very new here

[Tammie]

I've been reading all the posts for awhile now. I filed chapter 7 last september, I have the discharge, it came Jan. What I would like to know or if anyone who has done this, is to buy one of these homes after chapter 7. I can get land to put one on, paid in full, so that would be 40% of equity right? I have a home to sell that would give me xamount of $ to put on the new home so that would give me more in equity. My mortage wouldn't be more than $35k, based on 75K PH home. Is this possible? I would love to hear from any input that you have, thanks in advance

Tammie

[Shelli Moseley]

You are going to have a very difficult time finding a lender that will touch this loan. Having only filed in September, discharged in January, the industry standard is 2 years after discharge.

Also, the home only loans (chattel loans) are very risky, therefore, those lenders are very picky. Were you going to permanently attach the home to the land? This makes a difference. YOu will pay more money to add all of the improvements, but it makes it a less risky loan (because it would be real property now)

My suggestion: Keep the home that you are in, wait two years to get a loan. In the mean time, do not have any late payments!

Good Luck


Shelli Moseley
Rocky Mountain Mortgage Specialists
888-851-1380

[rmurray]

There are B and C..equity lenders who will not care much about the bk...they will have a fairly high rate though...Check with independent mortgage brokers in your area...Unfortuately for you the mortgage amount is a little low for the mortgage company and broker to earn very much..Small mortgage are sometimes harder to close than large..

For this small of a loan..you might chek with local small town banks as well..

[Tammie]

Thanks for responding. My most concern is getting a mortage for this home. I did file bk, but also have a home to sell that wasn't under bk, which I can use to buy another with a smaller mortage. The lot is already paid for. Has anyone ever done this before? Or is it possible to do?

Thanks