Mortgage after bankruptcy?

Question

I have an opportunity for a short sale. Have good job after losing my business and being thrown into bk. Will be able to put down 20% on the downpayment. Does anyone know where a decent mortgage can be had in US that doesn't kill you for the BK?

Answer 1

.    You will pay 9.9% interest.  That sounds terrible but you can refiance after 12 on-time payments.  The 20% down payment makes this work. Buy the house.

Answer 2

There isn't anyone, you screwed a lot fo people over, they will not volunteer for your to continue with them.

Answer 3

Need more info...  What type of BK and how long ago?  I have been approved for a FHA.  I filed Chapter 7 in Feb 2006 and it was discharged in June of 2008..  I am set to close on Thurs of this week.  

PS I have PERFECT re-established credit no late payments--a car payment (purchased in March 06), 1 store & 3 major CC's that I pay in full monthly..but my FICO has been in the 688-660 range over the past few months since this process started..

I am getting a 5.375% Interest Rate because my builder was running a special but I would have qualified for 6.25% in June which was the current rate in Texas at that time...

Answer 4

Not unless you want to pay double-digit interest rates.

Don't make the same financial mistakes that got you to a BK in the first place....that is what, as a former underwriter, that you notice about credit reports.  People don't know how to separate wants from needs.

As long as you have a place to sleep and you are not homeless a home is a WANT and not a need.

Wait a minimum of 4 years, and you MUST pay every single account perfectly...b/c you'll be held to a different underwriting standard than someone who has never filed for a BK.

Your credit score, with re-established credit, should be back up to near 700 range, and then, you should be able to do anything you want and your BK won't even be a factor for underwriting...just b/c it's on your credit report, as long as you meet "seasoning", they don't count the BK at all...but not if you have any lates since your BK.

Answer 5

No-one is going to lend money to a previously "bankrupt" person for a short sale.  Why don't you use the deposit money to pay some of your unsettled debts instead?