If I am contemplating bancruptcy and have a credit score of approx. 525, will someone still do a mortgage loan
I have had a perfect credit score until recently; it seemed that everything that could go wrong did go wrong. My husband was medically retired from the Marine Corps due to spine surgery, and thinking that the cost of living would be cheaper, and having promises of job opportunities, we moved across the US. We bought a home that ended up being worst than the Tom Hanks film “Money Pit” and after sinking over $70,000 into it (and sadly it STILL needed more) as well as paying over $1,000 a month in electric (despite the fact we lived in only two rooms because it was under construction) when neither of us, with college degrees, could find a job paying more than minimum the house was forclosed.
We are now bringing in over $4,000 a month. We have approximately $3-5,000 we can put down on a home- the home we are looking at is $130,000. Does anyone know of any lenders that still may consider us? And what if we are wanting to file bancruptcy? Will that help or assist in getting a loan?
I can relate to your situation. I too had perfect credit once upon a time. My wife and I ended up declaring bankruptcy before the laws changed. Now I don’t think you can file chapter 7 as we did. I think you can only file chapter 13 and attempt to repay your outstanding debts. I not quite sure how that would help with getting a loan. I think you need some legal advice. If you have any lawyer friends familiar with that you might ask them what you should do. I think you would do better to try to pay down debt as much as you can and rebuild your credit score. If you do go with bankruptcy, it will take a long time to rebuild that credit and it will stay on your for 10 yrs. or more.
Restructuring Mortgage or Getting Loan Modification and Make Sure You Meet The Minimum Requirements
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