Ok,I have to get this fiqured out.I had 7 discharged in 3/08.2 homes involved,I let one go,I became 90 days late on sept 07 on the first house.Filed chapter7 shortly after.So credit report shows a few late payments before the discharge.My primary home I still live in,I did not reaffirm,still current on primary home,never late.I have considered walking away because of the better deals out there.Problem is getting mortage.My 2 year point will be here in 3/10,not to far away.However the house I let go does not show foreclosed,but a broker told me lenders will consider it foreclosed after 90 days late,so then would put my 3 year wait for that at sept 2010,really still not to far.Here is the new issue.I am still making my payments on my main home,I did not reaffirm,When I go to apply after waiting past the 2 year then 3year wait,will having my home that I live in now cause an issue,even though it will show up discharged on credit report.Will a lender know that it is still titled in my name with county records???I really need to get this fiqured out,Or just forget the whole idea and be happy I still have a home after bk,since alot of people may not.I guess may main goal is to try to get into a different house to not be so upside down..
-
-
I would probaly pay someone to help me with this,it bothers me this much: -
Not sure about the situation regarding your current home, but as to the one you let go as foreclosed, the 3-year clock -- for FHA loan consideration, for example -- doesn't start ticking until it is transferred into the new owner's name. So, don't compute your three years from when you stopped making payments, or reached 90 days late, but from when it resold and was titled to another owner.Comment
-
I dont know,thats just what a mortage broker told me,I dont think they are ever going to foreclose,it will be a sherriffs sale at city hall that will transfer title, but who knows when that will be.That house was way upside down,so I do not know what they are trying to get out of it.Comment
-
And I have another question,What is the deal with a owner finacing deal,how does that work,land contract??If somebody has a mortage on a home but sells it on a land contract or whatever,how do I end up with legal rights to the house,what if they dont pay the mortage even if I pay them.........Comment
Comment