Mortgage after BK and Foreclosure

[mlopez60120]

I need some clarification on what is the waiting period before one can obtain a Mortgage after a Bankruptcy. I filed for bankruptcy chapter 7 in 2012 in Illinois for medical reason the BK included the mortgage. I never reaffirmed the loan and the BK was discharged in May of 2012.

Since my BK I have built up my credit, have 15% down payment and have a great job. However I am getting different messages regarding what is the seasoned waiting time I have to undergo after a BK. For example what I read indicates it’s a 3 year waiting period from the date of the BK. my attorney indicates that if I established good credit since the BK and it’s been 3 years I should be able to apply for a mortgage.

However some mortgage company are indicating the seasoned waiting period is from the date of the foreclosure not from the bankruptcy date. Fannie Mae says from the date of the BK.

I have consulted with two other real-estate attorney and conducted some more research and they are all indicating that the waiting period applied is the BK not the foreclosure.

Can I please get clarification what is the true waiting period? If you been successful in getting a mortgage after a BK let me know who and how.

[Drazil65]

Hi, when was the foreclosure complete and your name out of title?

[mlopez60120]

The foreclosure was last June

[tigerman]

Its 3 years from when your name comes off the deed. My name didn't come off my deed until they sold the house which was 13 months after the bank foreclosed.

[basketsbears]

I'm in the process of refinancing. My husband's old house, which wasn't in my name had foreclosure so bank wouldn't have him on loan. IDK if we will get approved, but thought it was worth a try. Underwriters are asking for deed from husband's property, even tho I'm not on it. Ugh. It's such a hassle. I'm sure they also don't want to give up 7% mortgage.

Sorry! Didn't get to your question. I'm annoyed with mortgage company now. Anyway we filed and were discharged in 2012, foreclosure on his house wasn't until last summer. No one we talked to would let him apply because of foreclosure.

[Junes]

Don't believe what people say it is 3 years from the bankruptcy as long as in was included in your bankruptcy and chose not to reaffirm the mortgage. The waiting period is 2 years with a BK and 3 years with a BK forclosure. Banks hold onto loans for years and it is not the date the title/deed was transferred it's from bankruptcy date.

[tigerman]

every bank & mortgage broker I've talked to says it 3 years from when your name comes off the Deed.If you find a bank that does different please pm me & let me know. Good luck