Posted on: 01st Jun, 2010 01:34 pm
I was hopinig someone could offer me an opinion on this matter. I had a bankruptcy in 2005 with my business which took my personal along with it. I've since financially rebounded and have a great income,. I bought an owner financed home last year that's worth about $250,000 and I paid it down to an $85,000 balance, but I would like to mortgage the rest because the payments I'm making now ($10,000 per month to the owner) are pretty rough. What are the chances I can get an approval for an $85,000 loan to pay off a home that will appraise upwads of $200,000? I've been making $10,000 monthly payments so my cash flow far exceeds any loan payment I would have.
Hi cg,
5 years have passed since you've filed for bankruptcy. If you have improved your financial situation and your credit scores in the meanwhile, then I don't think you should face any problem in getting a mortgage. You should contact the local lenders who will look into your financial situation and pre-approve you for a loan. You can even speak to the lenders of this community and seek a no obligation free mortgage consultation. This will help you know whether or not you will get a mortgage.
Thanks
5 years have passed since you've filed for bankruptcy. If you have improved your financial situation and your credit scores in the meanwhile, then I don't think you should face any problem in getting a mortgage. You should contact the local lenders who will look into your financial situation and pre-approve you for a loan. You can even speak to the lenders of this community and seek a no obligation free mortgage consultation. This will help you know whether or not you will get a mortgage.
Thanks
It's possible but, the only way to determine is to look at your full credit profile. Did you have any derogatory credit after your bankruptcy. Did you establish new credit. Etc.
Thank you for the replies. Regarding my existing credit. I really have nothing for a profile at this point. I was able to do well with my new business once everything was cleared out so I've pretty much paid for everything cash/debit since then. I wouldn't take a credit card if forced. My cars I paid cash for, so there isn't anything there at all. I've been making $10,000 monthly payments on this property, so common sense would indicate that I'm certainly capable of making much smaller bank payments, plus with the home 75% paid for it's pretty high equity. I just know how little common sense or reality plays into these decisions....After all if common sense was applied years ago there wouldn't have been a mortgage mess. I'm at the total opposite side of the spectrum. I can afford with ease the payment, I have 75% equity in the subject property, but issues in the past which in the "real world" are irrelevent at this point...However I never expect common sense from anybody wearing a suit. (no offense).
If you can provide proof of payments, you probably be able to find financing.
Hi Guest,
The only thing that wasn't mentioned is whether or not you have the ability to document enough income on your tax returns. Most self employed individuals write off so much on their returns that they end up with an AGI that is too low to qualify. Other then that you should be fine.
The only thing that wasn't mentioned is whether or not you have the ability to document enough income on your tax returns. Most self employed individuals write off so much on their returns that they end up with an AGI that is too low to qualify. Other then that you should be fine.