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New Member
busybing
Posts: 1
Registered: ‎08-29-2013
0

Filed for (BK 13) 7 times....

Here is my situation. 7 years ago we got a subprime loan with the 80/20. Our first mortgage was 9.75% and 2nd mortgage was 10.5%. Predatory rates. It was a big mistake. Well our payments went from $972 to $1900. My husband lost his job, etc. So to try to save our home I tried doing modifications with our lender with no luck. Needless to say I filed for BK 13 seven times, trying to save our home. Finally on 1/1/13 our home was foreclosed. We have started saving up and fixing our credit, which is in good condition. The only baddies my husband has is the foreclosure, all our credit cards are paid up to date. The baddies I have is the foreclosure and all the BK13 I filed. I was able to get new credit and everything is paid up to date. We want to buy again, but I feel those BK13 are going to really affect me being able to qualify for a home loan. Any feed back will be grateful.

 

Thank you

Senior Contributor
DaBears
Posts: 3,930
Registered: ‎10-26-2012
0

Re: Filed for (BK 13) 7 times....


busybing wrote:

Here is my situation. 7 years ago we got a subprime loan with the 80/20. Our first mortgage was 9.75% and 2nd mortgage was 10.5%. Predatory rates. It was a big mistake. Well our payments went from $972 to $1900. My husband lost his job, etc. So to try to save our home I tried doing modifications with our lender with no luck. Needless to say I filed for BK 13 seven times, trying to save our home. Finally on 1/1/13 our home was foreclosed. We have started saving up and fixing our credit, which is in good condition. The only baddies my husband has is the foreclosure, all our credit cards are paid up to date. The baddies I have is the foreclosure and all the BK13 I filed. I was able to get new credit and everything is paid up to date. We want to buy again, but I feel those BK13 are going to really affect me being able to qualify for a home loan. Any feed back will be grateful.

 

Thank you


With the recent forclosure of 1/1/13 you will need to wait a min of 4 yrs before you can reapply. FHA is forgiving but they require atlease 4 yrs to go by.

Frequent Contributor
shols44
Posts: 397
Registered: ‎11-03-2012
0

Re: Filed for (BK 13) 7 times....


DaBears wrote:

busybing wrote:

Here is my situation. 7 years ago we got a subprime loan with the 80/20. Our first mortgage was 9.75% and 2nd mortgage was 10.5%. Predatory rates. It was a big mistake. Well our payments went from $972 to $1900. My husband lost his job, etc. So to try to save our home I tried doing modifications with our lender with no luck. Needless to say I filed for BK 13 seven times, trying to save our home. Finally on 1/1/13 our home was foreclosed. We have started saving up and fixing our credit, which is in good condition. The only baddies my husband has is the foreclosure, all our credit cards are paid up to date. The baddies I have is the foreclosure and all the BK13 I filed. I was able to get new credit and everything is paid up to date. We want to buy again, but I feel those BK13 are going to really affect me being able to qualify for a home loan. Any feed back will be grateful.

 

Thank you


With the recent forclosure of 1/1/13 you will need to wait a min of 4 yrs before you can reapply. FHA is forgiving but they require atlease 4 yrs to go by.


This is incorrect. The traditional waiting period for FHA was 2 years for BK and 3 years for foreclosure. However, just earlier this month (Aug) the FHA back to work program became official. This program waives the traditional waiting period for BK and foreclosures meaning you could apply right away as long have "extenuating circumstances". In short, you might be able to qualify right now. 


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Regular Contributor
bbrentlinger
Posts: 125
Registered: ‎12-02-2010
0

Re: Filed for (BK 13) 7 times....

We got an fha 3 years into our 13 plan. The hardest party was getting the trustee to sign of on the loan. It took a lot of back and forth to convince her. But we we re moving to a new city. So she finally have consent.

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Member
Teddy502
Posts: 8
Registered: ‎07-08-2013
0

Re: Filed for (BK 13) 7 times....

Hi, I hope I was reading your comment correctly, were you approved for a home loan while paying into a Chapter 13 plan? if so, which Lender approved you for a loan? I will currently be in another chapter 13 plan and want to buy a home and thought it was impossible to buy a home while in a chapter 13 plan.

Regular Contributor
bbrentlinger
Posts: 125
Registered: ‎12-02-2010
0

Re: Filed for (BK 13) 7 times....

I think FHA guidelines say 2 years after filling chapter 13.  My husbands middle score was a 634.  We went through castle and Cooke.  We got 4% interest and put 3.5% down.  We were also preapproved through quicken and I hear freedom lending is good too.  We had something's we had to clean up and the trustee took forever making the decision.


Starting Score: EQ593 EX 633 TU 649
Current Score: EQ 593 EX 633 TU 649
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Member
Teddy502
Posts: 8
Registered: ‎07-08-2013
0

Re: Filed for (BK 13) 7 times....

Thank you for the information. :smileyhappy:
Regular Contributor
movinonup79
Posts: 174
Registered: ‎10-13-2008
0

Re: Filed for (BK 13) 7 times....

So these extenuating circumstances, are they only for home loss?  I had lost a job and had surgery and after 2.5 years finally received a loan modification.  Once I got the mod I filed Ch. 7 because I had $30,000 in medical bills and they were starting to file lawsuits.  Now I have been at my current job and am being transferred to open a new office over 1,000 miles away.  Once my BK is discharged, after 12 months would I be able to buy a 2nd home?  I am planning on renting out my current home when I move.

 

Thanks!

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