Financing in Palo Alto>Question Details

ldavid04, Home Buyer in Palo Alto, CA

Husband with Chapter 11 bankruptcy in his credit history

Asked by ldavid04, Palo Alto, CA Thu Aug 23, 2012

My husband and I would like to move to Palo Alto or Mountain View and have money for a 20% down payment for a home in these areas. We are both employed with very good salaries (more than $250k annually - combined). However, my husband filed for Chapter 11 bankruptcy back in early 2010. I've talked to several mortgage advisors and they said we can't use my husband's salary if we'd like to buy a new home because of his bankruptcy filing. Is there a bank or financial institution out there who's willing to give us a mortgage loan inspite of my husband's bankruptcy filing? His credit score is in the 720's while mine is in the 800's. Thanks!

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We can process loans after 2 years past the discharge date of a bankruptcy.
I am surprised that no one has let you know that! cg
0 votes Thank Flag Link Thu Sep 20, 2012
Hi Claudia,
I'd like to talk to you about this. What's the best day/time and number to contact you? BTW, I'll be in Silicon Valley tomorrow afternoon. Would it be possible to meet up with you with this very short notice?
Flag Thu Sep 20, 2012
Thanks for your response, Bill. My apologies - it was a Chapter 7 bankruptcy that was discharged in March 2010. It's related to a tax case that my husband had before we got married.
0 votes Thank Flag Link Thu Aug 23, 2012
2 questions:
1. When was the B/K discharged?
2. Ch 11 is a Business B/K. What were the circumstances?
You will be getting some more responses from Mortgage Professionals and the worst case I can see is that you can't buy just yet but will be able to do so probably next year.
0 votes Thank Flag Link Thu Aug 23, 2012
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