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Posted by Tina on June 25, 2002 at 12:53:36:
In Reply to: Foreclosure & Bankruptcy chapt 7 posted by Hopeless on June 21, 2002 at 00:49:58:
: My husband and I recently filed chapter 7 and were discharged we also had our home foreclosed on. What are the chances of getting another loan?( I had lost my job and we were so overloaded in debt we got rid of all of our bills except our cars.) Also when we apply for a loan do we have to tell them whether or not we have had a foreclosure or bankruptcy even if the 7 years is up ( live in FL ) What I am asking is; is it possible to get another home loan and is it possible to get a decent interest rate?
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All mortgage companies have different policies, how far out of a BK you have to be before they will make loans to you. As far as getting a decent interest rate, wtih the BK and the foreclosure, I'd say it's NOT possible that you will get a decent rate for a few years. Not sure how long. Everyone's policy is different.
You don't have to worry about telling them about the BK and the foreclosure. They will already know, because it will be on your credit report. Lying about it will only hurt you, because they'll find out no matter what you do.
This is a mortgage broker who helped me get a refi loan about 9 months out of a BK: Scott Bemisdarfer, Novastar, 877 945 0500 ext 323. Call him and see what he can tell you, and good luck.
