Am I able to obtain a loan?

Csparks62 · Joined: 31 Jan 2009 Posts: 1 1.32 Dollars($)

My husband and I filed bankruptcy and lost our home to foreclosure. We are now living in a mobile home that we are leasing to own thru a friend of ours. She moved the mobile home to a one acre lot that we are also making payments on. We have only been in bankruptcy for a little over 6 months. We would like to get the mobile home and land financed and out of her name and lower the payments. Our attorney told us to find a lender and we would submit it to the courts. Is a loan a possibility?

Caron · Posted: Tue Feb 03, 2009 4:38 am Post subject:

Hi cspark,

I'm quite surprised as to how the lender foreclosed your property when you were in bankruptcy (bk). Usually, bankruptcy puts an automatic stop to foreclosure and other legal actions. It's difficult to get a mortgage on your mobile home since you've filed bk a few months ago. By the way, are you in chapter 13 bk?

I think you're trying to purchase the mobile home. You can look out for lenders who'll be able to offer loans while you're in bankruptcy. But chances are less because lenders require minimum 2 years of payment under Chapter 13 in order for you to apply for mortgage.

Good luck

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