ok so we are being pre approved

[B65]

this could be too good to be true but we are going along for the ride and not worrying about it, what will be will be and take it from there. Chapter 7 discharge feb09. House IIB, not paid mortgage since the first month of filing. We moved out as soon as discharge was done...it took them til NOV to take house back. We have letters from the bank saying they would foreclose but they knew the debt was discharged IB.

Huby has gone to VAmortgage center, and we have VA eligiblity, they do 2 years from chapter 7 and 2 from foreclosure. Underwriter was asked to look at our case. They have told us that because house was listed and discharged IB they will go with the 2 years from the discharge date, maybe it is because we only want to borrow a small amount against our salary or that it is guaranteed by the VA if we default it is no risk to them.. but they have assured us and just want a letter from us and our rental agreement we left just after discharge and did not wait for them to turf us out.
So we are sending all the paperwork in tomorrow to get our pre approval..... we will then see if any of this goes through or if they tank... I have no expectations whatsoever and will keep you all informed if you wish.

wish me luck i think we will need it!
ps it is 100% financing with 4.75 rate.

[calgirl67]

B65: Yes please keep us informed. I will be interested in knowing if you get approved 2 yrs post DISCHARGE vs. 2 yrs post foreclosure. We are in the same position. Got discharged last June but house IIB Ch 7 is still on short sale. Who knows when it will sell/foreclose.

Good luck & I'll keep my fingers crossed for you!

[B65]

Ok an update as promised, We have our pre approval letter in our hands, We gave them everything Bankruptcy papers, forelosure court docs...... and we were told it was all good. will update you as to the outcome...

[B65]

Ok so we found a house, made an offer, it was accepted, and we put a deposit on it.... Will let you all know if we close...fingers crossed !

[PHXDWTN]

Good luck! Keep us informed as I may be interested in doing the same soon.

[sick of debt]

What are the foreclosure court docs? I don't believe I received these.

[SunshineGal]

They are probably looking for the final judgment of foreclosure, or, if you did a deed in lui of then that should work too. They want to see the house is no longer in your name.

[jenopher]

Does your lender work with CA people? Very similar situation here. BK is 2.5 years out. Home IIB, but forclosed 1.5 years ago. We have until 8/25 to hit the 2 year mark for the foreclosure and also qualify for VA loan. I asked around at the 2 year BK date and several lenders said to come back when the forclosure hit the 2 year mark.
Thanks for your info!

[warkri]

VAMortgage center is an online broker, certainly CA would be fine for them.

[B65]

Hi jenopher, yes they would work with you.... VAMortgage center ... if you msg me i can give you the name of the person we are working with...let me know what they say...