Mortgage after bankrupcty

Asked by leavingchicago, Orlando, FL Tue Oct 2, 2012

Filed bankrupcty 2 years ago. Mid credit score 650. Previously had home which mortgage was discharged in bankrupcty, however bank has done nothing to proceed with foreclosure and would not cooperate with loan modification prior to bankruptcy. Have 150,000 down payment for a 380,000 home. Is there anyway to get a mortgage?

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Wed Oct 3, 2012
Hello leavingchicago,

Antonio is correct in the fact that you can purchase using a hard money lender, which will allow up to around 65% loan to purchase price. But I think the answer to refinance may not be accurate. If you have not been making payments on your home now, even though included in the BK, it is still considered a foreclosure. You can not finance with for at least 3 years (FHA) or 7 years (conventional) from the date that the home is taken back by the bank. That would put you in a hard money loan for a long time!

Hope this helps but without actually asking you questions and having other answers, I can't give you a completely accurate answer.

Joshua Lerette - Sr. Loan Officer
Residential Finance Corp
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Antonio Vega…, Agent, Saint Cloud, FL
Tue Oct 2, 2012
Yes, you can get a hard lender to give you a loan. It will be at a higher interest rate but comes with no pre-payment penalties. In a year you can refinance to a normal conventional loan and lower your rates easily since you will have lots of equity built in.

If you are considering purchasing around the Disney/Kissimmee/Davenport area I would love to work with you.

Tony Vega
La Rosa Realty
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