Posted on: 02nd Apr, 2011 08:30 am
i just got out of a chapter 13 bankruptcy in january 2011. i was able to get a car loan at 10% almost immediately----credit scores in mid-600s. i make over 90,000/year and except for student loans and a home mortgage, i don't have any other debt.
my mother has been carrying a personal loan for me on her land ($36,000) but wants it out of her name. she will deed 70 acres of the land to me. if i use this 70 acres (rural with some timber---undeveloped but with road access) as collateral, can i get this 36,000 loan in my name now? please respond. thanks.
my mother has been carrying a personal loan for me on her land ($36,000) but wants it out of her name. she will deed 70 acres of the land to me. if i use this 70 acres (rural with some timber---undeveloped but with road access) as collateral, can i get this 36,000 loan in my name now? please respond. thanks.
Hi nancy,
As you've immediately received a discharge from your bankruptcy filing, it will be difficult for you to qualify for a loan now. The lenders may not agree to give you a loan. You'll have to wait for 1-2 years in order to qualify for a loan.
Thanks
As you've immediately received a discharge from your bankruptcy filing, it will be difficult for you to qualify for a loan now. The lenders may not agree to give you a loan. You'll have to wait for 1-2 years in order to qualify for a loan.
Thanks