beatboy77 Posted March 9, 2004 Report Share Posted March 9, 2004 Hello All,I have a question. First some background on our situation. My wife and I (newly weds) both have discharged Chapter 7 Bankruptcies and also each have a Foreclosure on our credit reports. Her forclosure was part of her bankruptcy as was mine. Her bankruptcy was dischaged 1 3/4 years ago and mine 1 year ago. In this time we have been in the process of disputing negatives on our CR's and also disputing inquirys on our CR's. My question is, when can we realistically qualify for a home mortgage again at a reasonable interest rate? We both now have no substantial debt and have been current on all credit card payments, auto loan payments, etc. for over a year now. If it is possible for us to get a mortgage, what are some of the reliable lenders you would recommend for us to contact? Thanks!!~Josh Link to comment Share on other sites More sharing options...
herauntsis Posted March 9, 2004 Report Share Posted March 9, 2004 There are so many variables, it is really hard to answer a question like that: how much $ do you have for a down payment, closing costs and reserves, how long have you been on your respective jobs, how much $ do you make between you, who is the primary wage earner (PWE), what are your scores, how much are your monthly debts, and what state do you live in?You might be able to qualify for a mortgage right now, but it wouldn't be at the very best rates (which is not to say they'd be completely horrible either -- depends on the middle score of the PWE and the % of the down payment. For example, if the PWE's middle score is 600, you could do 100% financing at 6.125% on the 80% first trust deed and 11.5% on the 20% second trust deed. If the PWE's middle score is 640, it would be 6% and 9.75%, respectively. If you have a down payment, the rates on the second get better.). As a general rule, your BK has to be at least two years old before you can try to qualify for an A paper loan. Again, it is going to depend on all the factors that I have already mentioned, plus, it is VERY important that you have no derogs subsequent to the BK. Keep an eagle eye on all your bills and don't risk being late on anything. If you have to go to the doctor, bug the billing department and your insurance company on a daily basis and make sure everything gets paid -- medical bills are famous for going to collection at practically the same time the doctor's door hits you in the a$$ on your way out.As to finding a lender, I suggest that you talk to your friends and family and coworkers and see if you can get a referral to a mortgage broker from someone you trust that has done business with them and trusts them.I hope this helped Link to comment Share on other sites More sharing options...
amortgageman Posted March 9, 2004 Report Share Posted March 9, 2004 That was a great query post herauntsis Beatboy, One more question after you get done answering the other questions above:Regarding your foreclosures, when was the setlement date on these? Usually this will be the date of the Sheriff's sale. Also, what were the results from the foreclosure sale. Did the sale satisfy the lien amounts on the property? With the one day BK program, the foreclosure will stand in your way for two years. They will not lend a full 100%, so you will need to have at least 5% down payment. Link to comment Share on other sites More sharing options...
beatboy77 Posted March 9, 2004 Author Report Share Posted March 9, 2004 Well we both included the home mortgages in our bankruptcies. The forclosures are only a few months old, I believe six months. The sale of them did satisfy the liens. So basically knowing this, what are our options for a new mortgage? Link to comment Share on other sites More sharing options...
willtygart Posted March 12, 2004 Report Share Posted March 12, 2004 Beatboy, they dont let me PM anyone here so you'd have to call or email me...sorry about that. Do a search for "mortgage answers" and I'll be on the top of the list on the search engines. Talk to you later. Link to comment Share on other sites More sharing options...
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