IS IT TRUE THAT THE 3 yr WAIT TO BUY A HOUSE FROM FORCLOSURE STARTS A DISCHARGE?

[terre]

Hi, I was reading on a previous post that when your chapter 7 bankruptcy is discharged, and you included your house, the debt is not only gone but the house is already considered in forclosure. What I am trying to ask is, my bankruptcy was discharged in 2008, which will be 5 yrs. I stayed in the house and my payments a current. I know you have to wait 3 yrs after forclosure before you can buy another house. The post states that the foreclosure 3 yr wait starts after the discharge even if you are still in the house or do you have to wait until they make you leave?

[keepsmiling]

I think you will be a long way away from a bank giving you a mortgage.
Perhaps you should stop paying this mortgage and start saving up cash for a rental/new purchase. Large deposits can go a long way to convincing a landlord to rent to you with pets. Others have been in your exact situation recently and found that to be the case.


I think your lawyer did you a disservice by not explaining that you would have a lien from the second mortgage that went unpaid. You might have had some other options such as settling with them or doing a 13 to strip it.

I hope I am wrong. If I am, the pros will be along soon to correct me.

[TBA]

nevermind. edited because i just saw your other post.

[justbroke]

The wait is the latest of 2 years after discharge for BK, or 3 years after a foreclosure. The foreclosure trumps the bankruptcy (period). The 3 year wait is from the time the title changes hands (after the foreclosure sale). There are exceptions for extenuating circumstances.