Included in Chapter 7 - so now what?

[florida]

I have a quick question -
My bk was discharged last spring and my mortgage included. Still have heard nothing regarding my home. We currently reside there - but are wanting to move out and get on with our life.
We have found a home with a lease option. It will give us 3 years to qualify - which would satisfy the bk waiting requirement.
BUT-
do we have to wait until the house is finished too? Technically, doesn't the bank own it now? Also - will our credit have a foreclosure listed? Because if it does - that requires a 7 year wait to purchase another home.

Any help would be appreciated.

[tmoschetto]

Congrats on making it through the bankruptcy process! Unfortunately you still own the home until the deed transfers ownership back to the bank or another party. You don't owe any $, but you are still responsible for keeping the home insured and paying any HOA fees until the title actually passes away from you.

I also was discharged last Spring and have heard not a peep from my mortgage company, even though I'm now 9 months without making a payment. Is your lender Wells Fargo by any chance? I just called to see about a deed in lieu of foreclosure, and one of their requirements is that I need to list the property with a Realtor for I believe he said 60 days before we can even start the approval process. I'm not even sure I can list it since I discharged the note in my BK. I mean, I could list it for $1.00 if that were the case. The condo is more than double upside-down, and I can't wait to get rid of it because I'm still paying the monthly condo dues plus we've had 3 special assessments in the past 6 months, ugh!

[florida]

We are with Etrade for our 1st, 3rd Federal for our 2nd. I finally made contact with someone and they stated everything is on hold in Florida. Ugh.
As far as insurance - we didn't renew ours and Etrade bought it on our behalf and added it to the balance of our loan. LOL-um good luck with collecting. Our attorney laughed and said we are not responsible. Anyway, they should have shopped around - LOL they paid high dollar.
Lucky for us - no HOA fee either.

My main question is the waiting period of buying a new home: bk vs foreclosure and if it will state "foreclosure" even though it was discharged via Chp 7. If anyone knows - please inform me....
Thanks!!

[Freddy03]

From what I've read on here it's 2 years post BK or 3 years post foreclosure whatever is the later date. Even though you included your home in your Chapter 7 you still need to go through the foreclosure process. Some members here have been waiting years for the foreclosure process to be completed.

Good Luck!

[AngelinaCatHub]

Hey, live free there as long as they aren't going to do their job. Of course do your part, keep it insured. There are a bunch of rental opportunities out there. Like a bus, there is always another one. 'Hub

[florida]

So my credit took a hit last year for bk. Will it take another hit for foreclosure (....possibly next year)?
I thought it was included, so I've been repairing my credit....

[florida]

Does anyone know if a deed in lieu looks better on our credit report than an actual foreclosure?

[shark66]

Does anyone know if a deed in lieu looks better on our credit report than an actual foreclosure?

No. It looks the same, as does a short sale.

[tampagirl23]

Your mortgage will not show foreclosed, late, or anything of the sort on your credit report. Legally, it was included in the BK and there is nothing more that can be reported on it. My BK was discharged in 7/2009. I never reaffirmed my 1st or 2nd mtg but made pymts for about 5 mos after discharge. After realizing I am 3 times flipped in my property I stopped paying. Foreclosure papers were issued in August of 2010. When I pull my credit report - the mtgs only show Discharged in BK. My credit score is over 650 and the only thing I am concerned about in regards to the foreclosure is it showing up in the mtg database that lenders use.

[1ginger]

Ok, I have to get to 15 post before I can list all of the infomation I have found about the questions you are asking. I too have filled 7 moved out and am now waiting for them to take the deed so my 3 year clock can start ticking! Ok this is my post # 10, 5 more to go. I just want the bank to take the home already!

[paystayFla]

No. It looks the same, as does a short sale.

Not true when a mortgage is IIB. A deed in leu and a foreclosure will look very similar as far as public records is concerned,they wont affect your credit report due to IIB, but will be found by anyone doing a public records search. Avoid them. However for a mortgage IIB, short sale is the way to go. I did it. While the mortgage looks discharged in the credit report, the public record shows nothing other than a normal transfer of deed from one person to the other. No foreclosure.

[paystayFla]

Ok, I have to get to 15 post before I can list all of the infomation I have found about the questions you are asking. I too have filled 7 moved out and am now waiting for them to take the deed so my 3 year clock can start ticking! Ok this is my post # 10, 5 more to go. I just want the bank to take the home already!

Dont wait any longer, do a short sale.