What are my chances of getting a home loan with bad credit?

I mean BAD. We have 1 discharged ch.7( from 9yrs ago). we filed ch.13 about 3yrs ago to try to keep our house. We still lost it. And my husband lost his job so the repayment plan we were on stopped( he had $ taken out of his check), so they cancelled the bankruptcy. It has been financial hell for us for many years! Our house just got sent to auction last Aug! That was a three year gap! It shouldn't have taken that long for the mortgage company to put us into foreclosure after they found out we were not including it in the bankruptcy. We live in a duplex and are having issues with our upstairs neighbor( she's a ridiculously quiet hermit) and our landlord can be an jerk. He lives out of town and litterally told us he doesn't like to be bothered with problems & would like for us to fix them ourselves. HELP! Need advice.

6 Answers

  • 1 decade ago
    Favorite Answer

    ?snowball in hades!

  • 1 decade ago

    I'm answering your big question about the home loan: Research Dave Ramsey.

    You can't fix your money problems until you fix their cause. You need to stop spending more than you earn and stop trying to keep up with the Joneses!

    Get on a budget to figure out your income. Live on less than that amount. Rent for a few years in a place where you can really stack up some cash and get this all behind you.

    I have no advice on the LL situation, since I have NO experience in that department. I do have experience dealing with debt and wanting to get out of it forever, and that takes determination and a little help from someone who wants to see you out of debt too.

  • 1 decade ago

    First, your landlord is legally responsible for any problem you have with the duplex. YOU pay rent and your ENTITLED to services that he has to serve as a landlord. To get a home loan with your financial problems is dang near impossible especially with the recession going on right now. There are organizations online that will advocate to help you get a loan but I don't suggest it because your INTEREST RATE will be extremely higher than most people cause you'll be seen as a huge risk.

  • 1 decade ago

    very doubtful. The current economic crisis has a lot to do with loaning to people who were considered "liabilitiess". Though you may not be such a person, banksdon't't judge you by you, but by the stamp on your forehead.

    Answer, no.

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  • 1 decade ago

    Sorry, no way. After a foreclosure who would take that kind of risk?

  • 1 decade ago

    for get about it

    people with FICO scores 780-820 may have issues when they cannot prove enough income

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