Waiting period from discharge date or Foreclosure Date?

[copaaz2005]

Is the waiting period for getting a FHA mortgage 2 years from ch7 discharge date, or 2 years from foreclosure date? I'm going to be filing in a few weeks and plan on ridding through on my mortgage and not re-affirming. But I may have a option next year to move to another state for my job and would have to walk away from my current house as it is underwater. I am wondering when i would be able to apply for a FHA loan. Is it 2 years from discharge, or would it be 2 years from when i walk away and they foreclose? Also, i've read both ways that they can not report the foreclose on your credit report, and the other way where they can report on your credit report as public record. Any experience/advice on this?

[dm415]

That is the maGIC QUESTION RIGHT NOW FOR ALOT OF US.I am looking into it for myself,I am about 2.5 years post 7 discharge house IIB and all that,still living in it and paying first mortage,in process of settling 2nd for 10%.Even with settling 2nd I still look at other houses out there,so I went through a app process with a bank who underwrites there loans in house.He says 3 years from discharge with IIB house,No foreclosure.Remember FHA ins is 2.5% and then there is PMI.

[Mizzou13]

I spoke to several mortgage brokers about FHA and was told it depends on the underwriters whether it is 2 years from discharge or 3 years from foreclosure sale. All of them said their underwriters went the more conservative route and it was 3 years from foreclosure sale.

[Mizzou13]

dm415...What process did you go through to settle the 2nd? I am current on my 2nd after being discharged 7/09, but would love to be able to settle it.

[SubPrimeME]

This is what I have learned:

If you have a home IIB you have to look at your credit report to see what date(s) were reported.

So...

The date the house is sold (sheriffs sale) will show as the closed date on the mortgage. For me that was 7/2008.

Currently, you must wait three years from this date to qualify for a FHA mortgage. Or 2 years from the BK closed date, which ever is greater.

You will wait 4 years from the BK closed date for a conventional mortgage.

Moreover, I can qualify for a FHA mortgage 8/2011.

I hope this helps.

[doudis2]

I was wondering how long must you wait to get another FHA loan after the discharge if your discharge included a FHA loan. Will they ever give you a loan again?