Financing in Dearborn>Question Details

Anelisa, Home Buyer in Dearborn, MI

I have been employed with same company for 16 years. I had a bankruptcy chpt 7 discharge 6 months ago. Would I have a chance at a mortgage?

Asked by Anelisa, Dearborn, MI Sat Aug 28, 2010

i was a previous home owner many years ago but sold that house. No house
was discharged in my bankruptcy

Help the community by answering this question:


Going on soapbox......

You just discharged a bankruptcy, walked away clean from debts that you owed, and you now want to BUY A HOUSE?!?!?!?!?

Off soapbox.....
1 vote Thank Flag Link Tue Aug 31, 2010
Hi, Anelisa

You will be eligible for a FHA mortgage until 24 months from the date the home went back to the bank as past. Convnetional/Fannie Mae, its 3 years min.
0 votes Thank Flag Link Mon Oct 4, 2010
Anelisa, I suggest that you speak with a loan officer, as I am not one. However, from what I do know about mortgages it seems that traditional lenders want you somewhere between 24-36 months out of a bankruptcy before purchasing a property. However, as Bob said, perhaps you can find a private money lender who is willing to work with you.
Web Reference: http://www.Go
0 votes Thank Flag Link Wed Sep 1, 2010
good derek bauer at real estate one..he can help you with a land contract purchase...if you have a sizeable downpayment, you could possibly go private lender.....
best regards
bob mcclure
mortgage one
0 votes Thank Flag Link Tue Aug 31, 2010
It is unlikely, however you will not know until you meet with a local and trusted mortgage broker, they can prequailify you at no cost, they will look at your credit plus your financials and let you know if there are any programs that you may quailify for. Then Anelisa they can tell you if it is possible or how long it may take.

Please see my blog for more tips on getting a mortgage
0 votes Thank Flag Link Sat Aug 28, 2010
You might consider doing a lease-option.
0 votes Thank Flag Link Sat Aug 28, 2010
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