Delaware Bankruptcy Online Filing
Mortgage after a bankruptcy?
Does anyone have any suggestions as far as applying for a mortgage after a bankruptcy? My husband and I filed for bankruptcy last year. We were discharged on December 1, 2008. We live in SC and the company he works for is about to downsize and he’ll probably lose his job in September. But if he transfers to Delaware he’ll be able to keep his job so that’s probably what we’ll end up doing. We’ve been looking at homes online but haven’t been able to find many rentals that fit our needs. But we did find a great home, with 2 rental units for $175,000. So I was curious …
1. What kind of chance do we have of being approved for a mortage (in the $163K-$175K range) so soon after bankruptcy?
2. In applying for a mortage do they take the rental units into account? (They’re both being rented right now for $500 a month each)
3. Can anyone suggest any websites or banks we should apply to?
Thanks for any help
It depends on what chapter you filed.
If you did a chapter 7 you will need to wait 2 years.
If you did a 13 you may have a chance with an FHA mortgage.
Rental income will not be used unless you can document a history of receiving it which you personally can not.
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