Mortgage With BK13

Discussion in 'Credit Talk' started by NiceGuy, Jul 9, 2001.

  1. NiceGuy

    NiceGuy Well-Known Member

    Has anyone been able to get a Mortgage with a BK13 on record (1996)? Could you recommend any mortgage companies/brokers to contact (licensed in NC)?
  2. Momof3

    Momof3 Well-Known Member

    Your best route might be FHA, I think you have to be 3 years post BK, so you should be fine with that. As long as you have been current on your bills for the previous 24 months.
  3. NanaC

    NanaC Well-Known Member

    I just got my mortgage with a BK13...I love my broker..if you post your email, I'll send you his info...but Mom is need the last 2 years clean and a good rental history!
  4. NiceGuy

    NiceGuy Well-Known Member

    Thanks, Nana! How long has to pass following the discharge?

    My history is perfect from 11/96-Present and perfect rental history last 4 years, but all negative items included in the BK13 and the BK13 itself wont't drop off reports until 11/2003. All dates of last activity are prior to 11/1996.

    Should I just post my email addy here or is there a better way?

    Thanks for your help!!

    ...Dreaming of becoming a homeowner!
  5. NanaC

    NanaC Well-Known Member

    Tell you what..I'll just post broker is ( or

    I had everything the same as you only my rental history was 3 years. Just be sure those bk accounts say "included in bk13" and that should be fine.

    My discharge was in 99.

    Don will talk to you first without pulling anything.

    Momof3 had a good mortgage experience, too. Maybe she can post hers here as well.

    Keep us informed and good luck!
  6. G. Fisher

    G. Fisher Banned

    See, HandbookS, Directive Number: 4155.1

    "A borrower paying off debts under Chapter 13 of the Bankruptcy Act may also qualify if one year of the pay-out period has elapsed and performance has been satisfactory, and the borrower also receives court approval to enter into the mortgage transaction."

    Most are surprised to find out that they could have gotten a loan during the Chapter 13 repayment period.
  7. NiceGuy

    NiceGuy Well-Known Member


    Thanks for posting the info! Regarding the "Included in Ch13" notation at bureaus, what is the best approach to take?

    Most accounts reflect that status, but some do not. I disputed all accounts as being included and forawarded a copy of the court paperwork to back me up. The reports I received after verification from all bureas then showed all accounts as "Included in Ch13". BUT, then several months later as each acct is updated by the individual creditor, that status is overridden to "Charged Off" or "Written Off". I repeat sendind in paperwork, but then the process repeats itself again. And ideas???

    Thanks again, and I'll keep ya posted!

    Congrats on becoming a homeowner!
  8. NanaC

    NanaC Well-Known Member

    Hi! I had them change status when they were disptued by junum. I found that online disputing corrected that very quickly. Maybe that would be the answer for you, as well. Just choose "Acct. included in bankruptcy."

    I found it only took a week or 2!

    Good luck!
  9. NiceGuy

    NiceGuy Well-Known Member

    Thanks, Nana. I'll try the online dispute route! Does that mortgage company work outside of Ohio (it says something like proudly serving Ohio on their site). Are the rates that much higher? I used their mortgage calc online and it said I could qualify for 56K loan with poor credit but $256K with excellent credit? If that is the case, would I be better off renting for 2 more years when my record will be clean?
  10. NanaC

    NanaC Well-Known Member

    Hi! I don't think there calculator ever gave me a correct gave me some ridiculous amount like 36,000.

    I would be sure and get the emails going with Don...then you know the info is accurate!! :)

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