is it possible to get a loan within two years for forclosure

tjwtaz · Joined: 17 Jul 2007 Posts: 1 1.44 Dollars($)

i had a forclosure that was reported october 2005 and a bankrupcy just discharged on april 19th of this year, i had a business in Oregon that didn't go well and lost everything,
we are now looking to buy the house we are in, which, ironically enough, is being forclosed on the owner!
Please help.

miller_st · Joined: 17 Jan 2007 Posts: 917 168.82 Dollars($)

I have doubts if any lender would be willing to give a mortgage as you had bankruptcy which was discharged just few months back. Even if anyone agrees the rate is going to be much higher than normal.

Miller

Niicss · Joined: 03 Oct 2005 Posts: 1047 156.17 Dollars($)

Guest 0.10 Dollars($)

What is your financial position now? Have got a new job? Few months back your business was lost, how is your income now?

You think that you would be able to make payments on a mortgage now?

blue · Posted: Tue Jul 17, 2007 5:24 pm Post subject:

Hi Tjwtaz,

Welcome to Mortgagefit discussion board.

Guest 0.10 Dollars($)

i and my husband have good jobs and bring home $4,000.00 per month, we paid off my husbands truck and now only have a van payment. our outgo each month is only 2500.00 including groceries! and a rent right now is 625. and this is included in that 2500.
the issue is that the house we are in is being foreclosed on and we want to buy it at the sale in august, to get past the two yr mark is october! And it is all because of a bad business venture.
we are capable of making a payment now, and defintely NOT going into another business venture any time soon.

carnahandavid · Joined: 21 Dec 2006 Posts: 239 58.40 Dollars($)

In that outgo you will have property taxes & mortgage insurance included if you are able to purchase the house and get a mortgage.

After all spending you have 1500 left from that you will have these other 2 expenses to bear plus mortgage payments.

Depending on how much is price of this house, your mortgage payments could end up at 1000 per month (as rates are definitely going to be much higher because of the foreclosure and bankruptcy if someone agrees to lend).

How you would be able to afford all these payments? How much are you getting the house for?

Caron

Hi tjwtaz,

Welcome to the forums.

It's true that you've been through a tough situation. But I hope you have the finances ready for the purchase. What I feel is that you have taken the right decision not to go into any other venture right now as you'd be managing a mortgager and that means a number of payments at regular intervals. So, you will definitely need money at this point of time.

Regarding the purchase of the same house, well, did you have a talk with the lender. If it under foreclosure, then the lender will organize an auction to sell it off. In that case, you need to make sure that you're prepared with a sufficient amount of money so that you can purchase the house at the auction.

Good luck Smile

Guest 0.10 Dollars($)

"i had a forclosure that was reported october 2005 and a bankrupcy just discharged on april 19th of this year, i had a business in Oregon that didn't go well and lost everything,
we are now looking to buy the house we are in, which, ironically enough, is being forclosed on the owner!
Please help."

I also think it won't be a good financial decision even if any lender agrees to give you a loan. The reason is the rate for such a loan is going to be higher/much higher and it would make it difficult for you to make ends meet. And you will be in trouble again.

hanth23 · Joined: 22 Jul 2007 Posts: 23 10.95 Dollars($)

Should you wait until the foreclosure, you would getter a better deal

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