Navy Federal: Mortgage Loan Potential After Including Them on Chap 7 BK

[adamseve]

Hi, I included NFCU in my Chapter 7 years ago and would love to finance our new home with them. Has anyone had any success getting a mortgage loan with them after including them in Chap 7 BK? Thanks for your feedback. FYI, I did a search in the threads before posting and found no info. Tracey

[CreditInspired]

Hi there,

We may need a little more info to offer some assistance.

1. When was the Chapter 7 discharged?

2. How much was the debt?

3. What does your credit profile look like now? Your 3 FICO scores?

4. Is there anything derogatory on your report since the Chapter 7?

5. What is your DTI?

[adamseve]

1. When was the Chapter 7 discharged? 2013

2. How much was the debt? $80k

3. What does your credit profile look like now? Your 3 FICO scores?  689 EQ, 683 TR, & 693 EX 

4. Is there anything derogatory on your report since the Chapter 7? None...Only my Chapter 7

5. What is your DTI? $635: 83k  - Excellent

[CreditInspired]

Thanks OP

I found this member's account of his experience. It will give you an inside view of where you may stand. As he said though, YMMV.

https://ficoforums.myfico.com/t5/Bankruptcy/Navy-Federal-Credit-Union-NFCU-After-Including-in-Bankru...

[JVille]

Don’t waste your time or money. From their point of view you screwed them once and you don’t get a second chance. Sorry move on to a different lender. Good Luck!

[homeloanexpert]

That's a common question. Years ago I had an credit card that went sideways during a divorce. That account went on be charged off. I decided to reapply for the same credit card 10 years later and I was denied for no obvious reason. I assumed even though my credit was perfect and had no indication of my previous charged off account,  I must have been on their bad boy list.

I have heard the same thing with some banks regarding refinancing or purchasing from past clients who tried to accomplish the same thing that you are. You have nothing to loose other than an inquiry on your credit report. You can always apply with another lender if you are that concerned. I am fortunate I guess, as I get at least one NFCU turndown a month that I am usually able to overturn and fund. PM me if you have any additional questions or if you need assistance.

Best Wishes to you!

[adamseve]

Thank you so much for replying!

Looks like we won't be able to use NFCU.  We have other options so we'll use those .

[adamseve]

We're not!  Thanks for responding.

[adamseve]

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@CreditInspired wrote:

Thanks OP

I found this member's account of his experience. It will give you an inside view of where you may stand. As he said though, YMMV.

https://ficoforums.myfico.com/t5/Bankruptcy/Navy-Federal-Credit-Union-NFCU-After-Including-in-Bankru...

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Thanks for this info!  We're not going to waste our time.  There are many more lenders to choose from!