Financing in Rockwood>Question Details

Spoletti50, Other/Just Looking in Dearborn Heights, MI

We filed for bankruptcy in Jan - But kept our home - Now thinking about moving into a more affordable home - How will this affect us?

Asked by Spoletti50, Dearborn Heights, MI Wed Aug 4, 2010

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You might consider selling with seller financing.
0 votes Thank Flag Link Fri Aug 13, 2010
good afternoon....the shortest seasoning requirement following a bankruptcy to be financed for low cost mortgage is two years from the date of discharge with re-established credit...i assume this was a ch-7....if there was housepayment arrearage at the time, then it is considered a foreclosure (if it went to sheriff's sale or not) and would require a three year seasoning.
why not call me? i may have another option for you.
best regards..
bob mcclure
mortgage one
brighton, michigan
0 votes Thank Flag Link Fri Aug 13, 2010
Hi S,

You might want to speak with your bk attorney about this. If you have no equity in your home and are looking at a short sale for example you might be asked to sign a promissory note by your lender for the difference of what you owe and what the property sells for. This could be a problem for you that you now have new debt. However, if the bk that you filed provided you with debt relief then you might speak with the bk attorney and see how to exit the property, for example a foreclosure.
I hope this is helpful to you, I would be very careful about what questions you ask to whom because a realtor will want to see your home and may not understand that your bk provided you with debt relief and a promissory note might put you on the hook for new debt moving forward. Bk and short sales do not mix.

If you need assistance repairing and rebuilding your credit after your bk please feel free to contact me. Good luck!

Hannah Fliegel, FICO Pro
0 votes Thank Flag Link Thu Aug 5, 2010
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