Bankrupcy Impact on LO Purchase

[option8 0]

I have a few more questions regarding funding. (I'm putting this in the funding forum, but perhaps it goes in the LP Forum)

 

What is the impact of a bankrupcy on the tenant buyer's ability to obtain funding?

Let's say they just filed and now need a home. What is the timeframe when they will be able to qualify for a loan? Will it matter if they file 7 or 13? I have a few buyers standing in the wings with bankrupcies, but want to more acquainted with the necessary time parameters to construct a deal.

 

 

Thanks,

option8

[mpine 0]

I am able to lend to people 6 months out of Chapter 7, and 3 months out of Chapter 13. Ofcourse this also depends on the borrower doing certain things, like establish some new credit lines.

 

As long as that simple criteria is met, BK's are not the biggest issue.

 

Best wishes,

 

Michael Pine

First Source USA

:ph34r:

[option8 0]

Thanks, Mike

 

just what I needed to know.

 

option8