Chase Manhattan Mortgage e-mail...

Discussion in 'Credit Talk' started by gagliano3, Sep 5, 2003.

  1. gagliano3

    gagliano3 Well-Known Member

    I sent e-mail to Chase Manhattan Bank (Mortgage dept) asking them if they have post-bankruptcy mortgage program, how to get mortgage, etc...

    I got a reply from Chase Manhattan Bank....

    Hi (deleted <other co-worker>) - I have reviewed the information on Mr Gagliano's e-mails - Please
    let him know that it is far to early for me to review his file for a possible home purchase in 2005 .

    He should contact us when his bankruptcy has been discharged for 2 yrs - then we will pull credit & evaluate his situation. He will probably need approximately 10 % down & closing costs.

    Best advice is to make sure he works on re-establishing credit after the bankruptcy - we will look for at least 3-4 active credit lines with no more that 30 dys with that 12 month period .

    I hope this helps your borrower

    My question is:

    Do I really need 3 or more active credit line? My wife and I just applied for American Pacific Bank's secured Visa and we already have Honda Finance auto loan, I think these 2 should be enough since we don't want more than 1 credit card! Are there other banks that gives mortgage with no down payment (or low down payment) for people who already re-build their credit at least 2 years post-bankruptcy?

    Any advices?

    Thomas Gagliano
  2. jlynn

    jlynn Well-Known Member

    I think FHA is two years post discharge. Talk to a mortgage broker (check with friends for referrals)...they can tell you about a lot of different programs that are available.

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