2 years after BK questions

[tacomatom]

Its been a little more than 2 years since our BK went final. In the 2 years we stayed in our house for maybe a year then gave it up and it is set to be auctioned off in January (If the short sale does not go through). We have bought a new house using owner finance and must refi into a "real" mortgage within 5 years of which we are 6 months into.
My question is how soon and how hard is it going to be to refi this new house? We do have equity as a year after our BK we inherited some money and put $70000 down on this house.
Along with about a total of $200,000 in cash and CD's we inherited a very small house that is payed off that we rent out. Dont know if that will be good or bad in the refi.
Anyway, any thoughts or input on what we can expect in the future would be appreciated.

[tacomatom]

No one has any input on this?

[tradinglife]

Not the typical "problem" most people on here post about. If I came into $200,000+, I'd pay cash for a house, screw the mortgage. I've went the mcmansion route, that's why I went BK. I will go with a modest 150-200k home when I am able to next time.

[Logan]

You're not going to ave a problem if you have at least 3 credit lines, make all your payments on time (especially the payment to the financier), and you have sufficient income to qualify for the mortgage.

Logan

[Amy26]

Not the typical "problem" most people on here post about. If I came into $200,000+, I'd pay cash for a house, screw the mortgage. I've went the mcmansion route, that's why I went BK. I will go with a modest 150-200k home when I am able to next time.

Hehe 200k where I live would barely get you a 1 bedroom condo.

[tradinglife]

You are right, my brother lives in a very modest 1200 sq ft ranch house (4o year old house w/ sding-no garage) that was well over 200k about an hour out of DC. Here in Kentucky that house would be less than half that. However in most areas I would think that 200K would still get you a nice home. Me personally, if I ever fall into $200,000 grand I would be off the grid as far as credit goes for good. Oh well just glad to be post bk7 and piling up cash for now. Never again will i be bondage to creditors dictating my life!

[tacomatom]

So in Washington i don't have to worry about the mort. company coming after me? Im only wondering because we lived in the house for almost 2 years after the bk was final. Also is there ant tax repercussions after it forecloses?