Financing in Portland>Question Details

Smb5, Home Buyer in Oregon

I filed chapter 7 bankruptcy in July 2010, including my home, and signing over a deed-in-lieu. I'd like to purchase a home again next month and

Asked by Smb5, Oregon Tue Jun 4, 2013

need to find someone who can give me an FHA pre-qualification ASAP. Please respond if you have worked with these circumstances before. Thank you.

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Answers

7
Look for brokers or realtors. Check if you qualify for a mortgage. Try http http://:www.whywaitbuytoday.com
0 votes Thank Flag Link Sat Aug 17, 2013
I had a buyer that wanted to buy a home in Arizona, but he had a Chapter 7 bankruptcy 7 months ago. After researching the web I found a loan program at http://www.cfsflex.com, they allow a mortgage after a foreclosure. There is only a six month waiting period. Good to see lending options coming back.
0 votes Thank Flag Link Sat Jun 29, 2013
This is a question for a mortgage broker or loan officer. Call Sylvia. She's pretty knowledgeable.

Sylvia Shaffer
Mortgage Banker | NMLS 408777 | MLO 408777

5400 Meadows Rd., Ste. 150, Lake Oswego, Or. 97035
sshaffer@nwmortgagegroup.com

Office: 503.684-3000
Fax: 503.802.7775
Cell: 503-329-2267
0 votes Thank Flag Link Tue Jun 4, 2013
Most lenders will require the 3 full yrs after a bankruptcy to get a loan again. I would suggest you wait until you get the credit repaired and then try again.
0 votes Thank Flag Link Tue Jun 4, 2013
If you're wanting to go FHA, you will have to wait the full 36 months from the Transfer of Title. I am sorry, but the DIL is viewed just like a full foreclosure. The benefit of doing a DIL is the waiting period for purchasing another home in the future is in your hands, rather than whenever the bank actually foreclosures on the property. I have seen people that filed BK only to find out that their home didn't actually go back to the bank for as much as 2-3 years later.

As far as other options, It depends on what area you want to buy in. Please read my blog and click on the link that states "Official Map" on the second link. Enter your current address or if you know the address of the property you want to purchase. If the property is eligible, and you meet the income limitation, please contact me and I will point you in the right direction. We have successful in helping hundred of homebuyers after a short sale, foreclosure or deed in lieu of.

Best of Luck!

http://www.trulia.com/blog/george_raymondo/2011/04/can_i_buy…

http://www.trulia.com/blog/george_raymondo/2011/03/usda_loan…
Web Reference: http://www.AFN-Loans.com
0 votes Thank Flag Link Tue Jun 4, 2013
You need 2 years from discharge. If this step is already done you can get in touch with a lender to get a pre-approval letter. I can put you in touch with reliable lenders in the area.
0 votes Thank Flag Link Tue Jun 4, 2013
Please contact me about this as well Kenneth 971-344-6593
Flag Sun Jun 16, 2013
So you will need to find out when the deed in lieu recorded because you will have to wait 3 years from completion date and 2 years from discharge date. If you would like to know more please contact me as I have a couple of people you can contact.
0 votes Thank Flag Link Tue Jun 4, 2013
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