Please clarify about mortgage after BK...

[imoverit]

I can't seem to get a straight answer on this so here goes...

Example: Chapter 7 and surrendering home. The chapter 7 is discharged in May and the home is foreclosed on in August... Do you have to wait 2 years from the CH7 discharge since the house was included or do you have to wait 3 years from foreclosure because it is a public record and something completely different? I get different answers on this one...If including the mortgage debt in the CH7, does the foreclosure show up as something different????

[halloweendmb1]

If you included the mtg in BK for a Fannie/Freddie loan you will have to wait 4 years from the discharge date. This is a new rule, plus they will want reestablished credit 3 tradelines. FHA my consider you sooner but that assumes the foreclosure isn't showing up, it shouldn't if you included it in the BK

[Logan]

3 years from the foreclosure would be my bet. In some circumstances (very good reason) you can reduce it to 2 years.

From an ex-loan officer

Logan