Posted on: 20th Nov, 2012 11:12 pm
I bought a foreclosed home free and clear. Now I need to take money out of the property so that I can make home improvements - windows, roof, and furnace. My issue is I had a bankruptcy over a year ago. Even with that, my scores hover around 700. I would really appreciate any help or advice.
Hi Jolly,
Though you have a good score now, as you had received a discharge from your bankruptcy filing just a year back, it will be difficult for you to qualify for a loan.
Thanks,
Jerry
Though you have a good score now, as you had received a discharge from your bankruptcy filing just a year back, it will be difficult for you to qualify for a loan.
Thanks,
Jerry
Hi Jolly!
Welcome to forums!
In order to get a home improvement loan or any other type of loan, your bankruptcy discharge should be old by 2 years or more. You can check out the credit repair tool in order to find out how long you need to wait to get qualified for a mortgage.
Wish you a very happy thanksgiving!!
Sussane
Welcome to forums!
In order to get a home improvement loan or any other type of loan, your bankruptcy discharge should be old by 2 years or more. You can check out the credit repair tool in order to find out how long you need to wait to get qualified for a mortgage.
Wish you a very happy thanksgiving!!
Sussane
To know more about bankruptcy after foreclosure, log on to http://www.mortgagefit.com/foreclosure/home-loan.html
The deal and the recovery you made is a very appreciable approach but unfortunately the time for getting a loan is not correct. There might be some statistics which could get a loan but the rates would be high and simultaneously spending the loan amount which may require adding some more would not be a great idea seeing future scenario.
Though you have a good credit score, since you had received a discharge from your bankruptcy filing a year back, you will find it difficult to qualify for a loan. So, if you are thinking to take out a home improvement loan or any other loan, your bankruptcy discharge has to be old by 2 years or more than that.