U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > Michigan
 [Register]
Please register to participate in our discussions with 1.5 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Jump to a detailed profile or search
site with Google Custom Search

Search Forums  (Advanced)
Business Search - 14 Million verified businesses
Search for:  near: 
 
Old 05-07-2008, 12:11 PM
 
430 posts, read 751,528 times
Reputation: 110
Default Michigan- bankruptcy

With so many people loosing jobs and homes in this state has anyone other than us had to start a bankruptcy and is there any hope to move on afterwards meaning renting and starting again. We had to because of jobs and it has been hard. We don't have anything but we will loose the home. My husband had to take a job in another state so we will move. It is a good job so although we don't want to move we have to move forward. Is it possible to do that after a bankruptcy?
Reply With Quote Quick reply to this message

 
Old 05-07-2008, 12:58 PM
 
Location: Old west side, Ann Arbor, MI
689 posts, read 1,483,981 times
Reputation: 269
Default Starting Again

Quote:
Originally Posted by mimberly View Post
With so many people loosing jobs and homes in this state has anyone other than us had to start a bankruptcy and is there any hope to move on afterwards meaning renting and starting again. We had to because of jobs and it has been hard. We don't have anything but we will loose the home. My husband had to take a job in another state so we will move. It is a good job so although we don't want to move we have to move forward. Is it possible to do that after a bankruptcy?

I have known several families that have declared and lived well afterwards. Renting is almost guaranteed, and many creditors will approve a loan after bankruptcy although rates will be very high. One of my closest friends had the unfortunate situation of doing so, he was able to secure several credit cards and eventually regain most of what he lost. The big thing is, if you start missing payments again, getting a loan will be almost impossible. Laws are different in every state regarding Bankruptcy, I would consult your attorney for that question. I've even known of people who have declared multiple times and still lived a relatively normal life. If your moving out of state you probably will have to rent for at least a year. Open up a (only 1) credit card and start using it sparingly. Within the year or two you should be able to look at homes. Good Luck!
Reply With Quote Quick reply to this message
 
Old 05-07-2008, 05:19 PM
 
430 posts, read 751,528 times
Reputation: 110
THanks, it is a very hard thing to do and we don't take it lightly. We worked very hard to pay what we had to and until 4-5 months ago never missed a mortgage payment. I never thought we would not people back. THe hard thing is that our lawyer did not make clear that if we had any savings which we did from our income tax to help with the move to the new job to get it out of the bank. We had a van payment and a loan at the bank and that took the money in our savings. I understand why but it is all we had.
Reply With Quote Quick reply to this message
 
Old 05-07-2008, 08:41 PM
 
47,586 posts, read 32,365,804 times
Reputation: 21466
Quote:
Originally Posted by mimberly View Post
With so many people loosing jobs and homes in this state has anyone other than us had to start a bankruptcy and is there any hope to move on afterwards meaning renting and starting again. We had to because of jobs and it has been hard. We don't have anything but we will loose the home. My husband had to take a job in another state so we will move. It is a good job so although we don't want to move we have to move forward. Is it possible to do that after a bankruptcy?

I've known a couple of people who lost a home in foreclosure. It seemed like once it was over they were okay, back to renting and one of them did go on and get back into home ownership.

Good luck with your move, good thing your husband has a good job because for most of us, a job is what makes all the difference.
Reply With Quote Quick reply to this message
 
Old 05-11-2008, 05:57 PM
 
Location: Fort Collins, Colorado
104 posts, read 239,933 times
Reputation: 56
We've been told by several mortgage lenders that generally 3-4 years after your discharge date, with good credit in the meantime, you can get a mortgage with a fairly good interest rate.
Reply With Quote Quick reply to this message
 
Old 05-15-2008, 03:00 AM
 
178 posts, read 490,489 times
Reputation: 79
I suggest renting for a year or two and saving up a couple thousand dollars. Then, whereever you are working or want to work (make sure you have a good job lined up first), look for homes on a land contract. They won't be fancy and you might pay a bit more oever the long run...but you won't have a bank hanging over your head (that wants you to fail in order to repossess the house) and you won't be tossing money out the window in rent.

If you don't want to do that, you can always shop around for an older mobile home and find a piece of property that has a well and septic already on it. Then, just put the two together and viola---there's another starter place. (You may need to buy the land on land contract though, since it'd probably be pretty pricey...between $15k and 30k I'd guess for a few acres in a non-urban setting).


You can do it, trust me.

As long as you're okay living at a "basic" level you'll do fine in a starter home or mobile home.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Options
X
Data:
Loading data...
Based on 2000-2011 data
Loading data...

123
Hide US histogram


Over $79,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > Michigan

All times are GMT -6.

2005-2014, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25 - Top