Chapter 7/Discharged/Financing

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getfunding

129 Posts

Posted - 04/30/2008 : 6:29:34 PM

Have a client who would love to purchase
However she has a Discharged BK 1/08

What is the waiting period for her to get financed, if any?

Are there any lenders that take on these types of files?

thx

hpmfinancial

1440 Posts

Posted - 04/30/2008 : 6:56:02 PM

I can help you take a look at that credit and see if we can help your client. We have gotten many BKs removed.

American Credit

398 Posts

Posted - 05/13/2008 : 12:02:32 PM

So what is the borrower going to do when they have to sign the document at closing saying that they haven't filed BK in the last 7 years?

American Credit

398 Posts

Posted - 05/13/2008 : 12:06:47 PM

I wouldn't suggest removing an accurate BK but rather cleaning up the items that were included in the BK. Many times the items included do not have the correct ratings/status' which is what really drops the credit score. Removing an accurate public record is probably not the route to take.

jenalpha

643 Posts

Posted - 05/13/2008 : 12:32:18 PM

LOL! and this is the person who asked if I hate spam! LOL Funny thing, the question hasn't been answered. It was responded with SPAM! LOL Anyways, you can get financing, but they better be willing to put money down. If I were them, I would wait til January and go FHA with it. MAKE SURE THEY ARE ON TIME WITH EVERYTHING!!! NO SURPRISES!!!

nofeebkr

63 Posts

Posted - 05/13/2008 : 3:34:13 PM

I agree with American Credit. Some items to check and have corrected are: balances, make sure they are zero. If they show a collection or charge off have them removed. Re-establish credit ASAP, try getting a credit card from Orchard Bank (HSBC) or Capital One, they offer unsecured M/C's. Or how about an auto loan, Ford motor can help. Jewelry stores sometimes will help.

If you try to remove an accurate BK it will only be temp., it will come back to haunt you, unless it is over 10 yrs old. Lenders do from time to time re-pull credit after funding. If they find that anything is different, other than new credit, the note may be called. That is demand to pay in full. I have seen it happen.

Two ways to get the loan, one is to wait the 2 yr requirement by FHA. Some exceptions will be considered if less than 2 yrs. The other is seller carry back.

quote:
Originally posted by getfunding

Have a client who would love to purchase
However she has a Discharged BK 1/08

What is the waiting period for her to get financed, if any?

Are there any lenders that take on these types of files?

thx