Chapter 7 Bankruptcy and Foreclosure (frustrated)

[rikimaroo]

Hello folks,

I had a Chp 7 discharged 1/2010 and based on FHA and other guidelines its a 2 year waiting period. Well because Foreclosures were delayed for sometime and the bank didn't foreclose after my BK, I get a notice in 11/2011 (LIS PENDENS). I am so frustrated because I was looking forward to buying a new house at the low prices out there but from my understanding because the LIS pendends have been filed, I have to now wait again until the sheriffs sale to buy a house?

Is this correct, since the sheriff sale has not ocurred or nothing has even been processed except the lis pendens, can I still move forward in buying a house this month before that ocurrs?

How can this be fair to people if they discharge there debt and have to wait 2 years and now because the banks are overwhelmed and finally decide for foreclose, I have to wait another 3 years, which means 5-6 years total???

Any advice would be welcome. thanks everyone.

[Freddy03]

From my understanding of the "BK/FC Process" is that it's 3 years after the house is completely out of your name. So if you filed BK in 2010 and the FC process takes till 2014 it will be 2017 before you can get another mortgage. It's crazy that's why I plan on staying in my house until they kick me out and rent for 3 years or possibly buy out right. I'm in FL also and heard it's taking over 1000 days to FC.

Good Luck!

[tobee43]

Hello folks,

I had a Chp 7 discharged 1/2010 and based on FHA and other guidelines its a 2 year waiting period. Well because Foreclosures were delayed for sometime and the bank didn't foreclose after my BK, I get a notice in 11/2011 (LIS PENDENS). I am so frustrated because I was looking forward to buying a new house at the low prices out there but from my understanding because the LIS pendends have been filed, I have to now wait again until the sheriffs sale to buy a house?

Is this correct, since the sheriff sale has not ocurred or nothing has even been processed except the lis pendens, can I still move forward in buying a house this month before that ocurrs?

How can this be fair to people if they discharge there debt and have to wait 2 years and now because the banks are overwhelmed and finally decide for foreclose, I have to wait another 3 years, which means 5-6 years total???

Any advice would be welcome. thanks everyone.

you got it down unfortunately, that's exactly what the banks are doing.

we found a owner financed property in florida since the market is so crazy and we lucked out. that way we went right around the banks to get our house. (we had a lease option to buy but even offered more money to get the owner to hold the mortage) i know these types of properties are not a dime a dozen, but there are many people moving back to europe in our area, so we were just fortunate since this owner wanted out asap.

it's been almost 4 years for us and chase still hasn't forclosed on our old property in nj. we don't get it at all as it was an FHA with PMI so the bank was insured. the bank has done nothing and we knew we would have to find another way to own again.

we just had to get more creative, i would contact a broken or two or ten and see if you can locate a property that maybe the owner will finance.

best of luck to you!