Hello, can someone please help me? My husband filed Bankruptcy and was dischaged in May 08. After trying to sell our last home for over 1 year after I lost my job, we couldn't swing it anymore, forcing him into bankruptcy in which we included the home into. Currently we are in a lease to buy home, in which we have over 15k invested into IF we buy the home it will be used as a down payment, otherwise we will LOOSE all money. Does anyone out there know if we have a shot at getting a mortgage for this home, or should we jump ship before we invest anymore money into this home? I don't want to make another bad decision. The longer we stay, the more we loose if we can't get financed in the end. I am so scared that we will not be able to get the financing due to the current credit crisis and mortgage meltdown and bankruptcy. If we do have a chance, does anyone know how long it will take before we will get a mortgage? I feel there may not be any light at the end of the tunnel. Thanks.

I know that folks who want to buy new modular homes are having a hard time getting financed unless they had good credit.

Why are you going to lose everything with this home? Is the lease up and you have to purchase it or else? Don't quite understand your circumstances.

Traditionally when you have just completed your bankruptcy proceedings you won't be eligible for a new home loan according to some lenders.

I see no way if you just went bankrupt that you will get a loan, and in fact should not have even been trying to buy.

Also where did the 15 K come from, was there money that needed to be disclosed to the court ?

It doesn't sound to me like this money is anything other than rent which would then get applied to the cost of the home. So really, you haven't lost anything you wouldn't have lost renting somewhere else.

With the discharge being so recent, chances are VERY slim that you would get a mortgage, even if you qualified for special programs like VA. I think it is a minimum of 1 year after discharge that you would even be considered.