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 When the real estate market goes down, will people lose money? |
I live in southern California, for the past few years home prices have skyrocketed.
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Additional Details
I know they didnt create the slump, but they seem to focus only on the negative and frighten people from buying, like telling them that the prices are going to keep ... |
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 How much would it cost to buy America? |
| I want to buy America, the country. How much would it cost and who do i make the payment payable to?... |
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KitaL | How soon can you purchase a home after filing Bankruptcy? |
And do anybody know of any companys that do these kinds of home loans |
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ogrendle
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Usually 7 years. There are some companies out there who will do mortgages 1 year out but the rates are high. Check with your Buyer Agent. We all know sources.
Good Luck |
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newmexicorealestateforms
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Well first of all you can't do anything while you are in bankruptcy. Once your bankruptcy is completed and set a side, assuming you have a good paying job, then you will have the best credit available for 7 years. Reason; you can not file bankruptcy again for that period of time and your loans during that time will reflect that period of time for payback. Reason; after 7 years you can file again.
You really do need to read up on the new bankruptcy laws and available programs to you and as they will affect what you want to accomplish so to that end here are some links that you need to research from our research department:
Finding out what benefits you are eligible for with the US Government
http://www.govbenefits.gov/govbenefits_en.portal?_nfpb=true&_pageLabel=gbcc_page_questionnaire&_nfls=false
UNITED STATES BANKRUPTCY INFORMATION:
http://www.uscourts.gov/bankruptcycourts.html
FTC: High Rate – High Fee Loans (know your rights): http://www.ftc.gov/bcp/conline/pubs/homes/32mortgs.htm
Once per year free credit report from all three credit reporting agencies:
http://www.annualcreditreport.com/cra/index.jsp
Predatory Lending information from ABA: http://www.aba.com/Consumer+Connection/CNC_pred1.htm
Answers to common questions on Bankruptcy: http://www.consumerlaw.org/action_agenda/bankruptcy/content/BrochureRevised2006.pdf
Using credit wisely after bankruptcy: http://www.consumerlaw.org/action_agenda/bankruptcy/content/using_credit_wisely.pdf
These links will for sure arm you with enough information for starting again and doing it right.
Buena Suerte |
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kissybertha
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I think you are SOL sorry but with a bankruptcy under your belt you will be lucky if you can buy a car, you will probably need a co-signer if you do try to buy a car or anything. I am not putting you down but believe me I have my share of bad luck all it takes is one illness, injury loss of job and everything can fall apart. There are a lot of mortgage companies that will work with bad credit, slow credit and even bankruptcies but be careful the will nail you on the interest rates. even homeowners insurance rates are high for people with bad or no credit, it was told to me that they feel that these people are more likely to file a claim blah blah blah I thought that was the most ridiculous thing I have ever heard. State farm is a good one they dropped us because we had a claim well gee when a tornado blows your building around a tree isn't that what I have been paying insurance for? good luck |
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gtofinancial.tomvoli
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There are loan available for people 1 day out of BK as long as they have a verifiable income.
Here is some additional info. Hope this helps. |
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David P
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203-729-8900, or 203-410-4427,ask for David Powell, i can get you that loan, i work with people in your situation all the time, if you went BK yesterday, you should still be able to get a loan. maybey even 100%, so gimme a call |
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Estrella
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There are actually lenders that will lend you money the next day after the bankruptcy is discharged. |
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Rico
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From my experience you can't qualify for a home loan until your bankruptcy is discharged at least 1 year ago. After 7 years it disappears. The most important thing is to rebuild your credit by paying everything off, then continue to borrow and pay back on time (even if you don't need it). If you are late or have collections you can forget about it. Anyone can make a mistake once but if you continue bad borrowing habits nobody will ever take a chance on you. |
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bmoc64
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7 years after you first file for bankruptcy |
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mazziatplay
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I am always amazed, when reading answers to technical questions like that, at how many people answer who just don't know.
The FNMA (Fannie Mae) guideline stipulates that you are not a candidate for financing on any of their loan products until your bankruptcy has been discharged for a minimum of 4 years. They also require that you have reestablished and maintained an as agreed payment history since the date of discharge.
FHA is a bit more lenient in that they will finance a borrower whose bankruptcy has been discharged for 2 years, with the came credit caveat.
There are sub-prime lenders who will even loan to people actually in bankruptcy with the Bankruptcy Trustee's approval. The catch there is that the rate will be risk perception based and the cost of the loan will be quite a bit higher. |
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Mrs. Cullen
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You can qualify for up to 100% financing 1 day after your bankrupcty is discharged. It will still depend upon your credit score, income, etc. There are a couple of lenders that I work with that will do this. If you have any questions, please let me know.
ajohnston@ftmc.net |
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