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My husband and I are just going on our 2 year mark of being in 13, everything I've been told ( and read), states after 2 years with trustees approval you may become a homowner again. When we went into 13 we sold our home 3/06. had bills because of a nasty strike/layoff + medicals. I've just started to shop around ( want the $8 K tax credit if it's been 3 years or new home owner). I've been waiting over 10 days for my lender to respond with a definate yes or no.....they have asked questions to reconcile my credit report to my list of creditors. I'll be watching you all, cause I need encourgement...wer're late 40's.....and I feel this is the time to act.....if I don't get a definate answer Monday, I'm going to start shopping again.
HELP!
I just went through a divorce/disillusion in which I sold my home in a short sale.
My (5) year BK13 was discharged on 021909, i certified mail the 3 credit agencies my letter of discharge.
After doing so 1 month later my credit score jumped about 10-20 points, and I applied for a mortgage at national city bank.
The bank denied me, even though I have a VA Certificate of eligibility.
My income is in the $60,000 dollar range, no debt and one secured card to rebuild my credit, I have 20 years on the job.
However I am still being turned down for any credit, wether it's a mortgage, motor cycle or appliance items.
I have paid everyone back through my BK13, and i keep getting told no, where is my success story,this is a nightmare.
HOW IN THE HELL DO I REESTABLISH CREDIT WHEN NO ONE WILL GIVE ME A BREAK?
What an awful story, but you're not alone. Most people that file for a Chapter 13 do not complete it, and you would assume that paying your Trutee payments on time would help re-establish your credit.
How long ago was your house sold? Do you know if the lender reported it as a foreclosure sale?
Obtaining consumer credit (motorcycle or appliances) after a Chapter 13 is difficult. But you are on the right track VA loans are difficult to get because the lenders have established a higher standard then for an FHA loan. Where is your mid score and have you thought about a FHA loan? There is a downpayment requirement and the lower the score, the higher the downpayment. The minimum downpayment for a FHA loan is 3.5%.
@Anonymous wrote:My husband and I are just going on our 2 year mark of being in 13, everything I've been told ( and read), states after 2 years with trustees approval you may become a homowner again.
That was true for us. We were approved for a mortgage (actually a refi in our case) while in our Ch 13 (okay with trustee approval). Good luck!
@Anonymous wrote:HELP!
I just went through a divorce/disillusion in which I sold my home in a short sale.
My (5) year BK13 was discharged on 021909, i certified mail the 3 credit agencies my letter of discharge.
After doing so 1 month later my credit score jumped about 10-20 points, and I applied for a mortgage at national city bank.
The bank denied me, even though I have a VA Certificate of eligibility.
My income is in the $60,000 dollar range, no debt and one secured card to rebuild my credit, I have 20 years on the job.
However I am still being turned down for any credit, wether it's a mortgage, motor cycle or appliance items.
I have paid everyone back through my BK13, and i keep getting told no, where is my success story,this is a nightmare.
HOW IN THE HELL DO I REESTABLISH CREDIT WHEN NO ONE WILL GIVE ME A BREAK?
@Anonymous wrote:...being in 13, everything I've been told ( and read), states after 2 years with trustees approval you may become a homowner again...
http://www.fha.com/credit_issues.cfm
FHA rules only require one year of payment into your Chapter 13 plan, but your trustee and bankruptcy court might have 'local rules' which are more stringent. And, of course, lenders are not obliged to lend at minimum standards.
The three scores are as follows Equifax-603 Transunion- 680 Experian-578 =FICO of 620
The good news is that when I was denied the loan by national city my FICO was 602, my score increased with the
addition of a secured card.
My issues on my report are from the late pays due to the divorce, and some debt that was in the BK13 that show up on the
Experian report. Can someone tell me why the variation between these 3 agencies.
I consider myself a good risk; I payed back my bad debt, I have 20 years job security, and I gross $65,000.00 a year with no debt
other than a $500.00 Visa Card.
Venting: How is it that A bank National City (PNC BANK) receive 38% of Federal dollars (tarp money) for their bad choices,
But yet decline me a government (VA LOAN) to a employee who works for the government!
Appreciate your response!
@Anonymous wrote:The three scores are as follows Equifax-603 Transunion- 680 Experian-578 =FICO of 620...
I'm afraid not. They don't use an average of the three scores, but take the middle one -- which is 603 -- as is.
If not; then how do they come up with the 603? I assumed that the three were indepedent of one another, therefore arriving at an unbiased score.
Q. Why would they take the middle and not the higher or lower number of the other agencies?