Posted on: 29th Jan, 2013 01:17 am
I'm looking at a house in a very nice neighborhood where all the houses were valued at over 300k before the current mess we're in. His home is in bankruptcy and the value is now $150k. I have been in my current home for 15yrs and have 3 years left on mortgage of $1400/month. I have excellent credit. Will I be able to get a loan?
If you can afford to make monthly payments on the new loan that you take out to buy the property, then you may be able to get a loan. As the property is included in bankruptcy, unless the lender or the trustee arranges for a sale, you won't be able to buy the house.
The property that you are aiming at has to be in line of sale. Otherwise you will not be able to purchase the property.
Since the property is already in bankruptcy, you will not be able to buy it. As for obtaining a loan, you will only be able to get it if you can make monthly payments on the new loan.
The statement "Since the property is already in bankruptcy, you will not be able to buy it" is inaccurate. Property that is included in a bankruptcy can be sold with the permission of the trustee and happens quite often.
Because you have excellent credit, there is no doubt that you will be able to get a loan. Of course lenders will have to conduct a credit check and do a hard inquiry on your report but if you can prove that you can make monthly payments then your chances of being approved are high. You could even increase your chances if you make a generous down payment for the house.
Yes,you can get the loan on your home as you said you have a good creidt.Take the help of a reverse mortgage expert, he will suggest you to the best options for getting the loan.