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@homewardbound wrote:I just filed Ch. 7 in March 07. I haven't yet received my discharge papers but most of my debts are showing $0 balances already. I have no cc's, a car installment loan in amount of $3,000 I pay on time along with all my other utility/rent bills, etc. I have no other debt whatsoever, but am desperately wanting to get out of the city and purchase a relatively inexpensive townhome for myself and my two daughters. My salary is decent and definitely can afford the property if I had good credit and would get a good rate. But right now my score is 550 and I am wondering what kind of offer I might get it any and if any of you have advice or know what the current situation with subprime loan is.
Even if you were an A paper client, often times a short term ARM is your best choice. If you are an investor who relies on appreciation and values cash flow, the Option ARM may be your best choice.
True, there has been a meltdown in the subprime market. The meltdown is more a reflection of Loan Professionals that were more concerned with their finances than their clients and also people speculating while buying their home. The actual loan product was not the problem.