bankruptcy mortgage modification
If we just got out of Chapter 7 bankruptcy can we apply for a new mortgage loan?
Our debt was just discharged in Chapter 7 Bankruptcy on July 13, 2010. We had a mortgage loan (fannie mae) and a 2nd mortgage as well as Obama’s loan modification plan. While we discharged EVERYTHING we are just starting to go through the forclosure process. Since we’ll lose our house we now need to figure out what we are going to do…there is not much for rentals in our area so we would like to buy a cheap house or buy a lot and a manufactured/modular home.
Since we just got out of bankruptcy would we qualify for a mortgage loan or construction loan? I understand our interest would most likely be high and we may have to put a down payment down but is there any reason we wouldn’t be able to get a loan now?
2nd question:
so if we won’t qualify for a mortgage loan or a construction loan…If we were able to find a rent to own home or a contract for deed how would they work?
at least 4-5 years to qualify
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