Denise Cadot…, Home Buyer in Loveland, CO

I just recently had to file for bankruptcy with a forclosure included. It was a hard time and want to move

Asked by Denise Cadotte Schulz, Loveland, CO Mon Jan 26, 2009

on. Is their any chance of buying a home in the near future?

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Voices Member, , Benton County, OR
Mon Jan 26, 2009
Denise, I sincerely hope you understand that in this economy, with all the serious questions being asked about who should and shouldn't be qualified to get a loan, that the only response that should be given based on the information you provided is Nooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooo!

Now others will appear and explain how "Yes Denise, I can get you a loan/Yes Denise I can get you a house"
. Bankruptcy/No Problem Foreclosure/No Problem Bad Credit/No Problem No Job/No Problem No Money/No Problem Don't Worry/Be Happy

Good luck, Dunes
2 votes
Dana Schuster, Agent, Slidell, LA
Mon Jan 26, 2009
What would make you think that any lender would want to give you a mortgage when you didn.t keep up with the one you had? owning a home is a responsibility--not an entitlement. Not in the cards--the bankruptcy & foreclosure will be with you for years. You may have problems even passing the credit check for a rental.
2 votes
The Kinslow…, Agent, Centennial, CO
Mon Jan 26, 2009
My it seems people are quick to assume that having a bankruptcy and foreclosure make you a bad person and bad credit risk. You should start by talking to someone who can help you repair your credit, there's consummer counseling agencies through the state that may be able to assist you. There's so many reasons that could have gotten you to this point. Everyone seems to think, that bad loans and naive buyers are the reasons people lost their homes. Did they all forget how many millions of people lost their jobs. If you lose your job, it's difficult to pay the mortgage but you may be O.K. because you have your pension and 401K and your savings, but many people lost their pensions and 401K's, still you might be O.K. because you could sell your house for more then you paid for it, oops the prices fell way below what you paid for it. Maybe you're still O.K, but little Johnny gets sick or hurt and you have no insurance because you have no job. Let's not forget the 10 year old car with 150,000 miles on it that breaks down constantly. Unfortunately there's plenty of reasons people lost their homes and claimed bankruptcy. It must be nice to be one of the lucky ones who haven't been affected by the economy. If it weren't for the trust and support of friends and family, I wouldn't have been able to become a Realtor and could have easily been in your shoes. It was a close call and very scary, my heart goes out to you and to everyone who's in your shoes. Hang in there, things will get better and you will own your own home again. It will take some time and a lot of hard work, but you will get there.

1 vote
Tania and Ma…, Agent, Loveland, CO
Fri Mar 19, 2010
The answer to this question would depend on several factors. In general, if you are able to maintain a good credit history you could be able to purchase 2 years out of bankruptcy or 3 years out of foreclosure. This would depend on the investors guidelines. There are some smaller community banks and credit unions that fund their own loans and are able to look at loans on a case by case basis. Guidelines for home purchases are stricter than they were a few years back and most lenders now require the homeowner to contribute a portion of the down payment from their own funds so they have an actual investment in their purchase. The exception would be VA or USDA Rural Development Loans where 100% financing is still available with certain qualifications. There are also city and county funds available to provide down payment assistance. Once again I would check with a lender to find all available avenues. In the meantime, work on building a good credit history and try to save for a down payment. Wishing you all the best of luck!
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