Home Buying in San Antonio>Question Details

Sheila, Home Buyer in San Antonio, TX

can i qualify for a home loan if i am in bankruptcy and looking to get into a more affordable home?

Asked by Sheila, San Antonio, TX Tue Feb 19, 2013

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Answers

11
Everything depends. When did you file for bankruptcy? Is already reported in credit report?
Your best option will be contacting a mortgage broker that can review all your financial status and advice you properly.

BEst of Luck,

Maria Cipollone

Century 21 tenace
4 votes Thank Flag Link Wed Feb 20, 2013
It depends on what type of bankruptcy you are in. Chapter 7 no you can not. Chapter 13 you can but I believe you have to have at least 12 good payments in row. Best best though is to talk to a local mortgage broker
1 vote Thank Flag Link Thu Feb 28, 2013
A Pre-Foreclosure Sale or Short Payoff or Short Sale is a method to avoid foreclosure by paying off the mortgage loan on your home even if your home's sales value is not enough to pay the mortgage loan in full.
If you can no longer afford to make the mortgage payments on your home and you are interested in a Pre-Foreclosure Sale, you should contact the lender that has been collecting your mortgage payments to discuss your situation.
Your lender may be able to accept less than the full amount owed on your mortgage.
This option can also include a period of time to allow your real estate agent to market the property and find a qualified buyer.
Monetary help may also be available to pay other lien holders and/or help toward paying a few moving costs.
0 votes Thank Flag Link Fri Apr 12, 2013
Yay Russ Ravery..... A Realtor who gave the correct answer.
0 votes Thank Flag Link Thu Feb 28, 2013
Wrong question, just because I can do something doesn’t mean I should. The rules are there to protect us, find out what they are and add at least 10% to the timeline to protect you from yourself. Bankruptcy is not normally an overnight event, it usually happens over a long period of time. Reversing the trend is not instant either.

Good luck,

Jim Simms
NMLS # 6395
JSimms@cmcloans.com
Financing Kentucky One Home at a Time
Web Reference: http://jamessimms.com/
0 votes Thank Flag Link Wed Feb 20, 2013
In bankruptcy can mean different things. Give me a call and I'll hook you up with a person who can nail that info down for you. 310-310-6353
0 votes Thank Flag Link Wed Feb 20, 2013
Yes, you can if you are in a CH13 and have made 12 on time payments.

trustee must approve.

This is a standard loan guideline for FHA

All other guidelines apply..... debt ratios and credit scores, ect
0 votes Thank Flag Link Tue Feb 19, 2013
Probably not but you should be speaking directly with your current lender to see if you may qualify for some type of loan modification. Assuming you are able to show you can financially afford the home you may be able to restructure your loan so you can stay in the house and get back on track.

Call your lender today and keep on them until you can get a definite answer.

Best of luck to you.

_______________________________________
Don Groff
REALTOR® | Mortgage Broker
Keller Williams Realty | 360 Lending Group
o 512.669.5599 m 512.633.4157
listings@dongroff.com | http://www.AustinListed.com
0 votes Thank Flag Link Tue Feb 19, 2013
Please contact Hector Argumedo of Academy Mortgage at (210)399-0402, He will answer all your questions, after that we can find your next home.
Good Luck.
Sincerely,
Jose L. Novelo
(210)455-7635
0 votes Thank Flag Link Tue Feb 19, 2013
Unfortunately you would not. Once your bankruptcy has been done you have to wait 4 years before you can qualify for another loan. I had a client with this same problem because they had a bankruptcy and it had been over four years but in the middle they changed it from a 7 to and 11 or visa-versa and then they had to wait another four years from the time they changed it.
0 votes Thank Flag Link Tue Feb 19, 2013
I have to think that your credit will not be good enough to impress a bank to allow you to get a loan. Contact a lender to be sure.
0 votes Thank Flag Link Tue Feb 19, 2013
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