I talked with a loan officer from my bank a few weeks back just to explore the idea of being able to buy a place of my own again some day. The initial meeting actually went much better than I expected, but then again, most meetings with commissioned based salespeople start off well : ) I know that.
I explained my bankruptcy and the short sale and showed my income (all on the personal side) and student loans. I’ve had no late payments on anything since my bankruptcy.
I wrote a letter explaining how I got into this mess that I guess goes to the underwriters.
I really just wanted to find out if it is even possible in the next year or so to get a mortgage. There are some places now I’m seeing that are similar to where I am renting that I could purchase and actually have a lower monthly mortgage payment than my current rent payment.
No deal said the bank. Which is fine….
Short sale 2 years ago was deal breaker
What was interesting is that my loan officer said that everything was fine (even the bankruptcy just being discharged a little over a year ago)…
except for the short sale I did. That killed the whole deal. I actually thought that might have helped a bit. Rather than just walking away from the home, I at least worked out a short sale to avoid foreclosure.
It wasn’t enough.
It’s fine. It actually just makes me want to work harder. Screw a mortgage, I want to just pay cash for my next place. Plus, my girlfriend said something really nice to me this weekend, “I don’t need a house. I would live in any size apartment with you” she said. Not that we are planning on living together anytime soon, but it was nice to hear.
Actually glad I didn’t get the loan
I’m actually a little glad I didn’t get approved. It would have been a distraction to me mentally to know I could buy a place. I’d waste time looking at listings when I should be working to pay off my Mom!