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I am in a weird situation. My mortgage lender has not foreclosed on my home yet, but they will in 30 days or so. I have that time period to locate a lender who will approve me for a new loan.

My home was purchased in Feb 2006 for $330k. It appraised for $460k during the boom and now, the mortgage company is willing to take $150k!!! Every lender I called required 2 years after the Chapter 7 for an approval.

Are there any lenders who will approve a this type of loan in FL?

credit score over 580 and on the rise.
Income good, etc..

I need $150k for the loan and I owe $15k in back taxes. I have $3k down, but can come up with another $3k if need be.

Please help me!

adonis · Posted: Thu Aug 19, 2010 9:29 pm Post subject:

Hi NuGateway,

As a bankruptcy is mentioned in your credit report, you won't be able to qualify for a loan immediately. As you filed Chapter 7 bankruptcy, you'll have to wait for 2 years after the discharge to qualify for a FHA loan and 4 years after the discharge to qualify for a conventional loan.

docs · Joined: 08 Sep 2010 Posts: 6 1.94 Dollars($)

My sister had to wait two years after her bankruptcy as well.

millamenache_ece · Joined: 20 Jun 2010 Posts: 24 6.36 Dollars($)

Yes you will have to wait atleast 2 years before you can try to get another loan

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Chapter 7 discharged in March 2010 need a lender in FL asap

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