credit issues from a bankruptcy

FDJordan33 · Joined: 03 Jan 2008 Posts: 1 1.32 Dollars($)

My wife filed for bankruptcy three times trying to slow down the foreclosure of my home. This was without my knowledge and now I need to buy the home back. I was told that was near impossible even with twenty percent down.

larry · Joined: 27 Jun 2007 Posts: 3328 473.40 Dollars($)

Hi FDJordan33,

Welcome to the forum.

I am really sorry to hear that your house is foreclosed. The foreclosure must have hurt your credit to a great extent. So it will be difficult for you to get approved for a new mortgage even with 20 percent down payment. You should first try to improve your credit score before taking a mortgage.

Feel free to ask if you have any further questions

Best of luck,
Larry

michelle · Posted: Thu Jan 03, 2008 2:39 pm Post subject:

Welcome FDJordan33

I am somewhat confused by your situation. Can you please help clarify a few things for me.

1. When your wife filed BK, were you also in the bankruptcy? If so, that would be very difficult for her to do - you may want to seek legal advice.

2. If you do were not on the BK, am I correct in assuming you are not on the mortgage? How about the title to the home?

3. I assume this is still your current wife, correct?

Based on the little you have said before answering the above questions, I guess I would have to answer "yes" it will be very difficult for you to get a loan on the home at this point. If you and your wife are still married, you obtaining a loan would be considered a foreclosure bail-out from a family member and the majority of lenders do not permit those types of transactions. Depending on the value of the home and the amount owed you might be able to obtain private financing (hard money) but that is very expensive and usually requires that you have substantial equity in the home.

Please elaborate some on your situation so we can try to provide better guidance.

gmakerley · Posted: Fri Jan 04, 2008 8:23 am Post subject:

michelle, i have to agree with your analysis of the situation. we lack much too much information that would allow us to comment meaningfully.

lisascherzer · Joined: 04 Jan 2008 Posts: 599 69.58 Dollars($)

If the mortgage is in your name then the record of foreclosure will not allow you to "buy the home" back. Try working something out with the mortgage company before it goes to auction. Most lenders have work out plans available. I don't want to suggest BK, but a chapter 13 might allow you to keep the house by repaying the arrearages. Only if you cant work something out with the mortgage company.

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