Posted on: 30th Nov, 2006 07:16 am
Hi Guys in a nutshell this is where I am at-13 mo out of discharge chap7-talked with mortgage broker after Br to see where I needed to be- Killed my self to rebuild credit- credit score (626 middle) current with tri merge report from broker- The kicker is I had 1 -120 day late in december of 05 on my first mortgage, (my mortgage co at the time would not take my payment untill my discharge was complete)-(sent back all my checks) as soon as discharge was complete paid them up to date-December of 05-they reported me 120 days on my cred rep for december 05- I paid loan on time till april 06 then had oppertunity to sell home- been renting to date- Found out my landlord has been taking my monthly payments $1500.00 and not making his mortgage payments (Mortgage Skimming i think is the term) (sherrif sale in December) hasent made insurince payments on home etc-Anyway really need a break and dont want to have to find a new place to rent-I thought having a decent credit score would have done it- broker seems to think the year old- 120 will stop lenders in tracks and dont have mush of a chance. Any one heard of a 100% 8/20 or 30 with pmi being approved for this senario? Ideas? I figure I lost my last months rent and 1500.00 deposit- Thanks guys-bws
Hi,
It is really very credible of you to have improved your score to 626 in such a short while after the Chapter 7.
If you ask me you will be able to get a mortgage because of the efforts you have shown in improving your financial stability. You should contact various lenders and discuss your loan requirements.
It is really very credible of you to have improved your score to 626 in such a short while after the Chapter 7.
If you ask me you will be able to get a mortgage because of the efforts you have shown in improving your financial stability. You should contact various lenders and discuss your loan requirements.
I have a couple of lenders that are very flexible with mortgage lates. If you're still trying to get pre-qualified, please email me or give me a call.
A credit score of 620 isn't that bad to qualify for home loans. It is quite possible that you may get a loan but at higher rates of interest. This will actually vary from one lender to anotehr.
But i must say one thing, it's unfair on the part of your landlord to have taken your rent payments and not paying for his mortgage.
As far as 100% financing is considered, I doubt whether you will be able to get such a loan.
A better score would have made it possible. But then I guess you don't have the time to sit and wait till your credit will improve. So, it's better to look out for lenders offering loans at your credit score - there are plenty in the market if you are willing to pay at a higher rate of ineterst.
Good luck!
But i must say one thing, it's unfair on the part of your landlord to have taken your rent payments and not paying for his mortgage.
As far as 100% financing is considered, I doubt whether you will be able to get such a loan.
A better score would have made it possible. But then I guess you don't have the time to sit and wait till your credit will improve. So, it's better to look out for lenders offering loans at your credit score - there are plenty in the market if you are willing to pay at a higher rate of ineterst.
Good luck!