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TJ, Esq.
TJ, Esq., Attorney
Category: Real Estate Law
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Experience:  JD, MBA
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My wife had a stroke in 2008. I was able to manage our finances

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My wife had a stroke in 2008. I was able to manage our finances on my income only until 2012, when I began to have to use credit to buy groceries. I filed Chapter 7 in 2012 and it was discharged in August 2012. We did not have a home, just credit card debt that was discharged. I am caring for my wife at home, now in an apartment. There isn't much room for her medical equipment and she is limited to our bedroom. I thought if I could buy a home, I could set it up so that she is not limited to just one room. Being that my bk just discharged in August 2012, Is there a way I can get a mortgage with a very small down, to be able to get a manufactured home that I could modify for her? Something in the 50-70k range to be able to have a pymnt under 500-600 total per month?
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  TJ, Esq. replied 1 year ago.
Hello and thank you for allowing me the opportunity to assist you.

Q: Being that my bk just discharged in August 2012, Is there a way I can get a mortgage with a very small down, to be able to get a manufactured home that I could modify for her?

A: As a general rule, a mortgage company will not give a mortgage to a person who filed for bankruptcy until at least 2 years have passed since the discharge. Accordingly, it is unlikely that you'd qualify for a mortgage until at least August of 2014. You may wish to continue saving for a down payment until that time, and then apply. Having a down payment is important because the larger the down payment, the more likely you are to be approved of a mortgage. So, although you do not qualify at this time, saving over the next year-and-a-half will likely be beneficial to your chances of being approved.

Does that answer your question? Please let me know if you need clarification, as I am happy to continue helping you until you are satisfied. Also, your positive feedback is much appreciated.

Thank you for using our service!
Customer: replied 1 year ago.

I have read on various forums that FHA may allow or finance early than 2 yrs after a BK if the BK was due to extenuating circumstance... illness, death and such. We would not have needed the BK had my wife not had the stroke and become unable to work. She is completely disabled now. Are you aware if that is true about FHA? Should I pursue FHA financing. My wife really needs a better quality of life than I can give her in an apartment.

Expert:  TJ, Esq. replied 1 year ago.
Hi again.

Yes, you are correct that FHA can waive the 2 year requirement in certain cases when there are extenuating circumstances. Your wife's condition may qualify as an extenuating circumstance. I would contact a lender and explain the circumstances. You will then likely need to gather documentation and draft a request letter.
Customer: replied 1 year ago.

"request letter"? What is that and do you know where I might acquire an example draft?

Expert:  TJ, Esq. replied 1 year ago.
Hi again.

I just meant a detailed letter that explains the extenuating circumstances. The letter is what will inform FHA about what occurred and the reasons why bankruptcy was unavoidable. I searched online, but do not see a sample letter. Most likely, no sample letter can be found because each case is unique. The letter should explain your finances immediately prior to your wife's stroke (i.e., income, etc.) and how the stroke impacted you financially such that bankruptcy was the best option. You should also explain that because those circumstances are unique, you do not anticipate anything like that again and that you are otherwise financially stable.
TJ, Esq., Attorney
Category: Real Estate Law
Satisfied Customers: 9855
Experience: JD, MBA
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