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     | Sunday, December 03, 2000 - 05:17 pm  Hi All, I’m hoping someone will be able to advise me. I’m wanting to purchase a home asap. I realize with my credit, that might take two years. But, I’m at a loss as to what to do. I live in Ohio. I filed bankruptcy in 92 (ch 7) since then I’ve had several (5)medical collections show up on my report. They total about $1,000. One will fall off this March ($283)I’m trying to negotiate with the collection agencies to remove the debts for full payment. They haven’t responded at all. Well, except one, a big fat NO! I also have a judgment for a little over $4,000 that just fell off my reports ( I actually thought this debt was included in my bankruptcy, but somehow it was overlooked) I’ve gone to a few mortgage companies and nobody will talk to me without pulling my reports. I don’t want them pulled cuz I don’t want the Collection Agencies pulling my report and seeing Mortgage inquiries. Besides, A year ago, I did have them pulled. And the Lenders told me to come back in a year. Well, I’m not gonna do that again before I know I’ll qualify. My husbands credit is even worse than mine. He has the same judgment that is falling off. A bankruptcy in 92. Medical collection accounts (negotiating as well) and a voluntary car repo. Well it doesn’t say that, but that’s what we did. It says charge off. I’m going to hire a debt negotiator to deal with the car. They’ve offered some settlement possibilities so I figure a professional can deal with this better than I. I’m too emotional about it. I don’t make much money (social worker) and I have huge student loans (33,000) So I figure, I’ll let my husband buy the house on his own. He makes more than enough to qualify financially for the size of home we want. We are currently helping out my in-laws, (they are in ch 13 and can’t afford the payments) so we don’t have any rental reciepts and such. The last place we lived was $700 per month. My husband’s stock option will be available in February. So in March we should have a little more than $20,000 for a down payment on a home. And if we have to wait another year, we’ll have another $20,000 March 2002 (I don’t think I can wait that long) We are planning on purchasing a home for $60,000 - max $70,000. Can anybody advise me on what exactly to do to better my chances of getting a mortgage> Is it hopeless? Thanks in advance, Kelly
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| | Monday, December 04, 2000 - 03:04 pm Kelly First think is how old is the repo? Was it part of the BK? Second, why all the problems post BK -- ie medical/poss repo? My point is: How can you show me as a lender that those problems are in the past. Was it "extenuating circumstances" of "finanacial missmanagement". The latter is worse. As for your rental history, could be a slight problem but we could use your old landlord to help support the payments. You say your helping out your inlaws. Does that mean you pay them rent for your place to live? Do you pay by check? Most people will generally try and steer you into a B/C(high rate/cost loan). However, with that large of a downpayment(here I go with FHA again) it's a great Compensating factor. The biggest issue is to show how all of these problems are in the past and that you can manage your finances. Feel free to post your answers or email me at dsemler@metloan.net.
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| | Monday, December 04, 2000 - 05:16 pm Hi Don, Thanks for your reply. As you can tell, We are a bad risk, does that mean hopeless? We both have medical issues. My husband was out of work for 9 mos last time things happened. Our Savings is usually wiped out. I just thought that if we put so much down that would not matter. I mean, if we default, the loan company would be paid in full with the sale of the home. Is there a magic figure 60% down, 70% down. I could probably scrape together $30,000 down by June of 2001 for a $60,000 house. The car issue is long and complicated. It will not be on our reports w/in a year. I heard you can pull money out of your retirement fund and put down towards your home w/o penalty. Is that true. Maybe I won't have to get a loan at all :-) Kelly
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