Pumperpaul56, Home Buyer in Mount Pleasant, MI

How can i barrow money when i filed bankrupt and was closed in august buying a home and land on a land contract?

Asked by Pumperpaul56, Mount Pleasant, MI Sun Jan 22, 2012

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Hi Pumperpaul56,
You should consult with a mortgage specialist, as we have many Rent-To-Own clients who become lendable within 2 years after their discharge, as long as they have never been late on a bill/payment since their discharge. However, thins are unique for every person, and depending on whether you filed C7 or C11, can also vary your own circumstances.

As for your land contract, are you saying you already purchased in August 2011 land and property via a land contract? If yes, what are your contract terms? Most land contracts have a period of time in which you are required to refinance the real property (i.e., the balloon payment clause). We need to know more about the terms of your contract.

Your general questions regarding being able to borrow money will have to be determined by a mortgage specialist who knows the details of your BK and your credit history. If you are not able to get a loan in the time frame you had hoped, then yes, a land contract, or a lease-option, or some other sort of seller financing are very viable opportunities to be further explored if you still have challenged credit.
2 votes Thank Flag Link Sun Jan 22, 2012
You can always find a private mortgage investor to borrow money from. It is a short term loan. They can be found on the internet. Called a "hard money lender"
0 votes Thank Flag Link Sun Jan 22, 2012
It will not be easy for you as your record does not inspire confidence. What you will need to prove is that you have learned from your mistakes, are responsible, and that you have taken steps to see that such events will not happen again.
0 votes Thank Flag Link Sun Jan 22, 2012
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