Amy, thanks for inviting me here. We filed bk7 and was discharged in early 2006.
We tried to reaffirm our mortgage, but the bank refused. We had a second mortgage which we reaffirmed with, but it has since been settled. Last year, we ran into financial trouble which only lasted a couple of months and was very temporary, but the bank advised us to stop making payments and try to get a HAMP modification. They have been stringing us along for the last year, but long story short, we are in the pre-foreclosure process.
We called USDA because we read about others getting loans from them, and they told us that it was possible for us. We had to wait to find the right loan officer, but when we found the current one, the lenders would not consider us since the deed is still in our name at almost 6 1/2 years later.
After spending the entire day calling around, we got in touch with the USDA underwriter for our area and he said that he would only count 3 years from the date of discharge and as long as the deed was out of our name, he would have no problem approving us as long as the lender would approve us.
I called our loan officer who said that in her experience it is not unheard of that if USDA's underwriter says they will approve something and they send that to the lender in writing, the lender will put it through too. She said not to get our hopes up, but right now, we are in limbo.
I have since read a few other places that it is possible. The unfortunate part for us is that we now have to try to negotiate a deed-in-lieu from our lender, but we have to time it just right since we are still living here. Looking forward to hearing updates on this thread.
We tried to reaffirm our mortgage, but the bank refused. We had a second mortgage which we reaffirmed with, but it has since been settled. Last year, we ran into financial trouble which only lasted a couple of months and was very temporary, but the bank advised us to stop making payments and try to get a HAMP modification. They have been stringing us along for the last year, but long story short, we are in the pre-foreclosure process.
We called USDA because we read about others getting loans from them, and they told us that it was possible for us. We had to wait to find the right loan officer, but when we found the current one, the lenders would not consider us since the deed is still in our name at almost 6 1/2 years later.
After spending the entire day calling around, we got in touch with the USDA underwriter for our area and he said that he would only count 3 years from the date of discharge and as long as the deed was out of our name, he would have no problem approving us as long as the lender would approve us.
I called our loan officer who said that in her experience it is not unheard of that if USDA's underwriter says they will approve something and they send that to the lender in writing, the lender will put it through too. She said not to get our hopes up, but right now, we are in limbo.
I have since read a few other places that it is possible. The unfortunate part for us is that we now have to try to negotiate a deed-in-lieu from our lender, but we have to time it just right since we are still living here. Looking forward to hearing updates on this thread.
Welcome to the Forum.
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