Please help me understand my situation

[marchelala]

Hi all,

Here is our cituation... please let me know if I am correct in my assumptions.

We own a condo, that my husband bought BEFORE we got married and main first mortgage is on his name only, on a title it is only his name as well.

We took second mortgage (HELOC) on our both names later on.

We discharged both mortgages in chapter 7 recently. We are current on a first and stopped paying second in hopes of settlement. Now if settlement wont happen and WF (2nd holder) choose to sit on it, we will probably stop paying first, get a free rent for as long as possible and the walk out.

Now my question: I understand from this forum that we need to wait 3 years after the forecloosure (not the discharge) to get a FHA mortgage. However, if first mortgage in NOT on my name, and I am NOT on a title... foreclosure wont affect my records... right? wrong? Again second mortgage is on my name as well.... does it matter ? Please help me understand.

Thanks a lot

[marchelala]

Anyone?

[newbie2]

Anyone?

If the first forecloses first you may not have a problem. The 2nd may not show up as a foreclosure on your credit report. Best to talk to an FHA mortgage lender for clarification though.

[marchelala]

in my credit report - second is listed as included in bankruptcy, so no changes there. Public records I am worry about...