Financing in Lake Stevens>Question Details

H_e_l_p, Home Buyer in Lake Stevens, WA

I'm ready to buy a house this August, needs help with Mortgage, Loan approval that have experienced BK, Chapter 7 with my house included in BK.

Asked by H_e_l_p, Lake Stevens, WA Sun Apr 29, 2012

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5
In addition to John's post...

With so many foreclosures happening in recent years, there's been a massive backlog and many homes that were discharged or defaulted on have not yet had the foreclosure proceedings completed. I've had three clients in the past four months already who discharged their house or defaulted and 2-3 years later, the bank still hasn't foreclosed. Unfortunately for these people, they're finding it extremely difficult to obtain financing again due to the lag time in the foreclosure process. VA doesn't care about this window, your "time" starts from the discharge date but most lenders will use a credit overlay to make it match their FHA guidelines.

Post-foreclosure for conventional financing without an extenuating circumstance is now SEVEN years. If you're debating doing a short sale or letting them foreclose, avoid the foreclosure at all costs if you don't plan on renting for seven years or going with a FHA loan after your three year window is up (three years as of when I write this, that time frame could increase in the future).

Best of luck to you.
Web Reference: http://RobWeber.com
1 vote Thank Flag Link Mon May 7, 2012
As you can see from the comments below, there are a lot of questions that need answering before we can help you. You really need to talk with a lender & right away, even if you cannot buy for a while. We can help you get things clean sooner then if you try on your own. I am both a loan officer & a real estate broker. Feel free to contact me any time at 206-841-9976

Good luck, Jirius Isaac
Web Reference: http://tristarfinance.com
0 votes Thank Flag Link Mon May 7, 2012
Hi there, My name is Krista Wintch. Im a broker with Skyline Properties and I live in Lake Stevens! I would love to help you find a home this summer. My lender, Matt Price with Guild mortgage, has almost 20 years experience and is amazing with past Bks. Call or email me when you have time.
Thanks!
0 votes Thank Flag Link Sun Apr 29, 2012
When was your bankruptcy ?? This will determine if and what type of financing is available
0 votes Thank Flag Link Sun Apr 29, 2012
it will be 3 years after discharge this Aug 12, 2012.
Flag Sun Apr 29, 2012
I strongly suggest you contact Chuck Chrobak with Sterling Savings Bank ..... he is a terrific lender and can most definitely assist you http://www.chuckchrobak.com/
0 votes Thank Flag Link Sun Apr 29, 2012
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