I would like to know if any of you have had experience with this.. 70k credit card debt, all accounts charged off, tried CCCS, tried settlement company, all failed. now have 14 accounts on credit report showing charged off.. 3 judgments. Heres the deal, I want to file ch 7, own a home(which is too expensive to keep) we are current however so will be filing ch7, equity is exempt. if we file in february, and it is discharged by say july 2004. and we decide to sell the home....how likely is it that we will be able to get another home.(cheaper than this one) & say the home costs 70K & we put down 20K making mortgage 50K and we have military retirement check of 535.00 each month which we will turn over to pay new mortgage....DO you think we would get a mortgage? remember filed ch 7 wiped out debt, sold house, want to buy new house for about 50K mortgage & have 535.00 month guaranteed payment. thank you
You will be able to get a loan, but the interest rate will be high. Somewhere in the 11% range, I imagine. The thing I would be concerned about is you selling the home right after bankruptcy. You may be in violation of the Bk law by selling it within 6 months of discharge. Ask an attorney about this.
Hi, My mom actually filed a bk7 and then sold her house. She was able to get another home 2mths after discharge and selling the house but, her interest rate was 8.5 and she had to put 20% down. We live in Illinois and I know for a fact her credit score was 535. I think what helped her was the on time payment from her previous mortgage
OK I see "military retirement check". Have you used your VA eligibility? I filed a BK7. Discharged 3 months later and bought a house 16 months or so later. I had not used my VA. I was able to get a 0 down VA loan and put that the seller had to pay all closing costs in the contract! The VA PREVENTS any lender from charging more than 1% over going rate!
thank you, all for your comments.. I had used VA eligibilty for current home, but after I sell it & pay off current mortgage, I believe I can use it again...hopefully for a cheaper home within my means..
