I am about to file chapter 13 and walk away from my home, I've read so many things but I am so afraid I'll have to wait years and years after filing...Would I have a chance 12 mths after FILING if I have close to the 20%
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FHA will allow you to refinance or purchase 12 months after filing a chapter 13 with all payments on time and no new issues appearing on your credit file. However many lenders will want you to wait until discharge.
I was discharged on March 3, 09, applied on March 4, 09 (already showed as discharged on credit repot) and was preapproved on March 11, 09 with a USDA rural guaranteed loan. I closed on May 8, 09.
Chapter 7 requires 2 years after discharge to apply for FHA and conventional is 4 to 6 year wait.
You will also need to have trustee permission and the other catch 22 for you is that FHA requires 3 years after a foreclosure before you can try again. -
about to file chap. 13
Ok so my home will be a foreclosure included in the bk...so I WILL have to wait 3 years for a FHA? or 12 months to apply, get approved and THEN if that property forecloses then I have to wait 3 years..sorry this is all confusing and my attorney is kind of blandComment
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if you walk away, you will have to wait 3 years.Comment
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is there away around it at all..I know you said you were approved a few months after...Comment
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