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Just Answers - Recent Bankruptcy? It's Not Impossible to Obtain a Home Loan
Because the new bankruptcy laws go into effect on October 17, 2005, more Americans than ever are filing for relief using the federa
According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product
l bankruptcy laws. The vast majority are simply overextended and cannot possibly repay the obligations they have open.
However, f
However, f
; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.
Examples of combination products may in
Examples of combination products may in
r many filers, the opportunity of homeownership may be possible immediately after discharge. Ironically, some those that would not
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
previously qualify for a mortgage do qualify after a bankruptcy.
How is that possible? An example of this is Dave Olson (a fictio
How is that possible? An example of this is Dave Olson (a fictio
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
al character). He earns $4,000 per month, spends $1,000 on rent,$250 on car payments, and $2,000 on credit card minimum payments.
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
The DTI* (debt-to-income) ratio of this person is 81.25%. Since his credit score is low (600 middle FICO), the only option is a mo
ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc
tgage that requires full documentation. Most of those loans require a DTI of 50-55% maximum.
The Chapter 7 bankruptcy is filed an
The Chapter 7 bankruptcy is filed an
easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi
d Dave gets a discharge. He reaffirms his auto loan and still rents for $1,000/month. However, now his monthly debt is much lower
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
(($1,000+250)/4,000=31.25%).
The bankruptcy has actually increased his chances of obtaining financing for a purchase. Many times,
The bankruptcy has actually increased his chances of obtaining financing for a purchase. Many times,
and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ
the credit score is the same after the bankruptcy as prior to filing (unless creditors report incorrectly). By filing simple dispu
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
e letters with the three credit bureaus, those discrepencies can be cleared up within a few months.
It makes sense that borrowers
It makes sense that borrowers
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.
Following aspects would a
Following aspects would a
re most ready to borrow for home purchases after bankruptcy because they cannot file Chapter 7 for 6 years, their obligations are l
dd to the challenges in developing combination products:
Which markets to tap where the combination products can do fairly well?
Which combination prod
Which markets to tap where the combination products can do fairly well?
Which combination prod
wered, and the property being purchased is secured. That means the lender can repossess the property if payments are not made time
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
y.
There are some things to keep in mind if you are purchasing a home after a recently discharged bankruptcy.
1) A downpayment i
There are some things to keep in mind if you are purchasing a home after a recently discharged bankruptcy.
1) A downpayment i
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
sn't always necessary, but it will improve the rate.
2) Most people opt for an Adustable Rate Mortgage (ARM) since the rates are
2) Most people opt for an Adustable Rate Mortgage (ARM) since the rates are
t?
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
uch lower than a fixed and they plan to refinance in 2-3 years.
3) Most of these loans have a prepayment penalty that matches the
3) Most of these loans have a prepayment penalty that matches the
ping new procedures for reviewing their safety, efficacy and quality.
Professional from academic institutions, pharmaceutical industries, health care indust
Professional from academic institutions, pharmaceutical industries, health care indust
fixed period of the financing.
4) Most lenders require cancelled checks or verification of rent paid not later than 30 days in th
4) Most lenders require cancelled checks or verification of rent paid not later than 30 days in th
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
past 12 months.
5) A foreclosure before the bankruptcy is hard to overcome. A foreclosure as a result of the bankruptcy usually
5) A foreclosure before the bankruptcy is hard to overcome. A foreclosure as a result of the bankruptcy usually
.
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
doesn't count.
Everyone's situation is different. To ensure the best service, be sure you contact an experience mortgage originat
Everyone's situation is different. To ensure the best service, be sure you contact an experience mortgage originat
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.
Companies that provide selfless information through particip
Companies that provide selfless information through particip
r that will take the time to listen to your situation and explain all the possibilities. It shouldn't cost you anything to inquire
tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products
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