Posted on: 14th Apr, 2010 06:53 am
Can my fiance (will be husband in 3 months) obtain an FHA mortgage as a first-time homebuyer if I have a recent bankruptcy and foreclosure? The bankruptcy is Chapter 7 and will be discharged this year.
i don't see any reason for his not being eligible - assuming, of course, that you will not be a buyer nor a borrower on this transaction. you can rectify that, of course, at a later date.
Thank you for your reply. We are not ready to yet "house shop" but he is worried about my filing. His name is not attached to anything I have. Also, in your opinion, I am upside down on my mortgage by about $10K. I don't necessarily WANT to keep it but I have been able to make the payments. I am filing Ch. 7 in July - should I also let the house go?
that's a very difficult question to answer, of course. your personal feelings, your personal situation, etc. are factors in that decision. since i cannot get into your head (nor would i want to), i don't think it's feasible for me to advise you on that. to be upside down by $10K doesn't seem to me to be catastrophic, given what we've seen in many parts of the country, but it's also something that you've got to take into consideration in assessing how you allocate your funds.
my opinion on real estate values (not necessarily a scientific opinion) is that we've seen downturns in the past, and we've had upswings too. i happened to be the beneficiary of such an occurrence (bought at $30K and sold at $175K). the original price range for my home was $200K plus, and of course since my sale, values have dropped by at least 20%. these are condos.
but just by what i've noted we can see that there have been some wild swings - from high to low to somewhat high to lower again...who knows what the future holds? my crystal ball is broken, so it's no help.
the bottom line for keeping the house? it's a personal decision you'd have to make.
my opinion on real estate values (not necessarily a scientific opinion) is that we've seen downturns in the past, and we've had upswings too. i happened to be the beneficiary of such an occurrence (bought at $30K and sold at $175K). the original price range for my home was $200K plus, and of course since my sale, values have dropped by at least 20%. these are condos.
but just by what i've noted we can see that there have been some wild swings - from high to low to somewhat high to lower again...who knows what the future holds? my crystal ball is broken, so it's no help.
the bottom line for keeping the house? it's a personal decision you'd have to make.