Home Buying in Rio Rancho>Question Details

strtrek1, Renter in Rio Rancho, NM

Viet Nam Vet who nearly died in 2010 due to a deadly brain disease.Medical bills forced a Chap 7 in Dec 2011.We lost our home We want to buy a house.

Asked by strtrek1, Rio Rancho, NM Mon Mar 18, 2013

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This question was asked from this property: http://www.trulia.com/property/3088071666-37-El-Camino-Loop-…

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3
Leigh-Jo Anzures’ answer
Hello,

In most cases, it can take 2 years from the date of discharge on a bankruptcy before you can become eligible to buy a home again. You may have additional options, but it would be important to first get you connected with a mortgage lender to help review your situation.

Leigh-Jo
Syan Real Estate
Call/Text: (505) 730-8181
Web Reference: http://www.Syan.com
0 votes Thank Flag Link Mon Mar 18, 2013
Click on the "Mortgage" Tab above and fill out a Loan Application. Trulia's approved Mortgage Vendor will contact you upon completion and go over your financing options.
0 votes Thank Flag Link Mon Mar 18, 2013
In 2010 I nearly died from a rare brain disease called Herpes Simplex Encephallitis.. The neurologist told me later that there was a 70% death rate from that disease if not caught quickly or serious brain damage. I had so many people praying for me and I guess God heard them. Anyway we owned/buying a mobile home and that industry crashed around that time. We had it for sale for over a year and a half and had 2 offers which the mortgage co. turned down. So because of all the medical bills and me not working, we were forced to declare bankruptcy. Another person told me since it was a mobile home, it might have been treated differently. I dont know. All this happened in Calif. after which we moved to NM to be near daughter and her family and have been renting a home through Kellogg Agency. Melanie McLaughlin from Kellogg is my agent
Flag Mon Mar 18, 2013
That's a nice home, I saw it awhile back.
How did you lose your home? Did the lender foreclose? Did you do a short sale? Was it a normal sale? This will affect your credit and that affects your being able to qualify for a mortgage. How's your credit been since the chapter 7?
It's probably going to be pretty tough qualifying for a mortgage just 15 months after a bankrupcy and if you had a foreclosure it's going to be awhile longer before you can get a mortgage.
You can possible buy on owner financing but that is a small percentage of the market so you'll have limited selection and you will probably need 10-20% down. Also most owners that sell on owner financing will only carry short term, 2-5 years is typical, so you may still have to qualify for a mortgage in a couple of years.
I have a lot of experience with owner financing and I would recommend meeting with a mortgage lender to see how close you might be to qualifying and what you need to do to get there, even if you decide to try to find an owner financed home. Many years ago I was working with a lady that wanted to buy on owner financing. She had a credit issue that I knew would probabhly take 4-5 years to clear before she could get a mortgage. She wanted to make an offer on a property that the owner would only carry 2 years. I tried to talk her out of it but she didn't listen and bought it through another broker. She put $20,000 down and lost it two years later when she could qualify to refinance.
From one Vet (Army 82-86) to another thanks for your service and best of luck.
Feel free to contact me with any questions or to help. No pressure, no obligation.
0 votes Thank Flag Link Mon Mar 18, 2013
Thanks Patrick for your message and best wishes. In 2010 I nearly died from a rare brain disease called Herpes Simplex Encephallitis.. The neurologist told me later that there was a 70% death rate from that disease if not caught quickly or serious brain damage. I had so many people praying for me and I guess God heard them. Anyway we owned/buying a mobile home and that industry crashed around that time. We had it for sale for over a year and a half and had 2 offers which the mortgage co. turned down. So because of all the medical bills and me not working, we were forced to declare bankruptcy. Another person told me since it was a mobile home, it might have been treated differently. I dont know. All this happened in Calif. after which we moved to NM to be near daughter and her family and have been renting a home through Kellogg Agency. Melanie McLaughlin from Kellogg is my agent and Frost Mortgage is trying to put together a loan for mme but may need another month or 2. Thats its mf.
Flag Mon Mar 18, 2013
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