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Question
QUESTION: If I go under chapter 13 and I have very good income and I make 12 consecutive payments under the bankrupt it is possible to get an FHA loan for a house?
Thank you
ANSWER: Dear Hector...
As a follow-up, I looked into the guidelines to qualify for an FHA with a bankruptcy...
Guidelines say 2 years after discharge minimum – also needs to have a 620 minimum middle fico score!
Hope that this helps you... Good Luck!
Warmest Regards;
John Hendricks
Dear Hector;
I am assuming you have not owned a home in the last 2 years. If you are a first time home buyer, FHA is the way to go especially if there are credit issues. FHA has lenient guidelines to help you qualify for a loan. Unfortunately, I do not believe that FHA will guarantee your loan due to the bankruptcy even with only 12 consecutive payments... You will need to re-establish your credit for a specified period of time before FHA or any other lender would consider making a home loan.
Since I am not a Mortgage Broker, I would strongly recommend you contact a good local Mortgage Broker to confirm your timeline options at this time. Rules and regulations are changing everyday, and you owe yourself the opportunity to prepare yourself with the information needed to be in a position once again to buy a home. The Mortgage Broker should be able to provide a plan to help you re-establish your credit within the shortest possible time.
Good Luck...
John Hendricks
---------- FOLLOW-UP ----------
QUESTION: Sir,
God bless you for being so kind with me. I had not gone into bankrupt. I have tax liens for about 70K and I am paying them but is a lot of money every month and I was wondering if was worth to pay so fast after all. If I continue paying instead of going bankrupt and the goverment then remove the liens or I prove that the liens had been paid over a period of lets say 12 months Do you think that I may qualify to buy a house?
Thank you
Dear Hector...
Thanks for the follow-up question...
Tax Liens are not good when it comes to establishing credit scores... They actually work against you even though you are paying them off monthly. Eventually, even when they are paid off, they still show on you credit report for a specified period of time.
You may want to consider applying for an "Offer and Compromise" with the IRS to buy down your tax lien... In other words, the IRS will negotiate the amount owed significantly to get the money owed off their books. There are companies that will negotiate on your behalf to help buy down those tax liens, plus give you additional counseling for your problem...you just have to locate who and where they are in your community...
If you want information regarding "Offer and Compromise", go to the website for the IRS, type in their search box "Offer and Compromise" and educate yourself on your options before meeting with the company that specializes in negotiating a settlement.
I hope this was of help to you...
Warmest Regards;
John Hendricks
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John Hendricks
Expertise
As a California Realtor for 23 years practicing in Marin and Sonoma Counties, it is now time to provide counsel through AllExperts.com to those who need advise in real estate. My knowledge and experience includes a wide range of resale residential real estate purchases, new home sales, income related investment properties involved in 1031 exchanges, and land. Let me help you in any of these areas...
Experience
John Hendricks has established himself as one of Marin & Sonoma Counties premier Realtors. A native Californian, John is a well-known and respected Realtor in both Marin & Sonoma Counties who has resided in the Northbay since 1976. John began his real estate career in 1986, and since then has distinguished himself as one or Northern California's top producing Realtors. Before joining Frank Howard Allen Realtors, John was an associate of the Prudential California Realty from 1990-1992 where his outstanding sales achievements earned him one of the company's highest honors, the prestigious "President's Circle Membership", presented to the top 2% of associates for sales and earning excellence. Since his association with the highly regarded Frank Howard Allen Realtors in 1992, John has once again established himself as one of his company's Top 10 Producing Realtors in Marin & Sonoma Counties for the years 1993 through 2007 and now in 2008. Five continuous years of outstanding performance has now allowed John to join 15 other Realtors in the prestigious "Lifetime Hall of Fame" for Frank Howard Allen Realtors.
John established a group of professional individuals who specialize in a variety of areas in real estate called, 'Lundmark-Hendricks Fine Homes' This group of professionals are dedicated to the success of representing clients with the greatest amount of care and service when either buying or selling real estate.
Organizations
California Association of Realtors
National Association of Realtors
Education/Credentials
Upon Request...
Awards and Honors
Frank Howard Allen Realtors "Hall of Fame Member"
Chairman's Circle for 10 consecutive years
Past/Present Clients
Joe Louis & Sharon Sigurdson
We want to thank you again for your excellent representation of interests during the recent purchase of our home in Petaluma as well as the sell of our home in Mill Valley. We had the unusual pleasure of working with you during the last year both as sellers and buyers.
We felt that our interests were always paramount and that we received a very fair price for the sale of the Mill Valley house as well as our purchase of our new home. This speaks particularly well of you, because of the recent unstable and chaotic real estate market.
Will Finke
"Quite frankly, we came out of a very difficult situation, which time does not allow elaborating on. This was one of the greatest experiences of our lives as clients. John Hendricks is one of the top businessmen I have ever met."
Bruce & Nancy Rosentreter
"I chose John Hendricks to sell my house. I picked him because I thought he was professional, aggressive, and that he could get top dollar for my house. He fulfilled my expectations completely."
Joy Schuelke
"Since we were trying to sell a high end home in a very tough market, and in the middle of a very rainy winter, the prospects seemed quite bleak. I was convinced at the time, and am even more so now, that without John's tenure, patience, and tenacity, we would have not been able to move the property."
Lynn McCarthy
"I cannot stress strongly enough how impressed I was with the service provided to me by John and his group. Throughout the entire transaction, John was always available, always forthcoming with excellent advice based on his years of experience, and always willing to put in the extra effort to make this a positive experience for me. I feel lucky to have had the experience of working with him."
Lea Lieurance-Turk
"Thank you John for your outstanding real estate services for the past 5 years I have known you. You have made my dreams come true as far as selling and buying property."
http://www.LundmarkHendricksFineHomes.com
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