Home Buying in Winnsboro>Question Details

Notahomeowner, Home Buyer in Winnsboro, SC

I am recently divorced and would like to put my settlement money into a home but we filed bankruptcy (against my judgement) before the divorce will

Asked by Notahomeowner, Winnsboro, SC Mon Feb 1, 2010

it be impossible for me to get a loan now?

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Answers

6
While figuring all this out, I would stongly suggest that you go get a secured credit card, it will help you build your credit. It will also really bump FICO scores. Do not use it much and pay off every month. Just charge a small item and pay off.
0 votes Thank Flag Link Tue Feb 2, 2010
Hi Notahomeowner,

If you filed a chapter 13 this may be doable. The only issue would be the lack of re-established credit. Since the mortgage was "pulled through" the bk it may help with the re-established credit guide line.

Feel free to contact me through my profile.

Thanks,

John
0 votes Thank Flag Link Tue Feb 2, 2010
Thank you for your answers.

1) What chapter did you file? I think 13
2) When was it discharged? In two years (divorced me as soon as i signed the papers)
3) Was a mortgage included? No, he kept the house it is still on my credit 1300 + a month
4) Have you re-established your credit? Have not bought anything, Use cash
5) The type of loan you want/need. - Conventional mortgages require more time from discharge than an FHA I dont know i just want to feel secured in owning a home. I rent now in, moved to a new city with a new job. was in a 26 yr marriage.
0 votes Thank Flag Link Tue Feb 2, 2010
I am sorry for your situation.
I always recommend that sellers going through divorce discuss their preferred exit plans BEFORE they execute...a BK is probably going to prevent you from being able to buy anything for five years.
Talk with a lender and map out a plan so you can be in the position to buy as soon as possible.
0 votes Thank Flag Link Mon Feb 1, 2010
Keith Sorem, Real Estate Pro in Glendale, CA
MVP'08
Contact
For an accurate answer visit with any qualified loan officer(s) and see what options, if any are available to you, without knowing all your personal financial details, not an easy question to answer--your loan officer will be your best source of advice--
0 votes Thank Flag Link Mon Feb 1, 2010
Hi Notahomeowner,

It all depends on a few things.
1) What chapter did you file?
2) When was it discharged?
3) Was a mortgage included?
4) Have you re-established your credit?
5) The type of loan you want/need. - Conventional mortgages require more time from discharge than an FHA mortgage.
0 votes Thank Flag Link Mon Feb 1, 2010
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