04-09-2012 07:29 AM
Wow, what a roller coaster of a journey, but I finally was able to close on a house on good friday! It was interesting to say the least, full of plenty of suspense and a few let downs. Here is the background.
Bankruptcy discharged in Aug 2008, included an FHA backed mortgage (Claim wan't paid until Jan 2009). I first talked to a loan officer 2yrs post BK7 just to find out that it would be a 3yr wait. As the 3yr mark approached I spoke with a loan officer who said we looked good, and wouldn't have any problems. So with high hopes we put in an offer on a house, only to find out that we didn't have a clear caivrs, because of the difference in discharge vs claim paid date. At this point we were only a couple of months away from when the caivrs would be clear. What a let down.
Then the Feb 6 time frame came, and 2 weeks later we see a house we like and put in an offer, offer accepted, caivrs clear, ok great, we are looking good. Credit scores were great, with the nice surprise of a over 700 score for one of them, DTI ratios were 23/32, plenty of money to work with, so we figured should be no problem. We were scheduled to close 3-23-2012. Well Caivrs rears it's ugly head again as there was still a note of the claim on the report that had to be deleted before we could proceed. We got that removed on 3-19-2012, and were able to proceed. The underwriter didn't beat us up to badly with conditions, mainly LOE for recent inquires, that I had access to the funds in the joint account, BK, verification of employment and rent. Did a USDA Gauranteed loan, which after a few extensions were able to close - everything was down to the wire, as we didn't receive the clear to close until late morning on the day of closing. Closing was pushed back a bit, but we CLOSED.
The funny thing is Chase bought the loan and I had included a credit card from them in my BK, I wonder if after a few years when the BK falls off, if they'd forgive me and give me another chance with a credit card.... Anyways for those of you out there that have a BK and included an FHA loan with it, there is hope, just know that you may have a few bumps in the road, especially with the Caivrs report.
04-09-2012 07:50 AM
congrats, you earned it
04-09-2012 11:22 AM
04-10-2012 04:34 PM
that's wonderful!!! I feel your pain.....I too included a home in a bk7 but I kept the home myself and still pay the mortgage.. It seems like you are doomed for life sometimes doesn't it???
I am wondering if I could refinance a mortgage that I included in a bk7 but kept the home . Does anyone know? It's just that I don't get the mortgage payments reporting to the credit bureau and that would be a big help with my credit .
Would my current mortgage even consider doing it for me?
04-14-2012 06:44 PM
04-15-2012 10:40 AM
all the hard work paid off, congratulations
09-03-2012 04:25 PM
Hello , Can you please PM your LO info that would be great , thanks in advance!
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