Home Buying in New Haven>Question Details

Michael, Home Buyer in New Haven, CT

Hello. I had a forclosure and bankruptcy over 10 years ago. Since then I've been completely rehabed. My

Asked by Michael, New Haven, CT Wed Mar 11, 2009

current Experian score is 838, and all bills are current plus I pay the full amount every month on my credit cards. I am looking to get pre-qualified for a mortgage. I looked at Lending Tree, and they want to know if I ever had a forclosure/bankruptcy. How should I answer this, and if I answer 'yes', will I be penalized for my soiled past? Thank you.

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'ever' had a bankruptcy: yes , 'have you had a bankruptcy in the last 10 years': no.

If you can make a note somewhere, I would just note that it was 10 years or later.
0 votes Thank Flag Link Fri Apr 3, 2009
Hi Michael,

It appears to me you have received some very good advice. Especially in regards to ONLY answering the questions as they are presented, such as "in the past 7 years". You need to be honest and not withhold information, on the other hand, you don't need to provide additional information not asked on the application. As others have pointed out, it is best to work with a local mortgage broker or lender. I am a licensed real estate agent in the New Haven and Fairfield County area and live in Milford. If you would like some recommendations on local direct lenders and/or mortgage brokers that can help you, please don't hesitate to email or call me anytime. In the meantime, feel free to visit my website at http://www.TimDenboHomes.com for additional resources and a FREE Market Snapshot report.
0 votes Thank Flag Link Wed Mar 11, 2009
I would try somewhere besides Lending Tree. They just insert your info into a computer and spit it out. Sit down with a mortgage broker and discuss your options.

I am a mortgage broker. If I can be of service, please let me know!

Martin Smith

Precision Funding
877-238-6324 Ext 704
513-536-7184
877-238-6324 FAX
MSmith@PrecisionFundingUSA.com
http://www.PrecisionFundingUSA.com
0 votes Thank Flag Link Wed Mar 11, 2009
Michael - first and foremost - use a reputable LOCAL mortgage company - a lot of agents and sellers will not entertain a loan provided by an "internet" firm. I have had several buyers come to me who had already started the process with internet companies and the costs charged, costs that the sellers would pay etc were way over the top and come to closing you know the deal will go down the pan - I got them all to change to a local mortgage dealer and all deals went through. Speak with your local bank to see if they have a mortgage specialist or find yourself an agent and see it they have an in house mortgage specialist. Lying will only come back to haunt you - be honest about your past.
0 votes Thank Flag Link Wed Mar 11, 2009
Your score is exceptional so you won't have any problem getting financing based on that information. Your bankruptcy should not be held against you after all these years. You must have carried a sense of disappointment with you for many years. It is time to move on - build a relationship now and be proud of what you have accomplished. But establish a relationship with a lender. A personal relationship. Get to know the person who will be preparing the mortgage documents. Have a person sitting across the desk that you trust so you can ask questions while signing the enormous document. People do not pay enough attention to this as they should and then down the road wonder why the interest rate changed. I do not recommend that you go to a computer based lender. Go to a bank or a mortgage consultant in good standing with a good long history. You will be surprised how a personal relationship will open other financial doors for you in the future.
0 votes Thank Flag Link Wed Mar 11, 2009
Hi Michael: Congratulations on restoring your credit! Bad things happen to good people. I am a Certified Mortgage Planning Specialists and am happy to provide you with information that I hope is helpful. With regard to your question, you shold have no problem in obtaining a pre-approval on a "best rate" mortgage. Your BK & FC are way over the time frame that would compromise your program. On the application, the question regarding a BK & FC is " Have you been declared backrupt within the past 7 years? and Have you had property foreclosed upon or given title or deed in lieu thereof in the last 7 years?" - The answer is NO -

I would like to make a suggestion to you to! It would be in your best interest to work with a local Mortgage Professional that will look out for your well being and provide a valued service to now and on into the future. If you would like me to make a recommendation, please feel free to contact me via email.

Best of luck to you Michael - I hope you have found this information useful. I can reached at gwennt@centurytel.net

Gwenn Tanvas
Certified Mortgage Planning Specialists

Gwenn Tanvas is a Certified Mortgage Planning Specialists who specializes in Government Loan Programs such as FHA, State and Federal VA and USDA Rural Housing Loans. Visit her website for more information, on-line calculators and a secure on-line application. She is able to assist with transaction throughout the state of Wisconsin. Her offices are located in Appleton, Oshkosh and Green Bay and offers the convenience of one-stop shopping. http://www.WisconsinLoanTips.com or http://www.MortgageProsOfWisconsin.com she can also be reached for comment or to answer questions via email at gwennt@centurytel.net
0 votes Thank Flag Link Wed Mar 11, 2009
Michael,

The obvious answer is to be truthful.....

This is a standard banking question for loan applications so you will see it where ever you apply. Your concern about penalized is reasonable but if you withhold this information it could most certainly come back to haunt you when they determine you provided false information.

If your past ten year record is as you have described, this is what lenders should be paying attention to......

Good luck
0 votes Thank Flag Link Wed Mar 11, 2009
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