Question on mortgage after house was part of chapter 7

[anne71]

Hello,
I am in Maine and I had to file a Chap 7 in 2009 due to a company buy out and income loss from that. The only thing that went through the BK was a house and 2k on a credit card. I tried selling the house prior and thought I had it sold for 25k less than what I owed, so I cashed out a 401k and my pension to pay the difference, moved out, and the buyer backed out last minute. Tried to work with the bank which was Country Wide and they were pretty good, at that point I started to default due to income loss. Bank of America took over and they threatened to "take me for everything I had" so my attorney talked me in to a BK. The house did not officially foreclose on until 2013 even though the home was included in the bankruptcy. I am now in a better position financially and with a great job. I was told I had to wait 2 to 3 years before I could get a mortgage from the foreclosure date, but now I am reading that they are now considering the discharge date if a house was included as part of the BK? Would someone be able to clarify that for me? Also has anyone dealt with a "Portfolio Loan" and how does that work in detail? Thanks!!!!

[dspii]

Check this out....Fannie Mae made some changes that help in situations like yours...

http://www.bkforum.com/showthread.php?82907-When-can-I-get-a-FHA-mortgage&p=621391#post621391

[anne71]

Thanks...so if I am reading that right, I may have a chance and not have to wait the 2 to 3 years from the foreclosure date?

[panda]

I am not sure what is postable here, so this may be deleted, tried to send you a pm but was not able to.

this guy has a lot of knowledge:

[edited by moderator: Names and contact info of individuals should not be posted. Once anne71 has enough posts to receive PMs you can send the info by PM. But, it looks like she may have the info now anyway.]

[dspii]

Thanks...so if I am reading that right, I may have a chance and not have to wait the 2 to 3 years from the foreclosure date?

Correct, recent rules changes for Fannie Mae say that if a mortgage was included in BK and discharged, then 3 years from discharge date apply, not subsequent SS, FC or DIL date. Nice change if you ask me.,......

[anne71]

It is a great change!!! Thank you so much, you have started my new year off with finally some good news!!!. I wish I was staying on top of things since a perfect priced house I have been eyeing for a year just sold last month. Though spring is coming and new ones will be going on the market!

[LadyInTheRed]

anne71, keep in mind that individual lenders may have stricter requirements than the Fannie Mae guidelines. Don't give up if you aren't approved right away. You may have to do some shopping around to find a lender that will approve you. To avoid heartache, get pre approved (as opposed to prequalified) by a lender before making an offer on a home.

Good luck and happy hunting!

[anne71]

Thank you for all the information and tips!!! I plan to do exactly that. Last year I was pretty much approved, but found that the house has just gone through Foreclosure so that ended that. The sad thing is the house I really wanted and was in a perfect location and price just sold last month after being on the market for almost 2 years. Maybe it was meant to be.