Posted on: 26th Mar, 2010 07:49 am
Is it possible to get a mortgage on a home we own free and clear since we had a foreclosure and had to file bankruptcy due to my husband being hurt on the job? Our home value is $125,000 and we owe NOTHING on the home. BK was 4 years ago and the slow pay and foreclosure was in 2001. We only need $20,000.00.
Hi There,
If your foreclosure was in 2001, then this should not be a problem getting a new mortgage if you have been on time with your payments for the last 2 years at least. Also, the BK has to be at least 2 years ago which it appears to be the case with you also.
However, the small loan amount needed may be a problem to get a mortgage. You may be better off looking into a home equity line of credit.
I hope this helps.
Regards,
Jeff
If your foreclosure was in 2001, then this should not be a problem getting a new mortgage if you have been on time with your payments for the last 2 years at least. Also, the BK has to be at least 2 years ago which it appears to be the case with you also.
However, the small loan amount needed may be a problem to get a mortgage. You may be better off looking into a home equity line of credit.
I hope this helps.
Regards,
Jeff
Thank you for your speedy response. Our home appraises for $125,000.; however; we can NOT afford to pay for more than $20 to $25 K. We are on a fixed income. Any suggestions; as to who to contact or where to go to apply. Since we don't have a first mortgage no one willl consider a line of credit..Thank you again.
Hi Bev!
Welcome to forums!
You should contact the local lenders for a normal conventional mortgage. Once you contact the lenders, they would let you know what type of rates and terms you would qualify for. Depending upon that, you can decide whether or not you should go for the loan. You can even speak to the lenders of this community and seek a no obligation free mortgage consultation. This will let you know whether or not you would get a loan.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
You should contact the local lenders for a normal conventional mortgage. Once you contact the lenders, they would let you know what type of rates and terms you would qualify for. Depending upon that, you can decide whether or not you should go for the loan. You can even speak to the lenders of this community and seek a no obligation free mortgage consultation. This will let you know whether or not you would get a loan.
Feel free to ask if you've further queries.
Sussane