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Tulsa Mortgage Steve: It’s been 11 years but that bankruptcy is still in his credit report how’s that? Because it doesn’t just fall off I mean it’s not like –there’s not like a cliff like in 10 years and it falls down into the river and that goes away. It’s just going to sit there rot until you do something to try to get it out. Chapter 13, this is something else Tyler that a lot of people don’t know. You can actually buy a house, get a mortgage, while you are in a chapter 13 bankruptcy, do you know that? How do you like that bomb? Now, do you know why? Because a chapter 13 bankruptcy is considered a trade client and if you have made all your payments on time in the last 12 months and you get permission from the court, from the bankruptcy judge, to buy a house, then you can. Now it changes after your bankruptcy, your chapter 13 is discharged which is very interesting because if you discharge your chapter 13 now you have the waiting period. But in the middle of it, you can do it. In fact this is kind of — I mean in a way this might make some people mad but I just talked to a lady that was in chapter 13 bankruptcy, still is in the chapter 13 bankruptcy and she got a $10,000 refund from the bankruptcy court which is where her down payments come from because she like met all the terms and she kind of overpaid a little bit. Does that make any sense?
Tyler: None whatsoever.
Steve: I filed bankruptcy, I didn’t pay my creditors the full amount but I overpaid what I was supposed to so I get ten grand back. It is what it is. That’s what the bankruptcy clause there so don’t judge lest you be judged, right? Anyway the point is there’s lots of rules out there regarding bankruptcy whether you are in chapter 13 or chapter 7 or whatever it is. And just be aware that there is a waiting period for chapter 7 and chapter 13 or however you do it but there are times while you are in a 13 that you can actually qualify for a loan while you are in it.
And then that stuff, it really is – I mean it’s going to sit on there for a while Tyler. It’s going to be something that you are going to have to address and then the other thing you want to be careful about after you’ve done a bankruptcy, just because your bankruptcy is two years old. Because this happens like what, everyday Tyler?
Tyler: Yes.
Tulsa Mortgage Steve: Someone calls and says “Hey, I had a bankruptcy two and a half years ago but my bankruptcy is more than two years old, I want to buy a house and I qualify now.” You still have to credit qualify. You have to have re-established credit. You have to have no lates after the bankruptcy. It’s not that you can’t have a late but you are not supposed to have any lates after bankruptcy because it doesn’t show that your’re being responsible and with your debt. After you file bankruptcy, they wiped all your debt away and then here we are 24 months later and you’ve got lates on other accounts.
Tyler: It’s the same road.
Steve: Yes. You are going down the same road. This is what your lenders are going to do, [chirping] while they are sitting there with their eyes wide open. Well, you filed bankruptcy and now you have lates on everything and you have established new credit but all the credit that you have established you’ve got lates on. I mean this is not going to work.
Tulsa Mortgage You need to make sure that after your bankruptcy that you don’t stick your head in the sand like an ostrich and think “Oh, if I just ignore it, it will get fixed itself.” You need to immediately get out there and start reestablishing credit so that when you get to that two years you’ve got some accounts that are open that you are paying to show your ability to pay stuff back and by the way don’t be late on anything. Like, make a reminder, I mean use your phone calendar or something. Make sure you pay your bills because if you don’t then you are going to have a bankruptcy and lates and when you are late after the bankruptcy, it’s going to hurt and you are probably not going to get qualified for a house.
Tyler: It’s also a good idea to keep track of those bankruptcy papers. You are probably going to need those.
Steve: Yes, that’s true. And if you’re cool like stevecurrington.com you have access to [unintelligible 00:14:08] and you can go pull everybody’s, I just showed Tyler this week, you can go pull out everybody’s bankruptcy paperworks from anywhere in the country which is kind of neat.
They charge you if you use it. It’s like $0.02 a page or $0.06 a page and if you get a bill of more than $10 in 90 days you have to pay. I’ve had it since when we decided, March 10th 2010, yes. So anyway, [unintelligible 00:14:31] is kind of cool. I had a client in LA when I was doing mortgages over there, I’m totally kidding. We’re doing Tulsa mortgage, we’re not doing LA. People call other lenders, they get turned down, they get turned down, they get turned down because they have talked to [unintelligible 00:14:54] and they have started too soon and their bankruptcy was less than two years old.
They also get told by some lenders that, “Oh you know, you are only a year and a half from your bankruptcy. You need to wait another year and a half before you can apply for a mortgage.” Do your research and find out and get with a lender that knows what he’s talking about because just because one lender or two lenders just told you, you do qualify or you don’t qualify it doesn’t mean that you don’t or you do. I just talked to a guy yesterday who — do you remember this Tyler? Who said he was qualified for a USTA loan but then he got the contract on the house and then he was no longer qualified according to his lender. I’m like, “Wow, why, like what happened?” “ I don’t know if she just said I wasn’t qualified.”
So luckily for him he called – I told some mortgage company called Total Lending Concept and stevecurrington and we are going to get him taken care of but there is lots of misinformation and lots of people out there that just don’t know what they’re talking about or they just misinform you. Just be careful and don’t Tulsa Mortgage be afraid to get a second opinion, just because someone has just told you that they can’t get you qualified doesn’t mean that someone else can’t. Because there are times even within the timeframe of — for FHA or conventional or whatever where you are inside the timing requirement for bankruptcy that you can get qualified for a loan if you have extenuating circumstances and you can document that –because that’s a big thing, you can’t just make up stuff but we can document it. We had one that had a kid that had a medical condition that caused what happened and we were able to document it and get it through underwriting and those things happen.
So the two things are, how do they look at my credit, if I’m not married we talked about that completely and0 separately, and how long do I have to wait from the time I filed bankruptcy to be approved for a mortgage, typically two years from NFHA loan. Every loan program is different. It will take longer for some others. And then there are possibilities that you can get it done in less time than that. Just make sure you check with the Tulsa Mortgage Lender to get that information and get accurate information. And that’s all I’ve got for today. I’m Steve Currrington, you’ve been listening to the Steve ‘n Tyler show. We are the mortgage experts, the Tulsa Mortgage experts that you want to call when you need a loan. [music]. We are out people, that’s the end. Sugar, let’s get it on dot com.
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