Foreclosure waiting period

[mlopez60120]

OK I am confused whenever a home is included in a bankruptcy the result is a Foreclosure. The bank did not start the Foreclosure proceedings until now. All of the lending agencies – FHA, VA, FNMA, FHLMC, USDA and AHFA have a waiting period for foreclosures – this waiting period starts from the date of the foreclosure being recorded. Since you are in the middle of the foreclosure now – your waiting period will be 3 years from the date the bank records the Foreclosure Deed. The Bankruptcy does not dissolve the debt – it results in the bank foreclosing on the home.

Is this a FACT ?

[LadyInTheRed]

The bankruptcy does dissolve your personal liability for the debt if you do not reaffirm the mortgage. But, it does not get rid of the lien unless you filed a Chap 13 and stripped it (or in perhaps some states a 7). A bankruptcy does not in itself result in foreclosure. Not making mortgage payments results in foreclosure. Many people keep paying after bakruptcy and keep their homes.

Whether a lender will lend to you is a separate issue from whether BK results in foreclosure. There are many posts on the subject in the :Mortgage after Bankruptcy" section under "After the Discharge"