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Guest

My wife and I filed bankruptcy on 2/29/2008 and our house is in the process of being foreclosed on. Sad

Personally we make $70k a year and have had impecible credit up to now. We had a small business that failed and forced us into this situation. Is there any way we could get a loan to buy a small house? The rentals around here suck.

jameshogg

Hi Michael and Jean,

Which type of bankruptcy did you file and how can the lender foreclosure when there's already a bankruptcy filed? I don't think it will be easier for you to get a loan now. You'll have to wait for months before you can actually buy a home.

Thanks

michelle · Posted: Mon Mar 24, 2008 5:21 am Post subject:

Michael and Jean,

I am sorry to hear that you are having such a difficult time right now. I too am puzzled how you can be in foreclosure when you just filed bankruptcy. Did you not include the mortgage in the BK?

It may be possible for you to get some type of loan right now, but the terms would be so unfavorable and you would require a very substantial down payment - 35% or more.

If you could please elaborate on the bankruptcy/mortgage issue a little, we may be able to provide further guidance.

Best of luck to you. God bless.

Guest

In response to your questions we filed Chapter 7 on Feb. 29 but our banker who gave us the business loan as a second mortgage on our house beat us to the punch so we were served papers a few weeks before the filing of bankruptcy.

Samantha · Posted: Tue Mar 25, 2008 3:50 am Post subject: RE: loan while in ch7 bankruptcy

Hi Michael and Jean,

If you've filed ch7 bankruptcy, then it is very difficult indeed to get a loan right now. Moreover your credit is completely tarnished as I can understand. So, for the time being if you can postpone your plans of homebuying then that'll be a good option for you. You need to start afresh after getting a discharge from the bankruptcy.

Hope this helps...

God bless you.

Samantha

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