Bankrupty and mortgage

sakura_ecm · Joined: 26 Sep 2007 Posts: 2 1.68 Dollars($)

how likely is it to get a home loan if you have declared bankruptcy in previous years and how old does the bankruptcy need to be before applying

larry · Joined: 27 Jun 2007 Posts: 3328 473.51 Dollars($)

Hi Sakura,

Welcome to the forum.

Two years after your bankruptcy is discharged, you are eligible for a new ho,e loan. And if you have maintained a good credit since bankruptcy, you won't face any problem in obtaining the loan at a good interest rate.

Guest 0.10 Dollars($)

we are so far in debt that it is begining to look like bankruptcy will be our best option any ideas on a better solution for consolidating with minimal income and almost 60k in debt ranging from student loans, medical bills, credit cards, and then any ideas on how to remove debt charged by my mother using my social and name would be helpful

Guest 0.10 Dollars($)

Hello Sakura,

As you are in severe debt problem, you can go for a debt consolidation mortgage. It can take you out of all your debts.

With this type of loan, you do not have to pay your debts at different interest rates at different times. Instead, you can consolidate your high interest debts into a loan with a reduced interest rate. It thereby lowers your monthly loan payments that could be easily manageable. And thus you can avoid the bankruptcy.

sakura_ecm · Joined: 26 Sep 2007 Posts: 2 1.68 Dollars($)

I am not sure how you got that i have a house that would be eligble for a mortgage I do not own a home as of now we are hoping to purchase a home in the near future but as of now our credit is to bad to quailify for any mortgage loan including those with high rates
Thank you for the thought though I am looking for ways to consolidate without haveing a home to borrow againist

Guest 0.10 Dollars($)

In your first post you have mentioned that you want to get a home loan and now you are saying that you do not have a home. So, without a home, how can you get the desired loan?

Moreover, can you tell me where do you live now?

livinginnky · Posted: Sat Sep 29, 2007 10:55 am Post subject:

sakura,

You will want to do these things... Whether you decide to file bk or not this is what you are going to have to have.

1. Make sure to have all negative debt taken care of (pay it off or file bk)(if you decide to pay everything... pay the high interest stuff first)

2. ReEstablish credit (if you have to get a secured credit card to start)

3. Rent a house and PAY WITH CHECKS FROM YOUR OWN CHECKING ACCOUNT (this is the most important part and must be done)

4. You will need to pay at least 3 other bills paid on time in addition to your rent.

5. Stay at your current job or at minimum in the same line of work (most lenders expect you to be in the same line of work for at least 2 years unless you just got out of college)

6. Do all the things above for at least 12 months. If you do this you will qualify for a home in as little as 12 months even after a Bankruptcy.

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