Mortgage after ch7 bk

Discussion in 'Credit Talk' started by jrjr37, Sep 10, 2003.

  1. jrjr37

    jrjr37 Well-Known Member

    A buddy of mine recently recieved a discharge from ch7 bk court. He is interested in obtaining a mortgage. What types of programs would he immediately qualify for?

    P.S. He has enough money for a substantial down payment from an automobile accident settlement. His award was under the exempt amount for our state, so it wasn't liquidated in bk.

    Thanks (Formerly jrjr35)
  2. iambroke

    iambroke Well-Known Member

    Most lenders won't touch you til it's 2 yrs post bankruptcy.
  3. mbelden

    mbelden Member

    Could he buy a small home with his cash? Then in a few years he could sell it for a profit and buy a nicer bigger house!

    There are programs out there somewhere for people who have recently been discharged but he will have to put a huge down payment and pay ridiculous interest rates. Typically most people cannot get a mortgage until 2 years after their discharge date, some even longer than that.
  4. kjunior

    kjunior Member

    Yes, it is possible to get a mortgage loan after a bk. What are the scores? You could get a sub-prime loan with credit scores of 500 and above. send me a email. i could help you out. Best Mortgage.

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