can i get a home after foreclosure and chapter 7 bk?

[athomas1469]

update:

it's been quite a while since i've posted on my journey to buying a home.so, here is where i stand:

(2) credit cards open/never late. currently less than 1% reporting on 1 card
(1) installment loan (found out it started being reported on my tu/ex credit reports) 3rd tradeline

my credit score has been up and down over the last year. letting balances report/not letting them report/trying to find my sweet spot. it has been really hard to break that 700 threshold.but my current eq report is at 702!

when i applied for mortgage loan in march my scores were 692ex 693tu 698eq
got preapproved for 140,000! got an agent started house hunting.found a great house.

since i'm doing (dpa) down payment assistance got a lot of paperwork to deal with but have been able to keep up with everything they have asked for so far.eligible for (2) dpa programs in my area = (lots of money!!)

things are moving right along. hoping for a june closing date.loan file is currently with loan processor.
got my fingers crossed that everything keeps running smoothly!

[athomas1469]

my file is now in underwriting!! hopefully my conditions won't be too bad.things are moving along

[AbbeyA]

Congratulations on the process moving forward, I hope you have a smooth closing and are a homeowner very soon! Thanks for updating this thread for all of us : )

[athomas1469]

thanks abbey,
i'm just trying to be an inspiration to any and all who may be in a similar situation as me who want to own a home after foreclosure and chapter 7 bk.
i consider the forums on this site (and another site) to be my lifelines.
if anyone can read about my real life situation and can be inspired to take steps to work toward their own goals of home ownership, that makes me happy!!

[pathfinders]

Any updates Athomas1469? I have been following this thread closley.

[athomas1469]

thanks for following!
i did receive my conditions on may 18. there were (6) but i only needed to fax (2) because they had everything else. my agent is confident that we're on track to close by jun 1. i'm worried since monday is a holiday. my loan processor still needed to check my approval status with dpa programs. i have to contribute 1% of sales price so it looks like i have to take about 80.00 to closing table. i'm a nervous wreck and currently do not have anymore fingernails. lol!

[athomas1469]

there have been a few bumps along the way,

selling agent has been extremely slow to respond with signed contracts/amendments. my earnest money was misplaced but was eventually found and deposited.

my bank has been holding my statement hostage, sort of, but thank goodness for pdf!

the waiting part is torture, but it'll be worth it when they put my keys in my hand

[athomas1469]

so underwriting has been killing my contract deadline! it's been two weeks each time they had to review. finally got my approval and now i'm off to the county for their approval. supposed to be a 48hr turnaround (don't believe it)
i had to file a 2 week extension on my contract. so now hoping for a june 15 closing!

[athomas1469]

***update***

this has been an absolute nightmare!! still no clear to close. found out i had not actually received my approval. waiting on title from closing atty! wth!!! today is june 15 deadline, will have to file another extension. this is absolutely mind-boggling to me. county says i should have my approval no later than monday. i don't understand why this title is taking so long and noone else knows why either. i'm down but i'm not out

[athomas1469]

Finally some good news!! The title came back yesterday. My package can now be submitted for final approval. I'm so happy. In my opinion, title holdups are the worst. I wouldn't wish this kind of agony on anyone. My approval has been held up for 30 days because of this.

[rmcmorran]

Great to hear!! Congrats!!

[tobee43]

great news! for the sake of some education, would you mind posting when your bk was closed and when your foreclosure took place.

did you go FHA or conventional? since the word has been it must be 2-3 years AFTER the foreclosure date not the close of one's bk. so i'm just wondering how it worked for you. some of your answers would be so helpful to so many with the same questions about when they would be able to get a mortgage

we got our house, but it was 100% owner financed so we bypassed all the terrible banking nightmares! it made life a ton easier, however, 100% owner financing deals don't come a dime a dozen, we were just in the right place at the right time.

thanks so much for sharing your successful story! there is hope out there and i hope others believe that as well.

[athomas1469]

sure tobee43:

my foreclosure on an fha insured property occurred 5/2008
my chapter 7 bk filed 4/2009: discharged 8/2009
i'm going fha again: officially applied with mortgage broker 3/2012

[tobee43]

thanks so much athomas1469!!! so it's about 4 years since your foreclosure. good information for all to know that it can happen!!

best of luck with your new house!

[athomas1469]

thanks tobee43!
and thanks to everyone who has been following this thread and offering their support and encouraging words. once i get my official clear to close, i will post all the info about my loan details.