My husband has 3 Years left on his bankruptcy and I have bad credit card debt. We want to buy a house. help?

We are now paying for our mistakes in the past, we want to buy a house but don't know where to start or even if we can. I have around $7,000 credit card debt and he filed bankruptcy in 2005. We would rather own then rent.

Public Comments

1. Myself, I pay everything with cash, even a home. If you don't have a enough yet, just think with that extra money each money your saving you could invest in your business monthly. Remember when you owe money you are always subject to someone. You don't actually own the home, car etc, the bank does. One of the most foolish statements is, yes I'm a proud new home owner, you owe nothing but money to the bank.
2. Of course you would rather own than let but you will not get a mortgage because you cannot afford to buy. Clear all your debts as soon as possible, cut up your cards and in a couple of years you may be able to look at a mortgage. It will be longer before your husband is clear. note that many credit scorers use the address not just the names. Watch out for scams on this site there are a lot of crooks out there dying to rip you off.
3. It's very unlikely you will find a lender in your current situation. Between the Chapter 13 and the credit card debt you are not going to find a trustworthy mortgage lender. You might look into buying on a land contract, but even then a seller will want references and a credit report. Also, because he's in bankruptcy your husband would have to have the approval of the trustee and the judge before any kind of new debt is incurred with his name on it. Unless you are refinancing an existing mortgage in a way that would benefit him, you will not get that approval. Instead of looking to buy at this point, find a rental with a rent payment you can afford and work on paying off the credit card debt while he pays off his Chapter 13. Stop using the cards and pay them off. Try paying off the smallest balance first while sending regular payments to all the others. By doing it this way, you get the sense of accomplishment seeing one account paid off and it helps as you go down the line paying them off to see that kind of progress. Check your FICO and credit report as well. Make sure there are no errors in your credit reports and keep track of the score- most lenders now are looking for a minimum of a 620 FICO. Lastly, use this time to start putting a few bucks a week away towards downpayment for a future home purchase. Once he's out of bankruptcy and you have the credit cards under control, you will stand a much better chance of getting decent terms on a mortgage if you have a good downpayment. Good luck!
4. Based on the information you provide, which isn't much...If your husband is in the Chapter 13 and you want to buy a house, first, you would need to find someone willing to finance you, and then it must be approved by the trustee of the courts. While in a chapter 13 bankruptcy, anything that is financed has to be approved. The trustee is pretty much acting like your husbands financial advisor and telling him whether or not he can afford a new debt seeing he's in a bankruptcy he couldn't handle his debt before, he probably wouldn't qualify now. It all depends on your incomes, with a high credit card balance, you need to pay that off. Good Luck!
5. Your question reflects the reason you have a large amount of credit card debt and your husband filed for bankruptcy. You obviously have a problem with credit, but you want more anyway because "we would rather own than rent." How about focusing on saving money until you have enough for a large down payment? In the meantime, prove you are worthy of credit by paying off what you currently owe. Home ownership isn't simply a matter of "I want." It is something you have to work to achieve. Sorry for the tough love, but it seems like you need it.
6. I disagree with the person that said "I am a proud home owner" is bad to say. It is an accomplishment and a privilege to own your home. It takes a lot of jumping thru hoops. Not too mention hard work of years of saving. It is a wonderful goal and yes u do owe money to the bank but it is still your as long as you make the responsible payments. I wpuld suggest a credit counselor. It took me three months to raise my soore 100 points. I am not sure that with all the tight lending restrictions if u can buy soon but otherwise save all u can. it will happen for u. good luck
7. Do you have at least $20,000 in spare cash lying around to use for a downpayment? No? Well, then stay a renter or move in someone else until you do. You also need to pay off that credit card debt before any bank will take you seriously. Sorry - just the way the world is now.
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