| Question |
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Can I get a morgage if i have just recently come out of bankruptcy?
Recently free of personal bankrupcy in Feb 07 and would like to get a shared ownership morgage....
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| By
Sarah O |
Posted on
04/20/07 Total Answers
10 |
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| Answers- |
| sure can |
| Answer by :
sook y On Date
2007-04-20 03:19:26 |
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| Yes you can though the rate of Interest will be crippling...If you even miss one payment they will be down on you like a ton of bricks...
I suggest you wait and save for a yr before approaching them for a loan... |
| Answer by :
celtic_colieen On Date
2007-04-20 03:23:26 |
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| Many people think that getting a mortgage to buy a home, refinance or to consolidate loans is impossible after they declare bankruptcy. Today many people have succeeded in getting a mortgage, immediately after their bankruptcy is discharged. There are various loan programs and lenders around that need little or no time once the bankruptcy is discharged. Use these tips to get back on your road to credit recovery and the mortgage services of your choice.
Start by making timely payments for things like your home and cars that were not paid off in the bankruptcy. If you can mange to pay a few credit items on time, your case will be bolstered. Next, try to restrict the quantum of other debts like credit cards or bank loans. Excessive debt will hamper your efforts to be eligible for a loan, especially revolving credit accounts like credit cards. The lenders will always consider your debt-to-income ratio to decide your capability of repaying a mortgage. |
| Answer by :
june e On Date
2007-04-20 03:34:21 |
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| You can, but you'll pay a very high interest rate. |
| Answer by :
Rachel On Date
2007-04-20 05:12:07 |
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| I suggest your being patient and building up your credit score in the next two years. We're in a buyer's housing market, so expect prices to drop. If you could buy now, chances are that you'd be "in the bucket" (owing more on the home than its market value) for years. Moreover, you'll pay a much higher interest rate given your low credit rating, costing you potentially tens of thousands of dollars in extra interest throughout the life of the loan.
I've seen cases of people having FICO scores in the low 500s (way below sub-prime, which is anything under 625) build their credit with good behavior and approach 700 - 720 (which is the upper end of average) in about two years.
You have to build good history in the next two years. Merely letting your BK "age" won't raise your score fast enough. Apply for a secured credit card, charge a small NECESSARY purchase every month (gasoline, groceries, a utility bill auto-paid through the credit card). Pay the balance off in full, every month, always on time, without a miss. Do this for 6 - 12 consecutive months, and then ask the creditor to waive the annual fee, refund your security deposit and interest, and convert the card to unsecured.
Never have a balance that is more than 30% of your credit limit: you'll hurt your FICO credit score because your utilizate rate is too high. |
| Answer by :
VT On Date
2007-04-20 05:17:45 |
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| Most will only after 2 months of the bankruptcy, but your intrest will be high. |
| Answer by :
Squiddy On Date
2007-04-20 05:21:23 |
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| I wouldn't think it an easy task but I am just guessing. |
| Answer by :
Nancy On Date
2007-04-20 05:38:21 |
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| If you have a BIG ENOUGH DOWN PAYMENT DEPOSIT you can do anything ! ! ! |
| Answer by :
steven p On Date
2007-04-20 23:30:55 |
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| There are lenders who will give you a mortgage loan 1 day out of Bankruptcy.....
Here is just one example I found offline....
http://www.bridgemortgages.com/loan-programs.html
I would contact a local broker.
Keep in mind the interest will be a little high and you will have to pay the broker a fee, but it is easier to have the broker find you a out of BK loan versus you contacting a bunch of lenders to find out of they do it.
Good luck on that Loan. |
| Answer by :
scboi23on24 On Date
2007-04-22 18:22:52 |
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| 1 day out of bankruptcy if your credit score supports it. |
| Answer by :
Cynthia L On Date
2007-04-24 00:30:53 |
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