First time buyers wants to avoid loan sharks

Guest 0.10 Dollars($)

My wife has great credit but makes only $14K a year. I make $35000 a year before paying taxes but I have bad credit and I am going to file bankruptcy around sometime this year. A friend of mine has decided to sell home this year. The house is valued at $85000 but they've agreed to sell it for $69000. we plan on getting married and we'd love to get a home of our own rather an apartment. I don't know much about mortgage and don't want to come across loan sharks offering very high rates. How do I proceed , any advice??

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

Hi Timothy,

Welcome to the forum.

Your credit is not good but you earn good enough to get approve for the mortgage. so the interest rates may be a bit higher because of your poor credit. I think you should shop a bit for lenders.

You can get No-obligation free consultation from the rated lenders of the community to know how much can you afford and which kind of mortgage is the best option for you.

Feel free to ask if you have any further questions.

Best of luck,
Larry

gmakerley · Posted: Thu Apr 24, 2008 5:46 am Post subject:

"loan sharks" is an unfortunate way to describe the lenders you might encounter when searching for a mortgage. without even having shopped around, you're painting a whole section of people with a derogatory term.

if you are able to make this purchase prior to your filing bankruptcy, you will (potentially) be able to use all of your family income for qualifying. if not, your wife's $14k will clearly be insufficient for her to qualify on her own.

your "bad credit" could mean a lot of things. if your credit score is below 620, you'll generally have to put a fair amount of money down; unless you are able to go with an fha loan.

frankly, i'm skeptical of your scenario. you've already planned to file a bankruptcy petition, yet you also wish to purchase a home. typically, one does not follow the other.

i hope your creditors don't feel like they got "skunked" when you file your bankruptcy papers. i suspect there will be an uproar in the court when it happens.

you ought to be careful how you characterize people - what goes around comes around, after all.

chrisburns · Posted: Thu Apr 24, 2008 10:19 am Post subject:

I share my colleagues sentiment about the loan shark comment Smile

If your are going to declare bankruptcy you can guarnatee yourself not to get a loan for the next 12 months at least.

I would do some serious research to find out if a bankruptcy is required. Perhaps talking to someone and getting free advice from a potential loan shark is not what you should be doing. Maybe you should pay a "profesional" you can trust thousands of dallars to give you legal advice Smile

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