FHA Foreclosure & CH 7

[mynextlife]

Hi Forum Folks!!

I just received my paperwork on Monday...we are filed as of 6/26/09! By Monday all of my open accounts were closed!! They really work fast!! Part of the reason for filing CH 7 is that we had a rental property that we lost due to a squatter. It was foreclosed on in May '09 (renter had been staying in it rent free from Oct.-Feb.) that's how long it took me to get them out through the courts! But life goes on.

Here is my scenario:
We have a home that we are keeping though BK with hopes of being able to refinance once some time gets behind us. With the rental property being an FHA foreclosure and us filing BK (which included the rental)...what time frame does the lender go by with regards to the 2 years from filing BK and 3 years FC.

Which clock with they use? The loan was only in my name on rental but hubby was on deed. Can we get an FHA loan in his name in 2 years or have to wait 3?

Any insight would be helpful as always!

Thanks!

[bkmaggster]

I don't have any insight into your question, but I just wanted to commiserate on the renter thing. We had to move so that hubby could get a job, the house wouldn't sell so we rented it out. After living there for 6 months and paying rent late every month, our renters stopped payment on their rent check, then lived another two months for free until the eviction went through - they trashed the place and the whole thing is what forced us into bankruptcy.

Makes me never want to own a house again - you're really just renting from the bank anyway.

[mynextlife]

I agree...we are out of the landlord business for sure! Too many headaches and money thrown away. Our renters trashed our place, tore doors off, broke windows, holes in walls, etc. I tried to prosecute them criminally and was told that as long as she was living there, it was considered her home and not vandalism!

Gets my blood boiling just thinking about it! But....now we move on and try to put this behind us. At least it feels good not to have to be bothered with renters anymore!