Mia Schultz

Hi, I'm a mortgage expert living in Illinois. I am also licensed to help with your home loan in many other States across the Country. Do you have mortgage questions? How can I help? View Profile

Guidelines for Buying a House After Bankruptcy and Foreclosure

Hi, I'm Mia Schultz and I am a Mortgage Consultant with Geneva Financial. I was working with a gentleman who had called me desperate, practically very emotional. He was telling me about his situation and that he had gone through a bankruptcy years ago and wanted to move on to a new home.

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He had a new family, he needed to get into a better school district and all he cared about was taking care of them. He had been turned down many, many times. He had stayed in his home past the bankruptcy and continued making payments on his home until the point came that he had to leave. Once you're through bankruptcy, if you're still upside down on your house, there's no way out except for foreclosure or short sale. 

Many lenders were telling him that he was going to have a waiting period of 3-7 years before he could finance a new home again. What they didn't understand is that once a home is included and discharged in a bankruptcy, a buyer can move on because the house had already been discharged. He had already served his bankruptcy waiting period and he could buy a new house even though he was currently going through foreclosure. 

Sounds like a scary situation, but that gentleman had already served his time. He had a terrible situation happen that he made up for. He rebuilt his credit and did a great job building reserves in the bank. This is a good guy. This is somebody that we want to get into a house. These are the people that have made up for things that went bad in a bracketed part of their life and are ready to move on.

So we were able to get him into a new house and he and his family have sent us pictures and loving their new area and he is forever grateful because we know the guidelines and we know how to help people in these situations, which are very unique in the mortgage world. If you found this video helpful, click the links below and get connected to an expert on our network.

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Mia Schultz NMLS # 217815 Mortgage Consultant 509 W. Old Northwest Hwy Suite 100A Barrington, IL 60010 (630) 593-0920 mia.schultz@findmywayhome.com

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About Mia Schultz

Hi, I'm a mortgage expert living in Illinois. I am also licensed to help with your home loan in many other States across the Country. Do you have mortgage questions? How can I help?