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Old 06-17-2015, 09:44 PM
 
Location: FLORIDA
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Quote:
Originally Posted by SmartMoney View Post
You'll have to suck up the FHA MIP, but there are worse things - unfortunately, your income is too high to deduct it on your 1040's. But 7 years after the FC you can start all over with conventional again.

MIP = mortgage insurance?

Yes, that wont be fun at all. I didn't have to pay it last time. A couple hundred dollars added on monthly stinks. Is it possible to get a loan in a yr or two via FHA but then refi and do conventional once the BK + FC is off my credit report?
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Old 06-18-2015, 03:20 PM
 
Location: FLORIDA
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thx for comments.
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Old 06-19-2015, 10:37 AM
 
Location: Round Rock, Texas
10,061 posts, read 9,305,978 times
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Personally I think you are barking up the wrong tree trying to get a new home loan so soon after those two events. Think about the situations that caused both of those events and ask if there's a possibility that history will repeat itself. Did you bite off more than you can chew mortgage wise so that when things went south, foreclosure and BK were the only answers? Or have you become wiser and will borrow within your means?

I think you should show proof, through many years, that you're on the right path.
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Old 06-19-2015, 12:16 PM
 
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Quote:
Originally Posted by riaelise View Post
Personally I think you are barking up the wrong tree trying to get a new home loan so soon after those two events. Think about the situations that caused both of those events and ask if there's a possibility that history will repeat itself. Did you bite off more than you can chew mortgage wise so that when things went south, foreclosure and BK were the only answers? Or have you become wiser and will borrow within your means?

I think you should show proof, through many years, that you're on the right path.
If you ran FHFA or HUD or Fannie Mae, America would resemble a Cormac McCarthy novel.
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Old 06-19-2015, 12:39 PM
 
Location: Round Rock, Texas
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Originally Posted by Pfhtex View Post
If you ran FHFA or HUD or Fannie Mae, America would resemble a Cormac McCarthy novel.
Don't read McCarthy, so I'm not sure where you're going with that.
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Old 06-19-2015, 02:00 PM
 
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Quote:
Originally Posted by riaelise View Post
Don't read McCarthy, so I'm not sure where you're going with that.
Think Desolate Landscape of Economic Death. Guidelines allowing buyers to purchase 2 (VA), 3(FHA/USDA), or 4-7 (Conv) years after BK and foreclosure are appropriate, and essential to Housing, which is essential to the economy.
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Old 06-19-2015, 03:19 PM
 
Location: FLORIDA
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well the BK was only because of the FC. we found it the only way possible to get past it. otherwise we'd be paying the banks monthly payments in the form of a deficiency, which we were ok with once we got on out feet, but our attorney advised us doing so.
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Old 06-19-2015, 03:30 PM
 
Location: FLORIDA
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You guys are right, I should wait a few more yrs.
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Old 06-20-2015, 10:19 AM
 
Location: FLORIDA
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I'll explore the idea next yr at this time, see where we stand, go from there. Maybe wait another yr after tha, we'll just see what the banks say...
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Old 06-21-2015, 09:08 AM
 
Location: FLORIDA
8,964 posts, read 5,692,636 times
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Quote:
Originally Posted by FalconheadWest View Post
You keep saying how proud you are of the 5.5% interest rate you got on a car, but that is a very high rate for a car. So many dealerships still do 0% or .9% to get a deal done. Your 5.5% should be a slap in the face.

You're a higher risk to foreclose again because you haven't experienced anything bad resulting from your decision if you're allowed to go right out and buy another house. You need to be punished which is why you're required to wait. Just like when a kid is bad, they're sent to their room. If they keep getting rewards for being bad, they will continue to be bad.

Bad behavior should not be rewarded. The lesson you should be learning is that you're not able to buy something right now and you get to sit around and wait while other people get to take advantage of prices today, and you get the opportunity after prices have gone up.

WEll yea, I think 5.5% is decent rate 3 months after a BK discharge.

16 months later i got a bank to refi, and I got an offer of 2.89%.
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