How to obtain mortgage on same house after discharge and timely payments

[MIAPIA]

Hi everyone,

My Ch. 7 was discharged in Nov. 2010. Mortgage was included but i've "stayed and paid" since then and
have made every payment on time. Who should I contact at my mortgage company (Wells Fargo) to go
about obtaining a new mortgage on the same house? Do they have a special department for this? Would
they do a streamline refinance for me? Any help is appreciated.

[servingsize]

I believe your still under the same wait 2 years for a FHA loan or 4 years for a conv. Do you meet the requirements for HAMP? I know you can get that the day after and during dischange/BK. Your best friend is the phone call your bank or a loan officer.

[tobee43]

i would contact the mortgage dept and see if you can modify the mortgage, they may work with you.

servingsize, sorry no such thing about 2 years for an FHA. we now own two homes, the first one i paid off in approx 3 years, we just purchased another home in another state, had 100% down, but i wanted a small 30k loan for some work, no way, no how. we even tried VA and we are just about 6 years out without any debt retirement incomes over 60k and still NO bank would touch us. i know one person on this site that did get a conventional loan, however, i talked to at least 5 banks 4 credit unions and not a one was giving out any conv loans. actually quicken loans said they will never have them again, everything will be government backed. your best bet may be a builder of new homes holding their own mortgages, they unfortunately are far and few.

whatever you read about the qualification about obtaining an FHA and those guidelines means absolutely nothing. why? because the truth is the LENDERs themselves have the final say, an simply have been saying NO.

perfect example, i was talking to a friend who is a property manager in MO, he owns about or at least 15 properties, manages even more than double that. his credit score is 820. he wanted to borrow 10k because he didn't want to cash in any of his investments that were tied up to buy a foreclosed property. WELL his own bank of 30 plus years said we want 25% down PLUS you must put up two of your OWN properties up as collateral! he said WHAT? for 10k, go take a hike.

i don't mean to be discouraging, it's just we JUST went through this ourselves. i didn't want to take the 30k from our savings, but had to with no choice as no one was ready to give us a dime. interesting fact here, once we closed on that home and i paid our new car off about the same time, quicken loans called to see if we wanted a mortgage and we were pre qualified?? what?? go figure! the bottom line. it's still up to each individual lender. don't get discourage, you just need to keep moving forward, hopefully the banks will loosen up sooner than later.

best of luck to you!