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bankruptcy and Foreclosure

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rbarton Guest	Posted: Fri Jul 29, 2011 11:16 am    Post subject: bankruptcy and Foreclosure Like 0 Dislike 0 Due to our business not being able to collect on past-due a/r....we had to file a chapter 7 (discharged in March '11) and our house foreclosed on us, when I thought the banks were doing a modification with us in March of '10. My father has an 800 credit score but since he's retired doesn't quite have the debt to income to support a home for us that he is willing to buy or co-sign. Is there anywhere to look or any options out there? _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
dmitriy Joined: 29 Jul 2011 Posts: 27 6.27 Dollars($)	Posted: Fri Jul 29, 2011 12:15 pm    Post subject: Re: Your Options Like 0 Dislike 0 Being that the residence is in foreclosure, anyone on title wouldn't be eligible to purchase the property. You would need someone completely separate to purchase the residence otherwise it would be considered a bailout. You can always keep trying with your existing bank for a modification. Dmitriy Bleynis Regional Sales Manager STERLING NATIONAL BANK STERLING NATIONAL MORTGAGE [Contact details deleted as per forum rules. Thanks.]
rbarton Guest	Posted: Fri Jul 29, 2011 3:12 pm    Post subject: In need of a home loan Like 0 Dislike 0 Our house Was already forclosed on last year March 2010. I'm needing to get another house, my dad has offered to co-sign or purchase outright, but the income to debt without anyone else on it is a little low.
dmitriy Joined: 29 Jul 2011 Posts: 27 6.27 Dollars($)	Posted: Fri Jul 29, 2011 3:52 pm    Post subject: Like 0 Dislike 0 Unfortunately with a Foreclosure in March 2010, you would not be able to purchase a property until 3 years after foreclosure proceedings were completed. It is very important to find out when the proceedings were completed because that is the date your lender will use to determine whether you qualify. You would also have to rebuild your credit. As far as purchasing a new property, you can be on title but you will need a credit worthy borrower with enough income to qualify. The rule of thumb the banks look for is 45% Debt To Income Ratio. I have closed purchases & refinances with higher ratios with a case by case exception. For example, if you make $1000 a month, your total debt must not exceed $450. This would include credit cards, car loans student loans, mortgage payment, taxes and insurance. Please let me know if you have any other questions or concerns. Best Regards; Dmitriy Bleynis Regional Sales Manager STERLING NATIONAL BANK STERLING NATIONAL MORTGAGE [Contact details deleted as per forum rules. Thanks.]

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