All Forum Posts by: Russell Phelps

Thanks for reply Andrew Syrios. Will definitely take a look at Brandon's book. 

I found out that Fannie Mae had an asterisk next to the wait periods on their chart. It indicates 4 years after bankruptcy can be used if both Bk and Forclosure both take place. However, it is up to the lenders interpretation, so basically back to square one. 

Hello and Thank You for giving me a moment.  

Quick back story.

2007 was doing well in life until a pick up rear ended me at a light. I was stopped on a motorcycle. He had only liability insurance and was on disability.  6 surgeries and 14 months learning how to walk again left me filing for bankruptcy. 

2009 march, bankruptcy discharged. Including home, not reaffirmed.

Currently, looking to purchase another home and begin flip and buy/hold depending on property. Found out lender never forclosed until December 2012 and home actually transfered out of my name in March 2013. If I understand correctly, I will qualify for FHA loan in March 2015, after 3yr waiting period. What about conventional?

If conventional is another 4 years to satisfy Fannie Mae,  what options do I have? My plan was to use hard money,  then either sell or cash out refi to 80% as my exit strategy. My income and credit are well within the guidlines and my debt to income is currently 12%.

Thanks for any advice, I really want to get started but also do not want to subject myself to any completely avoidable risk.

Amanda,

I am in that area quite frequently for work. If a 45 min to hour drive is not an issue, I would recommend Savannah or Brunswick Ga. 

Just my 2 Cents

First I would like to start by stating I am new to REI and BP.

That said my question is how I could get started with financial help (loans, hard money, etc.) with the following in my recent past. I do have some monies allocated to starting but not able to go 100% by myself.

Chapter 7 discharged in 2009. No reaffirmation on 1st or 2nd mortgage completely discharged. Bank did not foreclose or sell property until December, 2012. According to loan officers, I am not eligible for any type of mortgage until 2016.

Decision forchapter 7 was mostly based on medical debt. In addition, I changed jobs in June 2011 and am now benefiting from a 60%increase in salary.

Any advice would be appreciated.

Sincerely,

Russell Phelps