because you're only popping out of BK. you should rebuild your credit and get your credit up into the seven 1000's to get a one hundred% cconventional personal loan, possibly 600 80 will do it on an total record, besides the indisputable fact that it will be demanding. FHA will provide you your wonderful determination, yet you want a minimum of two years in between the launch and the acquisition, except your BK replaced right into a financial disaster 13, then you actually can purchase now, in case you paid the chpt. 13 on time in the course of the total time. you may get a shoppers information software as a fashion to bypass one hundred%, and that is at the same time as the down charge is financed into the non-public loan, besides as diverse the ultimate prices and pay as you go products. contact your interior of sight personal loan corporation and also you in all likelihood opt to talk with 2 of them a minimum of.
2016-10-30 23:13:02 · answer #5 · answered by ? 4 · 0⤊ 0⤋
If you want a correct answer... ask a local bankruptcy attorney!
I would suggest you read the article "New Bankruptcy Law – Where’s The Consumer Protection?" you can view it at:
http://www.sandiegolawyerforyou.com/san-diego-bankruptcy-law-update.htm
http://www.las-vegas-nevada-lawyer-attorney-legal-injury-defense-directory.com/las-vegas-bankruptcy-lawyers.htm
http://www.san-francisco-oakland-bay-area-lawyers-attorneys-directory.com
http://www.san-jose-ca-lawyers-attorneys-directory.com
http://www.sacramento-ca-lawyers-attorneys-directory.com
http://www.la-orange-county-lawyers-attorney-directory.com
http://legal-advice-library.info/blog
http://www.austin-texas-lawyers-attorneys-directory.com/austin-legal-services.htm
http://www.san-antonio-texas-lawyers-attorneys-directory.com
http://www.san-diego-lawyer-attorney-personal-injury-dui-car-immigration.info
2006-06-20 03:10:37 · answer #6 · answered by Anonymous · 0⤊ 0⤋
go to google and type in "hard money lenders", i do all my foreclosures through these type of lenders. They love cases like yours, and the rates aren't so bad, even for you.
2006-06-15 09:58:56 · answer #7 · answered by dbol83 2 · 0⤊ 0⤋