New mortgage after BK7.....

[PhillyGuy]

I am currently discharged but not closed due to a asset case. Trustees report not filed yet, etc.... I reaffirmed my house and am looking to sell and move.

Question: Is there a problem selling and buying a more expensive house before my BK7 case closes? Has anyone done this?

Thanks
PG

[justbroke]

You are not going to find any lender who will offer you a mortgage fresh out of bankruptcy. In fact, no one would ever grant a mortgage while you're still in a pending bankruptcy (unless it's a Chapter 13 and under certain conditions).

The current waiting period is at least 2 years from the discharge date.

Why did you reaffirm the home?

[despritfreya]

In addition to JB's comments, if you want to sell the home you will either need it abandoned from the bk estate or a court order allowing the sale to close.

Des.

[tobee43]

just to add, if it was an FHA or VA anything related to the government type of loan, you will be listed on the CAIVRS list which stands for Credit Alert Interactive Voice Response System and it is a ... examples of federal debts include previous FHA or Veterans Administration ...etc,.i believe you name stays on for 4 years.

some say it's AFTER a foreclosure, while other say BK. neither, it is when they feel like it and that prevents you from getting any type of federally backed loan. even if you have 99% down.

[btbeme]

Tobee nails it. Certain regulations say that you are eligible for a loan after a certain amount of time. In truth, you are also eligible for winning the lottery - all you have to do is play!

In the reality of today's market, the Golden Rule is more applicable - "He who has the gold, makes the rules." Most banks will not touch you for long after that "eligibility." Some less restrictive institutions - some credit unions, perhaps an in-house bank for a builder - might be more inclined.

I'd say that, if you reestablish a strong credit history for 2-3 years, stay gainfully employed in a stable job for that same time period, stay debt-free and pay your bills in full every month... that makes you a candidate for a mortgage, realistically, about 3 years after discharge. If you walk away from a house or otherwise foreclose, it will be a minimum of 3 years - more like 4-5 - after the deed transfer before most programs (including FHA) will realistically consider you. And you had better be as clean as a whistle when you apply.

[tobee43]

btbeme
I'd say that, if you reestablish a strong credit history for 2-3 years, stay gainfully employed in a stable job for that same time period, stay debt-free and pay your bills in full every month... that makes you a candidate for a mortgage, realistically, about 3 years after discharge. If you walk away from a house or otherwise foreclose, it will be a minimum of 3 years - more like 4-5 - after the deed transfer before most programs (including FHA) will realistically consider you. And you had better be as clean as a whistle when you apply.

not us


well for kicks and giggles we are buying another home, not what i wanted to, but due to family being ill life, and me getting too old to care for them all i did it.

many here already know we purchased another home and paid if off i less than 2 years. since we had no foreclosure and was never on the CAIVRS list i had checked here and there...until NOW!!! years later. i am a saving tigress, so i go up to where we are buying with money and say i need this house. yes, the one that if you have 9 people it you don't need to see them all day. i have cash, you do like cash right??? i would like a few extras could you finance another 30k for me???? i needed or wanted that money for wiggle room. i checked everywhere. are credit is now up in the 700s, i said i just need a little conventional loan, well, the banks said no we don't do them anymore.

in a way i am glad the answer was no because i want no mortgages, ever. so i put the extra money in more fireplaces, extra 220 and more outlets, higher grade stone, we just do not have a place to sit!!!