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Brian B asked:
Here’s the deal. The last five years I have made my living flipping houses and owning rental property. Everything was going great until last fall. I fell off a ladder and boke my leg in 5 places . I was unable to walk or do any physical labor for 6 months. And long story short I lost everything. By the time it was all said and done I had 15 of my places get foreclosed on including my house.I’m probably going to end up filing bankruptcy because I don’t have the money to pay the creditors what I owe them. I understand that can’t go back out and get a mortgage tommorrow but my question is will I ever be able to buy a house again? And if so. Realistically how long before I can get a mortgage?
Here’s the deal. The last five years I have made my living flipping houses and owning rental property. Everything was going great until last fall. I fell off a ladder and boke my leg in 5 places . I was unable to walk or do any physical labor for 6 months. And long story short I lost everything. By the time it was all said and done I had 15 of my places get foreclosed on including my house.I’m probably going to end up filing bankruptcy because I don’t have the money to pay the creditors what I owe them. I understand that can’t go back out and get a mortgage tommorrow but my question is will I ever be able to buy a house again? And if so. Realistically how long before I can get a mortgage?
Tags: Creditors, Filing Bankruptcy, Lost, Tommorrow
September 23rd, 2007 |
Tags: Creditors, Filing Bankruptcy, Lost, Tommorrow
September 24th, 2007 at 3:15 am
If you file bankruptcy? You will need to wait 2-years after it discharges to purchase a home again and will need a large down payment and expect to pay high interest until you have proven you will pay as agreed and can refinance.
Sorry to here about your bad luck. It sounds like you had it going on before you were hurt.
Good luck.
September 26th, 2007 at 4:45 am
Hey, sorry to hear about the unfortunate circumstance. I am a mortgage processor/ underwriter for a major mortgage company. Here is the best answer I can give you; the foreclosure proceedings will need to be completed before most lenders will allow you to borrow. The bankruptcy will also need to be discharged (Usually for at least a year) as well. Once that happens it will be important to build up your credit again and press on from there. Now, there are exceptions to every rule so don’t take this as the word of God. My advice is to seek out a bankruptcy lawyer to help you through the proceedings and assess your options afterward. I have seen many, many people get approved for loans with foreclosures/ bankruptcies in their past - you will be able to get financing again once you take care of the situation that your in.
September 29th, 2007 at 12:11 pm
I believe with a foreclosure that the banks will start ignoring it after 10 years. Other types of lenders may be willing to overlook it sooner than that. But you’re probably going to have to pay significantly higher interest rates.