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Applying for a loan 10 years after discharge
Each lending institution has its own policies. The large national banks
tend to take the platinum AAA customers.
Find a reputable mortgage broker who has access to other lenders; there are
thousands of lenders who aren't as picky as your client's bank.
Gerald McNally
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I have had clients buy houses as early as 4-5 years after a BK discharge. A couple weeks ago I was asked (but the clients loan officer) for a copy of the petition and discharge for the loan package.
I do not believe that the filing of a BK is a lifelong ban and perhaps your client was misinformed.
Desiree Causey, Esq.
Law Office of Desiree Causey
7755 Center Avenue, Suite 1100
Huntington Beach, CA 92647
714-372-2225 (phone)
714-908-7646 (same fax number)
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Reply-To: Dan Kazachki
X-Original-Return-Path: Dan Kazachki
To: cdcbaa@yahoogroups.com
X-Yahoo-Newman-Id: groups-system
Friends,
I have the following hypo & questions:
Hypo:
Individual received a Chapter 7 discharge in 2005.
Fast forward to today. The BK no longer appears on the Individuals 3 credit reports. Individual is applying for a mortgage loan. Bank sends a form which asks:
Have you ever filed bankruptcy or have you been a principal or guarantor of a business entity that filed bankruptcy, or was the debtor in an involuntary bankruptcy case?
Individual answers the question truthfully. When Bank Loan Officer sees the form she informs Individual that he will never be approved for a loan by Bank and not to waste his time pursuing the matter. This would be the answer no matter how long ago the BK was. It is also suggested / implied that if Individual misrepresents the answer then they may be approved.
If I remember correctly these questions used to be phrased differently as in w its EVER!!! THIS SEEMS TOO HARSH, no?
Questions:
1. Any thoughts on this by the group (other than try another lender, which Individual is doing)?
2. Im wondering is it even legal for a Bank to deny because of a BK which > 10 years ago isnt it too harsh to have a criteria denying anyone whos EVER filed?
3. Ibout this adverse (lifelong) consequence?
Thanks a lot for you input,
Dan Kazachki, Esq., AIA, LEED AP BD+C, CSI, CCCA
Attorney CA SBN 262754
Architect TX TDLR 21051; CA CAB C34093
Real Estate Broker CA DRE 01903151
Kazachki Law Firm
17800 Castleton Street # 418
City of Industry, CA 91748
t: 213.279.2979
Friends,I have the following hypo & questions:Hypo:Individual received a Chapter 7 discharge in 2005. Fast forward to today. The BK no longer appears on the Individuals 3 credit reports. Individual is applying for a mortgage loan. Bank sends a form which asks:Have you ever filed bankruptcy or have you been a principal or guarantor of a business entity that filed bankruptcy, or was the debtor in an involuntary bankruptcy case?Individual answers the question truthfully. When Bank Loan Officer sees the form she informs Individual that he will never be approved for a loan by Bank and not to waste his time pursuing the matter. This would be the answer no matter how long ago the BK was. It is also suggested / implied that if Individual misrepresents the answer then they may be approved.If I remember correctly these questions used to be phrased differently as in Have you within the last 10 years filed BK ? Now its EVER!!! THIS SEEMS TOO HARSH, no?Questions:1. Any thoughts on this by the group (other than try another lender, which Individual is doing)?
The post was migrated from Yahoo.
X-Original-Return-Path: Dan Kazachki
To: cdcbaa@yahoogroups.com
X-Yahoo-Newman-Id: groups-system
Friends,
I have the following hypo & questions:
Hypo:
Individual received a Chapter 7 discharge in 2005.
Fast forward to today. The BK no longer appears on the Individuals 3 credit reports. Individual is applying for a mortgage loan. Bank sends a form which asks:
Have you ever filed bankruptcy or have you been a principal or guarantor of a business entity that filed bankruptcy, or was the debtor in an involuntary bankruptcy case?
Individual answers the question truthfully. When Bank Loan Officer sees the form she informs Individual that he will never be approved for a loan by Bank and not to waste his time pursuing the matter. This would be the answer no matter how long ago the BK was. It is also suggested / implied that if Individual misrepresents the answer then they may be approved.
If I remember correctly these questions used to be phrased differently as in w its EVER!!! THIS SEEMS TOO HARSH, no?
Questions:
1. Any thoughts on this by the group (other than try another lender, which Individual is doing)?
2. Im wondering is it even legal for a Bank to deny because of a BK which > 10 years ago isnt it too harsh to have a criteria denying anyone whos EVER filed?
3. Ibout this adverse (lifelong) consequence?
Thanks a lot for you input,
Dan Kazachki, Esq., AIA, LEED AP BD+C, CSI, CCCA
Attorney CA SBN 262754
Architect TX TDLR 21051; CA CAB C34093
Real Estate Broker CA DRE 01903151
Kazachki Law Firm
17800 Castleton Street # 418
City of Industry, CA 91748
t: 213.279.2979
Friends,I have the following hypo & questions:Hypo:Individual received a Chapter 7 discharge in 2005. Fast forward to today. The BK no longer appears on the Individuals 3 credit reports. Individual is applying for a mortgage loan. Bank sends a form which asks:Have you ever filed bankruptcy or have you been a principal or guarantor of a business entity that filed bankruptcy, or was the debtor in an involuntary bankruptcy case?Individual answers the question truthfully. When Bank Loan Officer sees the form she informs Individual that he will never be approved for a loan by Bank and not to waste his time pursuing the matter. This would be the answer no matter how long ago the BK was. It is also suggested / implied that if Individual misrepresents the answer then they may be approved.If I remember correctly these questions used to be phrased differently as in Have you within the last 10 years filed BK ? Now its EVER!!! THIS SEEMS TOO HARSH, no?Questions:1. Any thoughts on this by the group (other than try another lender, which Individual is doing)?
The post was migrated from Yahoo.