Home Buying in Cedar Crest>Question Details

susan1234, Home Owner in Albuquerque, NM

have bankruptcy, have good job; what are odds of getting financing?

Asked by susan1234, Albuquerque, NM Thu Aug 11, 2011

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Steve Quintana’s answer
Susan, An experienced mortgage loan officer can answer your question best. They deal with this every day and know the criteria in effect at the moment. I suggest using local mortgage companies because you maintain more control over the process if all the players are here in town and know each other. For instance, it is great if the loan officer know the loan processor and the underwriter so they can deal with issues as they arise. Here are some locals who will give you direct answers to your questions:

Luke Gutierrez, Frost Mortgage, 505-610-6368

Stephan Q. Le, Wells Fargo, 765-5164

Be very careful if you use an out-of-state lender. The loan officer might be in Phoenix and the loan processor in Minnesota and they might not know each other. There is also little chance your real estate broker will personally know anyone at the lender so you lose the power and know-how of an experienced broker. Good luck.

P. S. I get no monetary remuneration of any kind whatsoever if you use the lenders I have listed.
0 votes Thank Flag Link Thu Aug 11, 2011
Was the bankruptcy discharged, if so, visit with any loan officer; after reviewing your overall financials, credit, debt, etc., a determination can be made; if you don't yet qualify, he/she may offer great suggestions as to what needs to be done in order to qualify in the near future....
0 votes Thank Flag Link Thu Aug 11, 2011
Susan, there are several facts that would need to be revealed to accurately answer your question. First, did you file Chapter 7 or 13? If Chapter 7 then, as a general rule, you must wait until at least 2 years after the discharge date. If Chapter 13 you only need show that your last 12 monthly payments to the Trustee were timely. Beyond that, most Underwriters will not grant a new loan if you have had payments more than 30-days past due after the bankruptcy. If you have, some Underwriters will listen to see if there is a good reason for the 30-day late while others won't listen to any excuse. In addition, you will must have re-established your credit post-bankruptcy to have an acceptable credit score. These are just a few of the issues that will need to be answered. I would suggest you contact a mortgage lender in your area, provide all the requested documentation, and allow them to look at your credit and advise a course of action for you, as that is the ONLY way you will know if you qualify now or what you need to accomplish to qualify in the future.

Jack Gillis, M.B.A., J.D.
Jack Gillis Realty Advisors
Nathan Grace Real Estate, Broker
5619 Dyer Street | Suite 100
Dallas, TX 75206
Cell: 214.718.4910
Email: Jack@JackGillisRealty.com
0 votes Thank Flag Link Thu Aug 11, 2011
If you establish and maintain good credit for a period of 2 years after the disposition date of your Bankrupcy FHA as well as many conventional lenders will consider you for a mortgage.
0 votes Thank Flag Link Thu Aug 11, 2011
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