Purchasing after ch7

[asilva1818]

I filed a ch7 in feb/2010 and discharged jul/2010. Here I am 28 months later and I'd like to buy again. I was told by a few lenders I can't purchase because my home which was surrendered in my ch 7 was never foreclosed on. The lenders who told me no said id have to wait another 3 years after the foreclosure. Now I have one lender who says I can purchase because I can show my court documents stating it was surrendered and I was obsolved of the debt. Anyone have any guidance. This is for a va loan. I'd hate to go through the whole process just to fall out of escrow.

[justbroke]

You will never know until you get through the entire underwriting process up through closing. If you don't try, then you'll never know. While VA (and FHA) loans are government sponsored, the banks that issue them don't necessarily all agree on the rules and terms and sometimes you'll get different answers. If you have been paying your mortgage this entire time (a ride through), then it shouldn't matter too much, except that some lenders may require you to sell it to qualify for the new mortgage.

Just do it!

[asilva1818]

I haven't been paying. I moved out two years ago and it's been closed on my credit since. But yea I guess I'll try and see what happens!

[Discharged09]

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Well, I just did the same thing. I was discharged in the end of 09. I surrendered a condo in my ch7 and it shows 0 balance on my credit report. However, like you, the lender has not foreclosed on it yet. I went and got pre-approved for a new mortgage with a broker and my credit score was a little under 700, which they said was fine. So, my wife and I went through the whole process of home shopping and placing bids on properties etc.. FINALLY, we had someone accept our offer and we thought we were headed in the right direction. I always knew in the back of my mind that there was a chance it wouldn't work, but things seemed pretty positive. So, after they sellers accepted our offer, then we had to get some insurance quotes, home inspection, appraisal etc... After all of these (probably paid at least $600) I was told that I was not going to qualify because the condo was still listed in my name.
Obviously I was a little let down because my wife and I spent a lot of time searching, making calls back and forth, etc... I had told my broker beforehand about my situation and he said I had a chance, so I went with it. I don't like to give up on things until I know 100%. I hope that you have better luck, which I think you may going with a VA loan. I was going with an FHA Loan fyi.
Anyway, good luck and I wish you the best!

[CCA1984]

.
Well, I just did the same thing. I was discharged in the end of 09. I surrendered a condo in my ch7 and it shows 0 balance on my credit report. However, like you, the lender has not foreclosed on it yet. I went and got pre-approved for a new mortgage with a broker and my credit score was a little under 700, which they said was fine. So, my wife and I went through the whole process of home shopping and placing bids on properties etc.. FINALLY, we had someone accept our offer and we thought we were headed in the right direction. I always knew in the back of my mind that there was a chance it wouldn't work, but things seemed pretty positive. So, after they sellers accepted our offer, then we had to get some insurance quotes, home inspection, appraisal etc... After all of these (probably paid at least $600) I was told that I was not going to qualify because the condo was still listed in my name.
Obviously I was a little let down because my wife and I spent a lot of time searching, making calls back and forth, etc... I had told my broker beforehand about my situation and he said I had a chance, so I went with it. I don't like to give up on things until I know 100%. I hope that you have better luck, which I think you may going with a VA loan. I was going with an FHA Loan fyi.
Anyway, good luck and I wish you the best!

Dischargedin09,

Thank you for the quote to the OP. I am going thru the same process as we speak. Discharged 6/10 & foreclosing nov 2012. Did a ride thru where I did not re affirm the house & walked away, now they're saying they have to go off the foreclosure date? I thought it was only off the bk discharged date? I apologize to the original poster for hijacking the thread. I'm doing an FHA loan, to the OP are you doing FHA or VA?

Thanks again in advance

Cca1984