Posted on: 06th May, 2010 08:05 am
Hi If I file for bankruptcy (7) during a Section 504 rural devolopment loan process. how will this affect my application and or approval?
Thanks
Jen
Thanks
Jen
Hi ! bobbym8
when I searched on their official website regarding the eligibility norms for rural development loan I found this
"To obtain a loan, homeowner-occupants must be unable to obtain affordable credit elsewhere and must have very low incomes, defined as below 50 percent of the area median income"
So, what I conceive from this quote is
you may not have to face any problem for getting the rural development loan during your BK filing.
But at the same time I will advice you to first get the loan sanctioned and then you may apply for BK.
:lol: :lol:
keep us informed
Dips
when I searched on their official website regarding the eligibility norms for rural development loan I found this
"To obtain a loan, homeowner-occupants must be unable to obtain affordable credit elsewhere and must have very low incomes, defined as below 50 percent of the area median income"
So, what I conceive from this quote is
you may not have to face any problem for getting the rural development loan during your BK filing.
But at the same time I will advice you to first get the loan sanctioned and then you may apply for BK.
:lol: :lol:
keep us informed
Dips