FHA is the new subprime. They are more concerned with last two years of income (or jobs in the same industry) and last two years of positive payment history than FICO (including two years after a bankruptcy and three years after a foreclosure). If you went bankrupt a couple of years ago, chances are good that your FICO is very low--even with re-established credit.
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"A deal is only as good as the quality of your Contracts." --Me[ Edited by LeaseOptionKing on Date 07/18/2008 ]
Everything you have said is very encouraging. I was really down before posting here, but feel so much better that there might be hope. I will contact an attorney on Monday to get an apponiment to talk with them, and see what they have to say.
When I get some information, I will post it here in hopes it might help someone else.
Thanks Again !
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"Problems Are Solutions Dressed In Work Clothes "[ Edited by rbjj on Date 01/12/2008 ]
There are two sets of rules for chapter 7 and you can elect which one you want to pursue. One means follows state rules the other follows federal rules. The last time I checked federal rules and state rules were pretty close. The 2007 the federal homestead exemption was something on the order of $18,500 and you have a $500 wildcard exemption you can apply to exempt your principal residence up to $19,000. The trustee will accept 2 times the SEV value of your home as a measure of market value. If you fall beneath this you’re probably clear to move forward. I would suggest calling your local We the People Office as they can be of tremendous assistance free of charge. They handled my divorce and when all was said and done I spent about 1/3rd of what I would have even with a low priced attorney. I know they do Bankruptcy too.
Similar to what rbjj said about the Chap 13. Check out all of your options before you make a decision. There is a info site I like called www.thedebtpool.com. I found it to be very helpful when I was considering either going FC or trying other alternatives like debt settlement to helpme out.
The transfer you proposed to your son could be considered "fraudulent conveyence" under Ohio law and the trustee COULD ask for the sale to be set aside. Ohio has a $5k exemption for homesteads but this is set to increase in October to $10k ... not that this will help much. Ohio has opted out of the Federal exemptions, so they will not apply as suggested in an earlier reply.
You may want to check out the bankruptcy forum at Credit Boards. You may find a lot of useful help there.
it sounds like the low credit score is a feature of the FHA program.
I would assume, if you are an FHA lender, you have to offer all FHA programs.
FHA is the new subprime. They are more concerned with last two years of income (or jobs in the same industry) and last two years of positive payment history than FICO (including two years after a bankruptcy and three years after a foreclosure). If you went bankrupt a couple of years ago, chances are good that your FICO is very low--even with re-established credit.
_________________
"A deal is only as good as the quality of your Contracts." --Me[ Edited by LeaseOptionKing on Date 07/18/2008 ]
Thanks Leaseoption King.
Everything you have said is very encouraging. I was really down before posting here, but feel so much better that there might be hope. I will contact an attorney on Monday to get an apponiment to talk with them, and see what they have to say.
When I get some information, I will post it here in hopes it might help someone else.
Thanks Again !
_________________
"Problems Are Solutions Dressed In Work Clothes "[ Edited by rbjj on Date 01/12/2008 ]
There are two sets of rules for chapter 7 and you can elect which one you want to pursue. One means follows state rules the other follows federal rules. The last time I checked federal rules and state rules were pretty close. The 2007 the federal homestead exemption was something on the order of $18,500 and you have a $500 wildcard exemption you can apply to exempt your principal residence up to $19,000. The trustee will accept 2 times the SEV value of your home as a measure of market value. If you fall beneath this you’re probably clear to move forward. I would suggest calling your local We the People Office as they can be of tremendous assistance free of charge. They handled my divorce and when all was said and done I spent about 1/3rd of what I would have even with a low priced attorney. I know they do Bankruptcy too.
Similar to what rbjj said about the Chap 13. Check out all of your options before you make a decision. There is a info site I like called www.thedebtpool.com. I found it to be very helpful when I was considering either going FC or trying other alternatives like debt settlement to helpme out.
Just a few comments:
The transfer you proposed to your son could be considered "fraudulent conveyence" under Ohio law and the trustee COULD ask for the sale to be set aside. Ohio has a $5k exemption for homesteads but this is set to increase in October to $10k ... not that this will help much. Ohio has opted out of the Federal exemptions, so they will not apply as suggested in an earlier reply.
You may want to check out the bankruptcy forum at Credit Boards. You may find a lot of useful help there.