Posted: Tue Feb 22, 2011 2:46 pm Post subject: Wanting to Buy a new home
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Hi I need some information, I filed a chap. 7 with a discharge in sept. 2009 all debts were included + house with a first and 2nd , it is now feb. 2011 and I have looked at all three credit reports, transunion, experian,equifax and all debt are listed as included in bankruptcy. the same with the mortgage company (homecommings finiciail ) balance 0000 it does show in my credit report in public records on all three that I have a chapter 7 discharge on sept. 2009 but no where is the forclosure. and It did forclosed in dec. 2009 and sold to some company that gave us cash for keys and we moved out in Jan. 2010 , now were in Feb. 2011 and I received some money and started working back for the same company who laid me off in 2008 I've been working back with them for 1 month now, And we want to buy a house and put about 40% down. do I have a foreclosue if it's not listed on my credit report. and what company would I seek out for a home loan. Please some one should be able to help, Also since the chapter 7, in sept 2009 our credit is clean as clean (no credit)
(no bad credit) (no good credit) ( no nothing credit ) thanks for any help anyone can give
Posted: Tue Feb 22, 2011 3:54 pm Post subject: Foreclosure
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If the mortgages were included in the Chapter 7, they are regarded as if foreclosed as far as mortgages are concerned.
No credit since bankruptcy is better than past due credit after bk, but, also nothing to show resestablished credit.
Back on job one month, not long enough.
The down payment is sizeable.
You can check with local mortgage lenders. May be able to do FHA mortgage, but, not likley until three years after discharge which included mortgages.
FHA allows for exceptions under 3 years, however, that requires reestablished credit and you have no credit. Time on job will not help.
Do you have a housing payment (rent) you can document paid on time for last 12 months. That would be a big help---that is credit being reestablished.
Also, what are your credit scores? _________________ John Veenstra, Sr Mortgage Consultant
Approved Funding Corp
Licensed NJ NY CT PA
201-833-0123x278
Your only hope at this point is to find either a local bank that will portfolio the loan and keep it in house using their money - or find a private money lender but beware there is a reason why they call private money hard money - it is expensive - and the rates are high - but it may be a band aid to get you through until you can get traditional financing
Good Luck
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