New here-can I get a mortgage? more

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scrappinmomof3
iVillage Member
Registered: 03-27-2003
New here-can I get a mortgage? more
3
 Fri, 05-16-2003 - 9:20pm
I was thinking... I am a poster on a few boards and thought.. you know, I might be able to find a board such as this to post my question. So here goes.

My DH and I participate in a debt consolidation program (CCCS), and have been on it for nine months. We are looking at another 4 plus years on it. Is there anyone out there who has been or is on a similar program and have been able to obtain a new mortgage? We just talked with our mortgage lender who holds our current mortgage, and they won't work with us at all until we are off the program for 2 years.

If there is someone out there with a success story, I would like to hear about it and what you had to do to obtain the mortgage. We are needing to get into a bigger house, I have found it, and I want it ... I don't want to live in this one for another 6 years! I am also 35 1/2 weeks pregnant, so that makes me EXTRA hormonal.

TIA! Any help would be SO appreciated. I don't mind if you tell me that you had tried and weren't successful, either. I just need to know if we are just wasting our time here.

The mortgage company we use said that conventional lenders are going to look at us like Chapter 13 applicants. Is that true for all places?

Thanks!

Meredith

Signatures On
msfit777
iVillage Member
Registered: 03-26-2003
In reply to: scrappinmomof3
New here-can I get a mortgage? more
 Fri, 05-16-2003 - 10:17pm
Maybe there is a lender out there who would do business with you, but you can bet you're going to pay through the NOSE for it! Watch the interest rate go right through the roof. No, you'd be much wiser to stay where you are or rent until your credit is cleared enough to qualify for a reasonable rate. Otherwise, you're just digging your own financial grave even deeper. Not wise to go this route. Gather info, but find other solutions.

Unless ... you find a home for rent/lease with option to buy, or a seller who will finance the loan him/herself, or a rich relative or friend who wants to help.

Just my 2 cents. Best of luck to you.

Msfit

                  &nbs

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cl_phocid
iVillage Member
Registered: 03-26-2003
In reply to: scrappinmomof3
New here-can I get a mortgage? more
 Sat, 05-17-2003 - 12:02am
In addition to seeking personal stories, you might want to pose a similar question on the Real Life Real Estate Board - http://messageboards.ivillage.com/iv-mlrealestate. The board is hosted by a Realtor as well as a mortgage broker. I'm sure they would also have valuable information for you as both have served many, many clients and could give you a great idea of what you might expect.

Hope this helps! Thank you very much for posting - hopefully folks with first-hand knowledge will chime in with what I hope are success stories!

All my best,

Danni

All my best,
Danni

jam313
iVillage Member
Registered: 04-22-2003
In reply to: scrappinmomof3
New here-can I get a mortgage? more
 Mon, 05-19-2003 - 1:30pm
alot of people do this and have no problem with their credit they are just trying to get out of debt faster.

shop around and go to the mortgage lenders on the internet and see what they say don't take the word of one lender.

I have people willing to work with me on my debt management program.

It is not chapter 13 you are paying your bills so don't deal with your current lender and keep pluging at it.

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