Mortgage With Bankruptcy And Foreclosure
Ok I have tried here locally and people have told me locally that they could help me out but now they tell me they can't because of the forclosure that is on my credit report the forclosure is do to the bankruptcy and all done under the advice of the bankruptcy attorney. The bankruptcy was discharged in Jan 01 and we now need to get a mortgage (commitment due on the 20th) wife has A++ credit and I have been rebuilding my credit since the bankruptcy and doing a good job at it. FICO Low 530 - high 635 so I'm told. when I checked in May 03 672 was my high.
Any suggestions where I can turn?
Thanks
Terry
I have seen people get a loan even with a bancrupcy but it's difficult. If your wife has A++ credit then I would suggest getting the mortgage in her name only. The house can still be tiltled jointly. This has worked for many people. She would have to have a decent income too though. A 635 FICO is borderline. A mortgage broker may have more options for you than a conventional lender.[ Edited by Sandbahr on Date 12/11/2003 ]
Use your wife as the borrower if possible.
You can get financing with your credit score albeit it will be at a higher rate. Also if you could put more down that will help your cause.
My wife's FICO is 700+ and she can't qaulify debt to income ratio is almost 50% with just her income.