Seems like a double jeopardy of some kind. I also filed two years ago and house was included. The bank just now finished the foreclosure. So now I have to wait a total of 5 years to do an FHA!? Seems rediculous! It also doesnt seem right that if your home is included in ch7 that you get another credit hit when the bank finally forecloses.
-
Last edited by thebigpunn; 01-18-2011, 08:20 AM. -
Based on this link the general guideline is 2 years from discharge date but if still in Chapter 13 or less than 2 years from discharge date the loan must go through TOTAL Mortgage Scorecard underwriting which is a more rigorous approval.Originally posted by denisec View PostComment
-
I dont think you will have to wait 5 years. You only have to wait 2 years from the foreclosure date to do an FHA loan as long as you have solid credit from here on out.Originally posted by thebigpunn View PostComment
-
From my discussions with FHA reps, a broker, and a lender....I think best case scenario for a Chapter 7, in which mortgages are discharged, is 3 years from discharge date OR 3 years from foreclosure. I have researched this to death, and there is no clear cut rule. If you have a Chapter 7 and then foreclosure. But it's definitely from DISCHARGE date...and it's going to depend on the Underwriter for the FHA loan.Comment
-
Mortgage Broker at Stephen Snyder seminar in November says "2 years after filing Chapter 13 (since Chapter 13 plans usually run 3-5 years, if you haven't been discharged in BK13 requires Trustee approval), or two years after discharge of Chapter 7, or 3 years after foreclosure is "settled", whichever is latest". Yes it seems terribly unfair but the bank's delay in recordiung the transfer may hurt.Chapter 7 Filed 8/11/2009, Discharged 11/23/2009Comment
-
Yes, I have heard that...but with FHA as I said it's either 3 years after discharge or 3 years after the foreclosure, and its up to the underwriter. FHA rep told me that when mortgages are discharged in the '7', it's treated like a deed in lieu at the time of discharge...so unless the loan being discharged is an FHA loan...where Caivrs kicks in then it can be treated as a foreclosure at the time of discharge....so again it's decided at underwriting. This topic just seems to go around and round here..Comment
-
Xrider are you still around? I really want to know if you've successfully gotten a new mortgage 3 years after discharge? Please reply. Thank you!Comment
-
I need help, I think I made the mistake to keep the house longer than I should have. My bk was discharge on 6/29/2010. I did not reaffirm both the first and second as per my lawyers advise, I was hoping I could work out a deal with the mortgage companies or stay here for the two years and then moved out but the house is so underwater that is not worth keeping. We want to buy a new home and we were thinking we could after 2 years from the discharged date but from what I am reading here we would have to wait 2 years from the date of foreclosure. I am still current on the first (interest only) but stopped making payments on the second when the bk was discharged. I also stopped paying property taxes which now the mortgage company is telling me that they are going to adjusted my monthly payment to cover them, I am not sure by how much my payment is going to go up by. I wished I can keep the house because I am attached to it but from a financial standpoint it does not make sense to keep something that might not flip over any time soon. My question to anyone does the two years start at the foreclosure date? What if I give the house up as a deed in lieu would that make a difference. What is the fastest way that I can purchase a new home? Any help is greatly appreciated..Comment
Comment