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Question on new mortgage

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  • Question on new mortgage

    I have read a lot on here but I want to make sure I am correct. Our chapter 7 bankruptcy was discharged in April 2010. Part of the bankruptcy was our house. The house was forclosed in February 2011 and was not transfered out of our name until May 2011. So my question is, to get a new mortgage is it 3 years from the date of our foreclosure, 3 years from our discharge, or 3 years from the date of the property being transfered out of our name?

  • #2
    You may read things that will say that it's either the date of filing bankruptcy, entry of discharge, or date of foreclosure (title to property changing) whichever occurs later. The problem is with the underwriting. Typically, if you file bankruptcy without a foreclosure, then it's 2 years from entry of the discharge. If there was a foreclosure, it's 3 years from the date of foreclosure. The foreclosure is said to "override" (or have more effect on) the 2 year rule for the bankruptcy itself.

    This would be for FHA (or so-called "GSE" (government sponsored entity)) loans only. Conventional financing would probably be near impossible unless 7-10 years has elapsed (the foreclosure and bankruptcy have fallen off your credit). However, the GSE loans have general requirements as listed above. In extenuating circumstances, you would get a new loan in just 2 years after discharge even with the foreclosure if you can prove some medical, military service or other significant event that caused the foreclosure/bankruptcy.

    The only way to really know is to wait 2 years after discharge, and just apply. Of course, you'll need to keep your credit absolutely spotless over those 2 years without a single missed payment. You will also need to otherwise qualify for credit meaning that you should have "good" credit scores (around 650 or so).
    Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
    Status: (Auto) Discharged and Closed! 5/10
    Visit My BKForum Blog: justbroke's Blog


    I am not an attorney. Any advice provided is not legal advice.

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    • #3
      I was going through my credit report and looking at my mortgage that I had. It says Chapter 7 bankruptcy, it gives no mention of a foreclosure. Having said this, where would a foreclosure show up to show the bank? Under my credit report under public records it only lists the bankruptcy and does not list the foreclosure.

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      • #4
        Just closed on a USDA loan last month, chpt 7 bk discharged a 2 years last October, home included. Home was not foreclosed till July 2012. it can be done, find a good broker! I had no less than 6 mortgage bankers (one a family friend who is president of his banks mortgage division) tell me i would have to wait till 2-3 years after home out of my name. Glad i did not listen and kept banging on doors!

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        • #5
          Foreclosures are a public record just like your bankruptcy. Even though its not on your credit report they will find it when they do a public record search. What happened with tradinglife is super and I congratulate you! A lot of other people aren't as lucky and have a very hard time getting around the 3 year post foreclosure (title transfer date). I didn't want to risk it and didn't want to fight to find a lender, so we just waited the 3 years post our foreclosure for absolute certainty. My home was transfered April of 2010... so, in a few months I should be good to go.
          BK Ch 7 Discharged 09/2009 | Anything I say can and should be used as friendly advice and sharing of experiences with an unbiased viewpoint.
          Scores: EQ 745 EX 704 TU 710 as of 08/15/2012

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          • #6
            [/QUOTE]Just closed on a USDA loan last month, chpt 7 bk discharged a 2 years last October, home included. Home was not foreclosed till July 2012. it can be done, find a good broker! I had no less than 6 mortgage bankers (one a family friend who is president of his banks mortgage division) tell me i would have to wait till 2-3 years after home out of my name. Glad i did not listen and kept banging on doors![QUOTE]





            Curious, if you don't mind me asking.... what kind of loan did you get? interest rate? what % did you have to put down? how long did it take to close once you applied?

            Comment


            • #7
              Just closed on a USDA loan last month, chpt 7 bk discharged a 2 years last October, home included. Home was not foreclosed till July 2012. it can be done, find a good broker! I had no less than 6 mortgage bankers (one a family friend who is president of his banks mortgage division) tell me i would have to wait till 2-3 years after home out of my name. Glad i did not listen and kept banging on doors!

              USDA, 3.5% for 30 years with 10% down. Actually did not need any down, but did anyway. Started process October 10, started Dec. 22nd, a problem with title and survey work held the deal up a couple of weeks. I still have not called my mortgage buddy and gloated that I am done, lol! I made a full time job of researching mortgages for the last 2 years, lol. I still catch myself googling mortgage approvals in my spare time forgetting I am approved, lol!



              Curious, if you don't mind me asking.... what kind of loan did you get? interest rate? what % did you have to put down? how long did it take to close once you applied?

              Comment


              • #8
                Who was your broker?

                Comment

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