Had to bankrupt a year ago, I live in East TN, my home was infact in the bankruptcy. Income is great so that would not be a problem. This is for Jannie: I have one comment: Do you live in a bubble!! Dumb ans
2006-06-20 17:18:22 · 6 answers · asked by lilAudrey 6 in Business & Finance ➔ Credit
I am a loan officer in Tennessee. I would need a lot more information before I could help you. If the house was in the bk was it a chapter 7 or 13? Were you foreclosed on? What caused the BK? Lots more information is needed to see if possible. Foreclosure is the hardest thing to get done until several years have past in most cases.
2006-06-21 03:46:29 · answer #1 · answered by golferwhoworks 7 · 0⤊ 0⤋
First you would want to make sure that when the Bankruptcy was discharged that the companies changed the info on your credit reports. TO do that you would need to get a copy of your credit report from each credit bureau . Then go over them very carefully, list all reports that have not been corrected by the discharge- some companies will continue to report bad information. Then you would want to send a list of the things that need to be corrected and a copy of everything that was listed on your bankruptcy and ask the credit bureau company to make the necessary corrections. Once that has been done and that you have made sure that anything after the bankruptcy has been paid on time and if you have then you should have no trouble finding someone to finance you a home. My sister and her husband filed and about 2 yrs later they just bought a new home on the lake.
2006-06-20 18:17:58 · answer #2 · answered by natluvsbears2 1 · 0⤊ 0⤋
you need to speak with a mortgage company. they are able to be more flexible than banks with financing. many mortgage companies have programs for people who have filed bankruptcy. just let them know your situation up front. but a word of caution: you may end up with an interest-only loan. this means each month the payment goes all to the interest. only when all of the interest is paid will the payments begin to be posted to the principle. since you are not paying the principle down, you will continue to accrue more interest. it is best to use this type of loan to gain some positive credit history so you can refinance and get back into a traditional loan later.
2006-06-20 17:35:43 · answer #3 · answered by ŧťŠ4 · 0⤊ 0⤋
We will be faced with this situation in about a year--my fiancee had to claim BK last year due to divorce and the debt they had accumulated through his issues...we have already been in contact with a few people, including accountants and mortgage lenders. Their advice: establish your credit as much as you can NOW, including taking yucky cards with awful rates, pay off ALL of your bills without tardiness, and then make sure that you are clear and honest about your ability to pay for this in the future in what ways, etc.
Quicken Loans is a fabulous lender--give them a try.
2006-06-21 04:24:08 · answer #4 · answered by Anonymous · 0⤊ 0⤋
There are many companies that will do financing for bankruptcy clients. If you want a company's name, I may can help you.
BUT you must tell them upfront you are in bankruptcy and the chapter number you filed. That plays a vital role in obtaining financing.
2006-06-20 17:24:47 · answer #5 · answered by L B 2 · 0⤊ 0⤋
green tree morgage does easy home finance loans for those with troubled vredit
2006-06-20 17:55:56 · answer #6 · answered by Anonymous · 0⤊ 0⤋