Home Loans after Chapter 7

[netzilla]

I live in Dallas, Texas, and my Chapter 7 was finalized in November of 2009. I filled out a reaffirmation agreement with my current mortgage company (Chase Bank), but they didn't get the paper work back before the BK was finalized.
Now my home is showing up under my BK, and I would like to know what my options are. I know that I can't get another FHA loan for the 1st 2 years of my BK so the earliest I could start the process of buying a new home or refinancing my current home is 11/2011.

But, I was told by a Realtor that if I walk away from this home, I would have to wait 3 years from the date the mortgage company files the foreclosure paper work. Is this correct?

So bottom line.. I need to know..
If I walk away from my current home..
Do I have to wait 3 years after my mortgage lien holder files foreclosure before I can buy a new home?
Or did the clock for the waiting period to buy a new home start when my BK was finalized in 11/2009 ?

Thanks in advance for all who reply

[ScaredINMich]

I don't know much, but was told you can get a mortgage 2 years after BK, but 3 years after a foreclosure finalizes.

[dspii]

Yes...you are correct, at least by current guidelines. It's pretty simple to understand the wait times for a BK, foreclosure and shortsale as seperate events, the challenge to everyone, is how they treat them as one event. I can only hope that soon we will see some clarification or guidelines on how a BK and foreclosure work together as one. The underwriters are erring on the safe side since there is nothing definative in the rules about discharging a mortgage during your BK. Me I see it as double jeopardy....but who am I. With the amount of BK's and foreclosures, maybe someone will decide they need to relook at the rules.