Posted on: 10th Jun, 2010 01:16 pm
My husband and me just filed bankrupcy chapter 7. We did this due to outstanding medical bills and credit cards, plus we had a reposessed car. We kept our mobile home, which we got a mortgage for two years ago. Purchase price was around 30,000 at 10% interest for I believe 20 yrs. We want to get a loan to pay off the existing mortgage and buy our own land maybe trade our existing home in for something larger or build on. Right now we rent a private lot. We have never been late on our mortgage or any of our utilites. My husband changed jobs 9 months ago for a lot better pay and I start a new job next week. We can afford around $600 a month. We currently pay $310 for our mortgage and $250 for lot rent a month. Is there any way we would be able to get a loan????
Hi kcangel!
Welcome to forums!
Though your husband has a good job right now and you would be able to afford the monthly payments, as you've filed bankruptcy, you won't be able to qualify for a loan immediately. You'll have to get your bankruptcy discharged first. After your bankruptcy is discharged, you will have to wait for 2 years in order to qualify for a FHA loan and 4 years to qualify for a conventional loan.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
Though your husband has a good job right now and you would be able to afford the monthly payments, as you've filed bankruptcy, you won't be able to qualify for a loan immediately. You'll have to get your bankruptcy discharged first. After your bankruptcy is discharged, you will have to wait for 2 years in order to qualify for a FHA loan and 4 years to qualify for a conventional loan.
Feel free to ask if you've further queries.
Sussane