I mean it undoes the entire point of shopping around and selecting a particular lender. The first time this happened to me was when I had to chose a bank for my student loans and then I was notified 3 months later that the debt was sold. Since then I’ve come to realize that this is standard practice.

Before you leap to the defense of financial institutions think about this: companies that originated home loans (with very poor standards of verification) then sold those loans to other companies so they didn’t have to be the ones waiting to collect the debt were what sent the economy into its latest collapse.

Really, think how odd it would be if consumers could sell their obligations to someone else (for .50 on the ) and then after buying hundreds of obligations and living high on the hog that person could go bankrupt taking out hundreds of debts with him.

My most important concern though is there is no point in shopping around for and making a contract with a particular lender, since they can sell it at anytime. I’m interested in hearing your thoughts, if I had the power I would limit this ability.
Dear Sir Jam, you are factually incorrect. First, this question has nothing to do with delinquent accounts, this says a lot more about you and your issues. Second, debts are sold frequently, in fact almost all home loans are originated by one lender and then resold instantly to another (note paragraph two). Some people are unaware how often their debts are sold because sometimes their payments are handled by a debt servicing company, the one that sends you those little payment books, but they can work for a series of lenders with your one debt. I find it worth while to talk philosophically about our financial system because we have law makers who can change it if enough people ask.

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My husband and I were always on time with our bill NEVER a day later had good credit.Then he got laid off.After about 6 months we were still keeping up but was pinching pennies.We had tried getting a home loan and other loans before this when we were making decent money but even with our credit scores being almost 700 still could not get approved.So we sat down and decided that we were going to file bankruptcy to relieve us a little bit until things looked up for us again so we did actually had to let stuff go for a few months before we filed.Now after he was laid off for over a year hes been back to work a few months and we still have a new home in our hopes for the near future.We knew that with filing bankruptcy the odds are against us to get a loan until after it had cleared from our credit report but my question is with the way the economy is loan companies should realize that people are facing tough times and some have no other option that bankruptcy If they would see our history up until that point they could see.Anyway does anyone know of any place that gives loans to people with "bad" credit for home loans these days.We filed in August last year and got our discharge in January this year.Please only answer this question if you have helpful information not if you are going to be judgmental

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After you file for bankruptcy several years ago let’s say 4 , can you get a home loan with a decent rate? Or how long should you wait before trying to get one? If you have a stable job since 6 years and making 60 000$ a year will you have more chance to be approved? Is there a bank that has better reputation when it come to home loans I mean some banks are more hard than other to get a loan ? Pls give me information that might help. Thanks

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I filed bankruptcy about 4 years ago and my credit has been raising slowly. I pulled my credit report and found two medical collections against me that were not mine. I contacted the proper people and they agreed to remove them. Only one was removed and I have been trying for 6 months to get the other off. I have a letter stating they both were to be removed, but when applying for a mortgage online they pull my credit report and see a collection against me.
My debt to income ratio is pretty low so I sould qualify for a home purchase loan, but I have been turned down by my credit union.
Who offers home loans for people with credit problems?

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