I took a massive pay cut at my job and am going to have my house foreclosed on me. I've filed for chapter 7 bankruptcy but, have another prospective job that will pay very good. I could afford another house if I got this job. How can I get another home loan after filing for bankruptcy and having the foreclosure plus a couple of reposessions. This all happened at the same time.
2006-08-12 14:22:40 · 8 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Its just a matter how how you conduct yourself after the bankruptcy and finding the right lender. I know of cases where people filed for Chapter 7 and 2 years later their credit was back up to 740.
If you come out of bankruptcy with a good job and no debt, you can be come a good credit risk. You just need to do your research on getting the right lender.
2006-08-15 04:53:20 · answer #1 · answered by Carl 7 · 0⤊ 0⤋
A foreclosure on your recent record is a loan-killer at many lenders. This stays on your record for ten years. But lenders do not want to foreclose. Call them and talk to them about alternatives. Tell them you may be getting a better job. Especially tell them if you get the better job. If you've been good until recently, they will very likely work with you.
Now you're unlikely to come away with any money if you get foreclosed upon unless you've got 50% equity or better, especially in this market. So if the lender won't work with you, try to sell it quickly. Cut the price and spend money for advertisements if you have to. If that won't work, short sales cost you, but they are better than foreclosures. You might also consider giving the lender a deed in lieu of foreclosure, which hurts, but not for as long.
Foreclosure is something worth avoiding if you can.
2006-08-12 15:26:55 · answer #2 · answered by Searchlight Crusade 5 · 0⤊ 0⤋
Sell the house if possible. That wasy you should get enought to pay off the original home loan and have some left over for whatever. You can get another loan, but be prepared to pay interest and fees to the moon. You could always check to see if thenew job will give you a loan. Most employers will advance you a certain amount and the ayments are interest free and should come right out your check.
2006-08-12 14:31:44 · answer #3 · answered by dm23805 3 · 0⤊ 0⤋
If it's not foreclosed yet - try not to let it happen - the bank doesnt want your house man unless you show you're really not able or arnt wiling to catch up - if your going through a bankruptcy explain to the mortgage comapny and they may work with you. If its too late - you'll just need a very large down payment and a high intrest rate after a couple years. But try not to lose your home if you can thats a huge loss. communicate.
2006-08-12 14:33:07 · answer #4 · answered by canadaboyjake 2 · 0⤊ 0⤋
Try to undo the bankruptcy filing, if you can. Sell your house to avoid foreclosure. This should improve your financial standing substantially. Getting a mortgage will be easier this way, but still will be a challenge.
2006-08-12 15:09:14 · answer #5 · answered by endsjustmeans 3 · 0⤊ 0⤋
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2006-08-12 14:46:51 · answer #6 · answered by Eurogirl 2 · 0⤊ 0⤋
there is a lot of lenders who will lend you the money . you will pay much higher rate and you have to come with bigger down payment. 2 years after foreclosure you will be fine, but try to reestablish good credit - try your family, maybe they will put you on their credit cards like authorized user -and this is the best way to go.
2006-08-12 15:06:21 · answer #7 · answered by bianca 4 · 0⤊ 0⤋
Hi,
As other suggested, try to save your house from foreclosure. Sell it to an investor or have an agent do a short sale.
Regards
2006-08-12 15:26:12 · answer #8 · answered by Anonymous · 0⤊ 0⤋