approval 1 mos post 13discharge &foreclosure

[pedsrn85]

Just wanted to give people out there hope ! Just got mortgage approval yesterday! Ch 13 bankruptcy 36 month plan filed nov 04 JUST got discharge last month surrendered house Nov 04 . In April this year attempted to get mortgage got turned down. Based on foreclosure . After discharge paper tried again Got an FHA loan 6.5% bought it down to 6% OUr credit scores in mid 600's .no late payments thru 13 or after. It was alot of work & determination but found someone willing to take a chance on us. We were able to prove a medical exception as the reason for foreclosure . Best of Luck

[Flamingo]

You must know that your stellar payment record during your Chapter 13 helped you immensely to get the loan. However, I know you will have PMI to pay in lump sum at settlement and probably during the first 5 years of your loan. You will see that when you get your truth-in-lending paperwork. Research it now online so you are not surprised (as we were) as to the amount due and the 5 years added onto principle and interest. There are good brokers out there who will work well for people just out of Chapter 13 who had good credit before and during the Chapter 13 with no late payments on anything. It does pay off in the long run.

[gophermn]

WAIT! you got a mortgage loan one month after discharged?

[sick of debt]

Excellent. Good for you. Great rate. Have you found a home?

[pedsrn85]

1 mos post ch13 discharge & foreclosure mortgage approval

Yes we do have a house got a great deal while the market is slow closing October 30th .Like Flamingo said though we kept our noses clean the entire 36 months never late never asked for any extensions never asked bankruptcy trustee for anything just did without or managed. It has paid off. The bankruptcy wasn't the stickler in a mortgage it was the foreclosure!If we can do it anyone can! Good Luck

[DisneyGirl]

Congratulations on the new house!!!

[Carter]

OH MY!! Maybe there is hope for me after all. My foreclosure will be 3 years Sept. 2009 by then I will be in my chapt 13 1 year and 10 months with no late payments. I plan to try for an FHA mortgage next summer. Just need to try and save until then.

Let's just hope that they don't change the rules between now and next summer!

[Blue_Ray]

Heck yea! Congrats to you buddy!!

We filled BK the beginning of this year. We're foreclosing sometime this year.

We're looking to keep clean for about 36-48 months and just rent. Owning one credit card each (wife and I already have) make the car payment and save.

Looking to save a lot of $$$ for down-payment on our restart of our new life in a home in 36-48 months. I hope it can happen for us like it did for you! Congrats !!

[halloweendmb1]

Fannie Mae & Freddie Mac have new guidleines going into effect after teh new year which state all bks must be 4 yrs from discharge, even chapter 13's will start to go by discharge date not file date.

Foreclosures Fannie & Freddie re saying could be up to a 7 year waiting period. A deed in leu of foreclosure is 5 years.

I believe FHA still will remain 2 years and I assume VA will remain 2 years. FHA & VA treat a chptr 13 from the file date and that is why you got approved. Any mtg approval while i chptr 13 will need approval from the trustee. I have only closed 1 loan while in a chptr 13 and that was before the mortgage mess so I doubt any lenders will allow it now.

I will find the official announcements and post them maybe tomorrow so you can read Fannie/Freddie's announcements

[gophermn]

Great! I had to foreclose my rental but kept my personal home and was discharged May2008. After reading this, I am stuck in my house for another 5 yrs with no refi options - HELP!!