Mortgage After Bankruptcy

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Costella

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Mortgage After Bankruptcy
« on: September 01, 2010, 05:36:07 PM »
My husband I were disharged in June of this year.  We want to be able to purchase a home in the next 3 years.   I went through Matt Weiler's process of "credit cleaning" and we have just sent away for our secured credit cards.  We will be getting a car loan next year to help with our credit rating.
We had a mortgage that was included in the bankruptcy.  The property was actually what pushed us in to bankruptcy as a loss of employment meant we could not afford it. 
After we take the next 3 years to build up our credit, will we have trouble getting financing for a mortgage since we had a mortgage included in the bankruptcy? 
Also, how much of a downpayment should we be saving up for?  10%?  20%?
Any info is much appreciated!

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Nevergiveup

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Re: Mortgage After Bankruptcy
« Reply #1 on: November 10, 2013, 10:57:55 PM »
Hi Costella,
Banks will give you a hard time since you had  a foreclosure  but you may find some private lenders who may interested in dealing with you,  a substantial  down payment   and proof of re-establish credit will  be in your advantage.

 

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