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January 2013 Archives

January 9, 2013

Bankruptcy and Foreclosure- When Can I Buy or Refi?

[These are the guidelines as of September, 2013. If you are reading this after that date, please call me or your mortgage broker/banker as the rules and requirements continue to change and the information below, though basic, in reality has probably changed.]

Qualifying for a mortgage after bankruptcy or a foreclosure/short sale/deed in lieu requires timing as well as re-building credit.

Rebuilding credit means actually USING credit responsibly. That means having at least two GOOD lines of credit like 2 small limit and small charged up balance credit cards being paid on time, paying meticulously on time and keeping the amount charged up very low. That also means NOT closing any account, PAYING OFF collections and judgements and PAYING DOWN-- NOT OFF--- USING the minimum payment asked in the bill (NOT paying the entire amount off every month) and keeping the balance charged up to only max 20% or so of the limit given.

Timing is as follows and is to the day-- and possibly per decision of any given bank:

FHA Loans

* Foreclosure or Deed-in-Lieu or Short Sale: 3 years from the final sale to a NEW BUYER (not the day you signed the foreclosure paperwork or were evicted)

* Chapter 7 Bankruptcy: 2 years from Discharge

* Chapter 13 Bankruptcy: Totally an underwriter/lender decision AND must get at least a one-year history of making on-time payments from your Trustee, Court or BK Attorney or who ever is receiving your payments AS WELL AS written approval from the same Trustee, Court etc. receiving payments to add new debt.

(other loans, open the rest of the Post)

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January 10, 2013

Home in AURORA

wow. I couldn't believe how Eileen would run right out to show me houses, the ones I found and the ones she found. I bought the one we looked at listed just one day because we offered right there at the kitchen table. The other realtors didn't want to show houses. It's just great at how much work Eileen did for me, just great.

Roger M., January 7, 2013

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January 31, 2013

Home in AURORA

Yes, amazed, didn't think real estate agents did much-- our eyes were opened with how much work and watching over all Eileen did for us, from knowing the exact papers the loan needed to telling us about radon and inspection stuff, all got us a fantastic house.


Robert and Christina B., January 31, 2013


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About January 2013

This page contains all entries posted to Eileen M. Carda in January 2013. They are listed from oldest to newest.

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