Financing options after Chapter 7 bankruptcy - How bad is it?
So we had a business fail in 2015, and just finally got to bankruptcy discharge October of 2017. I am aware that personal mortgages require a minimum of 2 years post BK for certain types and longer for others, but what about for investment properties? Are there similar required waiting periods? What creative solutions could I employ here?
I have very little saved so far
I have about $1200 extra per month (but would rather not wait 2 years to have a chunk to invest)
~605 credit score
3 months post bankruptcy
How realistic is it to approach an investor and say I need money for a down payment and for them to take out a mortgage to finance the deal? I'm prepared to do what it takes to get a deal done, so hopefully someone here has some experience, input, or advice!
4 years waiting period is required after chapter7 under FNMA. There are so many other options are available with portfolio lenders and HML.
When is the best timeframe to start seeking financing when approaching the two year mark for a personal chapter 7?
#1 All Forums Contributor
- Investor
- Virginia
Graham Lutz
They will say one of two things - NO, which I think is the case if you also have no money for s down payment, or expect to pay 16% plus and need to put 20% down on the property
Questions you will be asked is why should we lend to you and what have you learned since filing chapter 7.
