UnThreaded | Threaded | Whole Thread (9) | Ignore Thread Prev Thread | Prev | Next | Next Thread
Author: awesomeone100 One star, 50 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 308553  
Subject: Re: Credit 2 Years after BK7 Date: 5/24/2001 8:19 AM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
I am in the same boat as you. I declared bankruptcy in 9/98. I will tell you that your chances of getting a mortgage are going to be slim to none. I have read recently that the FHA has issued directives that their organization should not consider bankruptcy a disqualifier if it happened more than two years ago. I haven't tested the waters recently but last November I was turned down by 6 sub-prime lenders because of the BK. Our house is in my wifes' name and we had to use her credit to get the house. We recently(5/2001)re-fi'd and the lender would not use my credit because of the BK. So, my experience is that even though the FHA has this directive, most lenders won't touch me.
I did get a car loan and it was again with a sub-prime lender. I have paid aggressively and we are ahead of payment schedule on all of our loans, but that did not make any difference. Ny BK is an automatic disqualification. I hope you have better luck but, please be aware it won't be easy.
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (9) | Ignore Thread Prev Thread | Prev | Next | Next Thread

Announcements

TMF Credit Center
The Motley Fool Credit Center arms you with real tools and simple messages, that will help you in every credit situation.
Post of the Day:
Apple

Apple and Ninety Years Ago
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement