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     | Monday, February 21, 2000 - 04:32 am  Can anyone suggest a mortgage brokerage or company that can work with someone who is taking a year following a chapter 7 and regrouping? I'll have 10% down by the end of the year--but I want to put less down if I can-- following discharge, am cleaning up my credit reports which were a mess after bankruptcy (20 errors), and I may even be able to get to 20% down. I've web searched and am having no luck finding anything other than FHA after two years. I've reestablished credit with Providian and a car loan and make a decent income again--which had vanished and triggered this hell several years ago. Any suggestions? Thanks.
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| | Monday, February 21, 2000 - 10:15 am Senator, I moved your posting to the Finance Section because it such an important question and should be here. First of all, it's great that you are working on your loan already. I have a couple of questions for you: 1) Have you seen your Credit Scores recently? 2) Are you looking for a CONFORMING loan (FNMA/FHLMC) or do you need a higher loan amount? It would be great if someone could post the current limits in a new topic.
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| | Monday, February 21, 2000 - 10:24 am Also, Brokers don't usually advertise that they'll work with credit impaired for A paper loans because it's more work and many brokers just don't have the skill and experience. The important question is what the secondary market guidelines are at the time. I definitely would NOT go with a direct lender because your choices are so limited.
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| | Monday, February 21, 2000 - 10:25 am And don't even bother with the on-line only brokers, you need "personal" service.
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| | Monday, February 21, 2000 - 04:04 pm I've seen my scores recently--mid 5's and a low 6 and I've recently sent my letters to the cra to correct their 20 or so mistakes. I'm going conforming rather than jumbo--want to preserve some of my cash and not stretch myself ever again. If anyone can direct me to a good source who can help assist, it would be greatly appreciated.
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| | Monday, February 21, 2000 - 04:47 pm Where are you? Lenders have to be licensed by the STATE. Also, secondary market guidelines vary by region. Some lenders won't touch rural areas ....
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| | Monday, February 21, 2000 - 05:00 pm Big city in Missouri. Suburbs.Thanks for your help and your forum.
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| | Friday, March 03, 2000 - 04:49 am Senator, I live in KC Missouri I have some horrible looking credit. My score was 554. I got a approved by HMI ( Home Mortage Inc) in Lee Summit. The loan officer was a Shawn Parker. Note: See my posting in Credit Repair Section: I received a FHA Another route maybe the Company at this site http://www.FullSpectrumLending.com They have offices in Missouri, Read the their products on the site before calling. If you need more info please let me know. Sorry Christine for advertising this Company but since the poster and I are in the same area I thought it would help.
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| | Friday, March 03, 2000 - 05:08 pm Steve, thanks for the tip.
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| | Saturday, March 04, 2000 - 02:44 am Steve, to get the FHA did you have to wait two years following discharge of a 7 to get mortgage approval? Or just close to that time frame?
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| | Sunday, March 12, 2000 - 01:13 am There's no problem with advertising companies. I just don't want commercial ads STARTING a topic. And I expect that negative experiences with brokers/lenders will be reported here too.
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| | Sunday, March 12, 2000 - 08:51 am Senator, Fannie and Freddie recently came out with some "Alt A" products. These allow score down to 570/580 ish. The rates are just slightly higher than the A+ Conforming rates--.25 -.50%. I don't rember the specifics on the BK but I think it is mostly driven by the score. One other idea you could do is to do an 80/10/10 purchase. Lender 80% Seller carries 10%, you put down 10%. Whatever you do get everything in writing from lenders/brokers. Also, be prepared to walk at the closing and make sure they know it if they don't deliver what was promissed. Make sure your purchase contract has a weasel finance clause in it that states the highest rate you will accept. Your realtor should help you with this.
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| | Sunday, March 12, 2000 - 03:31 pm Thanks Don, I haven't heard about that "Alt A" product. And yes, I totally agree on being prepared to walk at closing. Even A+ borrowers often get ripped off due to last minute rate/fee changes, because everybody knows they're NOT going to walk. Of course it's difficult to get the SELLER to go along with tight rate/fee limits. Everybody knows that rates change and who wants to lose the sale over a minor rate change? WRITTEN ** LENDER ** PRE-APPROVAL with NO borrower conditions (not pre QUALIFICATION) is the only way to go.
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| | Monday, March 13, 2000 - 02:28 am Thank you all for great advice. I found a web site engine for subprime with much information and it is free currently until 4/15. I have to drive to work right now but I will post the web site address later. I want to urge those who have credit problems to start saving credit reports-- with all the mergers going on they change the numbers and let the old and new (both being the same account!) remain on the reports. You have to play detective and trace it for the b******s so they can figure it out because their computers don't have records going back that far. Sure.
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| | Monday, March 13, 2000 - 07:53 am www.lenderbase.com. take a look. it may help those who need it.
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| | Tuesday, March 14, 2000 - 07:46 pm Senator, Watch out for sites like this. This just tells who does the loans. It's not going to keep you from getting a bad deal. Don't rely on sites like these to find yourself a good lender. Do your homework, get everything in writing and make sure they know who is in control. Also, Christine, do you know where to find this form? There was a broker retention agreement that was put out by the NAMB(I think) that gave a broker three boxes to check. 1) Agent for Borrower, 2) agent for borrower but might get paid by lender as well, 3) Not an agent for borrower and we will get everything we can from everybody. I thought this was a good form but I've rarely seen it used since weak loan officers try to hide their fees. If you can get a copy and get them to sign the agency section then they have to find you the best deal and the fees are very specific. If they screw you, you have ground to sue.
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| | Tuesday, March 14, 2000 - 10:03 pm Don, I totally agree with getting everything in writing. And I've never seen that NAMB form. I disclosed my fees on the DRE form that was required for a while in California. Can't do much browsing on the cell phone, I'll make this a new topic.
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| | Saturday, April 01, 2000 - 10:02 am I've done some more searching on the web and a friend clued me into www.mortgagestats.com--look at the grapevine discussion group where all the brokers and lenders discuss who's good and who's bad and who offers what. Very interesting site to check often and a good complement to this great site. There are a few companies who don't need seasoning (a time lag following bankruptcy like a year or two)! some may be good, some may be bad--so do your homework everyone.
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| | Tuesday, April 11, 2000 - 03:19 pm Senator, If you haven't found anybody, try this guy. He's fair and honest. Used to be an employee of mine last year. He's in St. Louis but can do anything in the state. He'll give you a fair assessment. He recently just started his own company so you should get good service. let me know how he does. E-mail Address(es): Michaeljkraus@cs.com
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