I'm finding that a BK 2 + years old really has NO effect on buyer's obtaining new loan...well, probably a higher interest rate...but there's so much loan money out there that the lenders are looking much more closely at buyer's income, value of prop, etc., and much less at buyer's old problems.
[addsig]
JM is right in principle. Many lenders are OK seeing a BK 2 years old. Others want it ot be 4 years old.
For mortgage purposes, removing a BK from the CRAs won't help you. It'll still be showing on Pacer, etc. And if you don't check the "BK in the last 7 years" box, you'll be committing mortgage fraud.
I'm finding that a BK 2 + years old really has NO effect on buyer's obtaining new loan...well, probably a higher interest rate...but there's so much loan money out there that the lenders are looking much more closely at buyer's income, value of prop, etc., and much less at buyer's old problems.
[addsig]
JM is right in principle. Many lenders are OK seeing a BK 2 years old. Others want it ot be 4 years old.
For mortgage purposes, removing a BK from the CRAs won't help you. It'll still be showing on Pacer, etc. And if you don't check the "BK in the last 7 years" box, you'll be committing mortgage fraud.
Ahhh that is really interesting. Thx guys. I have a follow up question in that case which I will post as a seperate thread...