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Mortgage Forgiven...FHA???

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    Mortgage Forgiven...FHA???

    We have a house that we did not reaffirm upon our CH7 back in 2008 and continued to be current on the first mortgage but decided to try and settle on the second mortgage. The strange thing is that I tried many times to initiate a settlement agreement with the second mortgage company and they never wanted to settle. Well, I received notice that the second was completely forgiven... the lien release has already been filed with the county. At any rate, the market is excellent right now and we are looking to sell the house.

    If we were to try and purchase a new house, would there be any obstacles from the underwriting because of the forgiven loan? I'm not sure where I would even try to find that information. Any help would be appreciated as we start on a new journey. Thanks!
    9/03/08...Chapter 7 Filed
    10/06/08...341 Meeting Done!!! No Objections
    12/08/2008...Case Discharged and Closed!!!

    #2
    There shouldn't be any obstacles. That mortgage was forgiven, just like my second mortgage, and there won't be any documentation one way or another that shows that it was foreclosed upon (a deed in lieu or a short sale occurred).

    Besides, FHA is pretty forgiving these days!
    Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
    Status: (Auto) Discharged and Closed! 5/10
    Visit My BKForum Blog: justbroke's Blog

    Any advice provided is not legal advice, but simply the musings of a fellow bankrupt.

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      #3
      Congrats on the forgiveness of your second. Did the notice include the statement about the lien or did you have to investigate that yourself.

      We have our way underwater BofA 2nd involved with a lien strip and I was quite disappointed that it did not get forgiven. That was the reason to go CH13 otherwise a 7 would have worked out much better.
      11/23/'10-filed ch 13. 1/6/'11-341, confirmed. Below median. Plan completed 11/30/2015. DISSCHARGED 4/4/2016.JP

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        #4
        Spidge, we received a notice that our principal balance was reduced to zero. At first I was thinking it may have been moved to a collection agency, but that would make no sense as they could not attempt to collect. So, I actually called them and they told me it was forgiven. Went online to search the property records for the county and found the lien release was already filed. Needless to say, I am so glad this is over. We actually have equity in our house now.
        9/03/08...Chapter 7 Filed
        10/06/08...341 Meeting Done!!! No Objections
        12/08/2008...Case Discharged and Closed!!!

        Comment


          #5
          Dang!!!!!!!! I would be like an Arkansas kid at Disneyland. How good it must feel.
          11/23/'10-filed ch 13. 1/6/'11-341, confirmed. Below median. Plan completed 11/30/2015. DISSCHARGED 4/4/2016.JP

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