Home Loan after a Bankruptcy????

KrayZLady76 · Joined: 01 Apr 2009 Posts: 1 1.74 Dollars($)

In May of 2008 we received our discharge. Recently my husband took a major pay cut at work and we are thinking of doing a short sale on our home since we owe more than what it is worth. What are the odds of us being able to obtain a mortgage for a manufactured home if we have a bankruptcy and a short sale on our credit history???? Are we totally screwed? We do have about $25000 that we can take from his 401k to put down on a different property. Would that help us get a loan?

**We were paying all of our bills on time from April 2008 until January 2009. My husband was laid off from work from just before Christmas until March 2nd and then he was back to work for a couple weeks when they gave him a $10 per hour pay cut. With that pay cut, we can not continue to pay for our mortgage. What are our options?**

JKennedySLG · Posted: Wed Apr 01, 2009 9:44 am Post subject: Lates after a BK

The first question would be, have you guys gone late on any major bills since the BK? A deal-killer is lates after a Bankruptcy without reasonable explanation. With the circumstances you have told us about, you seem to be able to document this. With that said, there are still make-sense loan programs for people in your situation. If you need more answers or have other questions feel free to contact me for advice.

[Link deleted as per forum rules. Thanks.]

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