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I had a Chapter 7 eight years ago this May. It was just being a dumb youth and I had to hit financial "reset".
Right now I make close to 90k in steady employment, I have plenty of savings even after putting in 20% down for a Coop in Nassau. MY redit is over 720 for 2/3 bureaus.
Now, if this application was seen by YOUR coop board, would I be automatically turned down or at least get an interview to explain my circumstances 8-10 years ago that lead to a Chapter 7?
I had a Chapter 7 eight years ago this May. It was just being a dumb youth and I had to hit financial "reset".
Right now I make close to 90k in steady employment, I have plenty of savings even after putting in 20% down for a Coop in Nassau. MY redit is over 720 for 2/3 bureaus.
Now, if this application was seen by YOUR coop board, would I be automatically turned down or at least get an interview to explain my circumstances 8-10 years ago that lead to a Chapter 7?
Thanks all.
My brother was turned down (presumably) for being under 30 years old without an interview even though he has pristine credit, a degree from a top college, a spotless criminal record, and was is making well above the 6-figure mark at a well-regarded financial institution. That's the nature of co-op boards.
Short answer: it depends. Did you include an explanation with your application? Many won't accept you.
Chapter 13 bankruptcy will remain in the credit report for seven years from the filing date.
Under Chapter 7 bankruptcy, a person does not repay any of the debts included in the filing.
Chapter 7 bankruptcy remains on the credit report for 10 years from the filing date.
How is the contract written? If it states that your downpayment will be refunded in the event you're turned down by the Board, that money won't be at risk. However, you'll most likely still owe $$ to the attorney for his/her work. (You do have your own attorney, right?) Plus non-refundable application fee, etc.
I'm going to the attorney to go over language again.
I love the place and hopefully can convince them with my current financials and interview. I'd like to think we are just a normal, regular family.
Also, we outbid a few other offers to get into contract. So the seller would probably be motivated to return my deposit so they can go ahead with another buyer?
I plan on disclosing all my info. Is it needed to include an explanation for the Chapter 7 in the application somewhere voluntarily?
Thanks,
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