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laurie

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buying after a bankruptcy

My husbands bankruptcy was discharged 1/08. Bankruptcy due to failed economy (business). We can't seem to find a bank that will give us a mortgage - they all seem to point us to a credit repair company which wants more money. We both have good stable jobs for over 4 yrs now - all bills paid on time. We find a lot of bank owned properties that we could well afford (we now pay $1300 in rent!) & have a down payment -
I could not find anything while reading Dean's book which explains how to buy a bank owned property as a primary residence. Would there be chance a bank would finance us just to get the house off their books? How would we approach this situation. Thank you

Great questions.

The bank gave you great advice, and it must have been because your credit score may be low. You might want to acquire a copy of your credit reports and scores, that will be a good start. Do not be discouraged, think positive and move forward. Find a legitimate company that could work with you on repairing your credit scores. There will be a lot more REOs coming on the market soon according to the statistics and one might just fit perfectly with what you are looking for. Or you could find a friend or family member with good credit who will be willing to assist you with this purchase. There is also the use of HML (Hard Money Lenders), another option. Good Luck and God Bless.

Sandra

bank financing

Question 1.Can someone please explain to me how you can go to a local community bank & ask for a loan to buy property? I tried that - they looked at me like I had one eye in the middle of my forehead. These were all my local banks - 5 of them. I wanted to buy a very cheap home on the market & rent it out & the rent would pay the loan back - their answer was not a chance. I am in Florida - maybe that is why they are so hesitant.?

Question 2 - There are several homes I would like to look at and possibly take over & rent out - just don't know how to do it - how does the owner get paid? These owners want their money now to get out. I can't get a mortgage -There are also many bank owned & foreclosures but you need mortgages to get them. Maybe I am missing something.

buying after bankruptcy

Hi Sandra, thanks for your answer. My scores are in the mid to high 600's (don't know how) but they say debt ratio too high.
Noticing prices on housing in Florida is going up. For sale by owner - these people are back to asking over $200,000 for a house valued at $130-150000 if that much. Even realtors are posting homes for prices that are unreasonable in todays market.
Sad......

Laurie,

Joe Jurek's picture

There are banks ot there that have REOs and some that might even work with you. It can be very frustrating as several banks may have declined a loan. The key is to not get discouraged and keep trying. Usually the small local community banks may be the best option. Keep on casting the search net farther and farther you will catch up with the right bank that wants to work with you. Good luck. Believe and Achieve! Smiling - Joe

Welcome Gifts!

JJD's picture

Welcome Gifts!

http://www.deangraziosi.com/user/3883

Click on the Links in my Profile and download the attachment files within the posts.

There are some great downloadable resources here for you to use.

Don't forget to finish your profile, upload a picture, tell us some great stuff about yourself, add your location because you never know when someone may want to partner with you!
MOST OF ALL......Have Fun!

May You have Great Success on your Journey!

JJD