Chapter 7, Foreclosure on rental property and buying a new home...Confused!

[comommaof2]

Sorry if this is in the wrong section. Short story of a long one, my husband lost his job in Michigan April of 2008. Unable to find another one, except in Colorado, we moved to CO in July of 2008. Our home in Michigan, we turned into a rental. Trying to pay the difference in the mortgage for the home in MI and also paying rent here, we were over our heads and had to file Chpt. 7. Bk included the home in Michigan. The discharge date for the Bk was August of 2010. The home in MI did not go to sheriff sale until September of 2011 with a redemption period of March 2012. Does anyone know if and when it comes time to buy a home, do I have to wait 3 years after the discharge date or 3 years after the redemption period or do I not have to wait at all since it was included in BK. Thanks so much in advance. ~C~

[tobee43]

it's USUALLY from the time of the foreclosure date of completion. in other words when the deed exchanged hands.

however, some people have had success and other not in obtaining a mortgage. now a days even people with perfect credit are having a difficult time with the banks, as they seem to not be lending to many.

we did owner financing, thereby bypassing the banks completely, but finding a home was not easy. if you can get a broker attached to a good underwriter, to work with you that's half the battle.

best of luck! and welcome to the forum!!!!

[comommaof2]

Thank you for your reply. I looked on the property tax wesite and sale date is 9/1/11 so I am guessing 3 years from then. I have been looking into owner financing. Looks like we may have to go that route or wait the 3 years. Thanks again. ~C~

[tobee43]

Thank you for your reply. I looked on the property tax wesite and sale date is 9/1/11 so I am guessing 3 years from then. I have been looking into owner financing. Looks like we may have to go that route or wait the 3 years. Thanks again. ~C~

it may take a bit, but you will find something

[memama]

My friend owns a title and escrow company and she said most of her business comes from owner financing deals. She said they are far more common than most people think ;) I definitely think it would be something worth looking in to when you're getting ready to buy.

[tobee43]

My friend owns a title and escrow company and she said most of her business comes from owner financing deals. She said they are far more common than most people think ;) I definitely think it would be something worth looking in to when you're getting ready to buy.

that is realy interesting to know. i knew this type of purchasing was on the rise, but good to see it's really happening.