What are the odds of obtaining a home loan after a bankruptcy?
Home loans after bankruptcy?
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HoHosareSICK
March 12, 2010 at 11:40 am
In this economy where 1 bank literally blew up and 2 more banks almost failed again after economists said that the worst was over?
I don’t want to sound like a prick but I’d say your odds are pretty bad.
oldmomfromportland
March 12, 2010 at 12:15 pm
Depends.
With a big down payment (20-30%) and higher interest rate you might succeed. Especially if you have a well documented work history.
I’ve known a few people who were actively pursued by banks and auto companies soliciting them to offer loans after their bankruptcy. Because their debt was erased, they NOW had money to spend.
A lot of banks today though are being very stingy with their credit, only extending loans to those with fantastic credit.
Try several banks and mortgage companies- I imagine you’d find some company that will give you a mortgage but you’ll have to pay more .