Question by bbwg_hbic: Where can I get a loan for a home when I have filed bankruptsy?
I need to get a home loan but I went through a divorce and filed bankruptsy. I make good money so I can pay a mortgage. Im in an apartment now and pay my bills fine. and my credit has been good before and after bankruptsy. Except for about 6 months before I filed. Ive tried to get a loan for a home and have been turned down because of my credit score caused by bankruptsy.
Best answer:
Answer by stevemorbitzer
You need to call a lender and ask for counseling. Ask a real estate agent in your area for a referral. The lender can tell you what to do to get your credit cleaned up or ever a loan. It may be higher interest.
You can also look in the paper for “Money to Lend” in the classifieds.
What state are you in? Feel free to e-mail me.
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Question by I just LOVE LOVE!: When you go to underwriting for home loan approval do you have to have the down payment funds?
When you go to underwriting for home loan approval do you have to have the funds in your account for the down payment or can you get an approval contigent upon having the funds?
Best answer:
Answer by Landlord
You need prove of funds, visit this site including a paper trail of the funds for the last 3 months.
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Question by GustavoZ: Did financial institutions fail to verify income and the ability to pay before they approved Mortgages?
Until recently, information pills borrowers could simply state their income. Mortgage brokers would often “fix” the necessary documents to obtain a no income loan. This led to an alarming number of homeowners in houses that never should have qualified for.
Best answer:
Answer by golferwhoworks
so what is your point. Bill Clinton signed the bill into law and now we are all paying the price. It was all greed in the investment sector and since the loans were there many people bought more than they could afford and now are foreclosures. There are 3 C’s to lending and they need to be followed
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It’s worse than that. They verified that the debt the person was about to incur was at or below 55% of their gross monthly income, whereas you cannot rent a house unless you earn 4x the rent.
Deregulating is not the problem; slimeballs are the problem. If we don’t tighten regulation we’ll see this thing fix itself with quality being monitored since the gov’t won’t monitor it for them.
And now everyone is paying for all those loans to people who could not pay.. What a joke! The USA banana Republic!
Unfortunately, banks that originated loans were not too concerned with borrower’s ability to pay because they would sell off the loans quickly. It ultimately ended up being financial “hot potato” because whoever is holding these loans now are becoming insolvent and sinking the banking industry. There is a moral hazard that exists to this day because originators are not holding the paper. Real income verification can solve this problem. This lack of regulation has caused default and foreclosures record high and lowered home prices in many states such as Florida, California. During the past 2 years these 2 states showed the highest default and foreclosure rates in the country.
It’s not a secret that a high percentage of people fudge their credit applications. If you want to learn more about how to fix this mortgage mess please click here to check out abilipay.com to learn what important Americans have to say about toughening income verification and the ability to pay for all home loans in the U.S.