Announcement

Collapse

Forum Rules (Everyone Must Read!!!) (updated: 04/28/2015)

Welcome to the Bankruptcy Forum. Bankruptcy (BK) Forum is known as BKForum.com and will be referred to as BKF hereinafter. In order to ensure a long term success of our vibrant community, we have established certain rules and guidelines to which everyone must adhere to. Please take your time to carefully read our rules, before you start to participate in the community.

Things you agree to do:
BKFORUM.com (BKF) users agree to use the search function before starting a new thread. This prevents duplicate discussions and allows for better organized topics.

All BKF users agree to read the sticky posts which may be available at the top of a forum page. These Sticky posts often contain valuable information. They may also outline more rules and guidelines specific for that particular forum, stickies are put in place by that forums moderator(s) or admin(s).

Things you agree not to do:

All BKF users agree not to call people names or write a post simply to make a personal attack, or get a negative reaction; this behavior is not allowed on our forum. The use of derogatory language aimed at anyone will be severely dealt with. There is no need to agree with each other, or to even like each other. However, by signing onto BKForum.com you agree to treat each member and guest with the respect they deserve. No threats or personal attacks will be allowed.

All BKF users agree not to discuss, engage, or encourage any behavior or activity which violates the law. Discussion of drugs, violence, murder, theft, vandalism, fraud or any other issue which could be used to help individuals break the law is strictly forbidden.

All BKF users agree not to "bump" old threads, unless there is a specific benefit to the community by doing so. But in most cases, please don't post in very old threads, instead start new threads.

All BKF users agree not to attempt/use another members account. It is against BKF rules to use any account other than your own. Impersonating another member will result in an immediate ban. It is also against the rules to open more than one account in your own name without permission from a moderator or administrator. If you have been banned for any reason, it is against the rules to open another account. If you were banned temporarily and you are caught using another account you will be banned permanently. Choosing a moniker which is similar in either sound or spelling as a moderator or administrator is strictly forbidden.

All BKF users agree not to private message any moderator, admin, or other member with questions related to their personal circumstances (Questions about the forum or issues with the forum are ok). This forum only works when members share their experience and insights with everyone.

Things you agree not to post:
All BKF users agree not to post any derogatory/racist/or sexist remarks. This includes attachments, links and all information contained within posts, signatures, and avatars, failure to comply with this rule will result in a permanent ban.

All BKF users agree not to post any copyrighted or trademarked information without the express written permission of the owner(s) / proper citation of source.

All BKF users agree not to post any real names, addresses, telephone numbers, email addresses, social security numbers, or any other personal details (their own or other people's).

All BKF users agree not to post links, pictures, attachments, videos, or the like of pornographic content, objectionable material or extreme violence, whether cartoon or real.

All BKF users agree not to use BKF for advertising purposes without a written contract between yourself/company/agent and the administration of BKF. Blatant advertising will result in a ban.

All BKF users agree not to spam the forums. Spam includes but is not limited to posting erroneous, non-relevant-useless, off-topic, or meaningless posts. Spam may also include posts which contain no text, or large areas of blank space between lines. Simply posting emoticons without text is considered spam. BKF is the largest bankruptcy message board and all the content is intended to help other users. Please help us improve the quality of our forum by making sure that your posts are well-worded, spell checked, grammatically correct and syntaxed.

Regarding actions of moderators and administrators:

The forum is no place to air out your opinion or be judgmental of our staff and its capabilities.

All BKF users agree not to abuse or mistreat moderators or administrators. It is against BKF rules to post any information regarding bans or any other action taken by a member of the moderating or administrative team. If you wish to discuss bans or warnings please do so via PM. To place a complaint against a moderator, send a PM to a super moderator. All Moderators are equal, any decision made by a moderator must be adhered to. If a moderator tells you something you do not like, do not go to another moderator looking for a different answer. If you are caught doing this you will be banned. The moderators work as a team and respect the decisions made by their peers and will help enforce them unless an administrator tells them differently.
If you have an issue with how the forum is run, then notify one of our administrator and we will look into the situation. We have in the past and still do appreciate any input that you offer this forum. But critical input and/or judgmental postings towards the staff will result in you getting banned.


Should you find a thread offensive or out of line, then notify a Mod in a PM so they can evaluate the situation and do the action deemed necessary.

All moderators do have active "other" lives outside of the forum and help moderate this forum in their spare time throughout the days and weeks.

If you have a problem with a member or Mod follow the proper channels of reporting it.

BKF reserves the right to delete any posts which contain anti-BKF comments or discussion. Any bashing of moderators or administrators, or any of their discussion or actions will also be deleted, and the responsible posting party(s) will be banned. Any public anti-BKF advertising, communication, or posts on another forum will result in permanent bans as well.

All warnings and bans are decided by individual moderators and administrators. Warnings are preferable to bans however, for serious offenses and repeat abusers bans will go into effect. The length of the bans can vary from several hours to permanent.

All messages posted or sent including through PM are the property of BKforum.com.

All BKF users agree not to advertiser on the forum (Niether by posting, private messaging or using your signature). If you are a company/attorney/legal adviser wishing to advertise on the site or sell a product, you must contact the head administrator and inquire about our advertising packages.

All bankruptcy related opinions expressed on BKForum.com are those of their authors and not necessarily of BKF, its staff or representatives.

You agree not to copy any material/post/content from BKF without written permission from our head administrator .

By posting on this forum you agree to these terms and conditions, including any punishment deemed appropriate by moderators or administrators in the event of an offense.

Administrators/Moderators can change these rules at any time without prior notice.
See more
See less

Confused and angry.

Collapse
X
  • Filter
  • Time
  • Show
Clear All
new posts

  • Confused and angry.

    Let me lay this out and see if someone can help:

    Dec. 2009 - House foreclosed, Sheriff's sale.

    January 2010 - Change of ownership (Sheriff's Deed) Me to Citimortgage.

    February 2010 - Change of ownership (Warranty Deed) Citimortgage to HUD.

    At this point I thought we were done with the house.

    October 2010 - filed chapter 7, attorney includes Citimortgage as a creditor.

    February 2011 - BK discharged.

    Now, based on these dates, when should enough time have passed that I could attempt to get another FHA loan? I was thinking right about now. Lending officer was trying to tell me another year. Foreclosure doesn't show up on credit report. Only BK does.

    Can somebody - anybody - give me a clear answer??? Do I need to go back my BK attorney and have this figured out?
    10/26/10 - FILED CHAPTER 7 12/15/10 - 341 COMPLETED 2/17/11 - DISCHARGED & CLOSED

  • #2
    There is no clear answer. In fact, the FHA guidelines are basically the FHA guidelines PLUS the lender's guidelines! Since you are technically a foreclosure, it is 3 years from the date that the property changed title. That's the FHA guideline. However, many lenders have stricter guidelines.

    You could just shop around and see if you can find an FHA lender that would do 3 years. The one you went with may be basing the 3 years on your bankruptcy discharge, and not the time the title changed. (Just for reference, FHA is 2 years from a bankruptcy, or 3 years from a foreclosure/short sale/deed in lieu, whichever is longer. Lenders can apply additional guidelines.) I would add that many lenders want 3 years of seasoning from your bankruptcy discharge, regardless of any foreclosure which occurred prior to filing bankruptcy! (Remember, they are just guidelines and not rules. The guidelines are so that lenders can "expect" with some certainty that the underwriting of the package will fit the FHA guidelines and the lender won't be stuck with an "un-insured" loan.)

    This has nothing to do with your bankruptcy attorney.

    May I ask what the rush is?
    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.

    Comment


    • #3
      i think as jb states there simply is no clear answer to this question.

      just the other day someone posted that they just got a mortgage with Citizens bank, i was shocked, but apparently, it happened. as well as the past few months i have seen a VA go through on the board as well, however, they seem to me to be far and few in between.

      as jb points out, there are FHA guidelines and then there are banking/lenders guidelines...the bankers and lenders can do what they want. i know the FEDs are telling them to begin to lend, however they are also be told not to take risks, so what exactly does THAT mean? it means there is very little lending going on out there even for those with good credit, i know three examples of that just off the top of my head. people who NEVER filed bk or foreclosed, have great income, PERFECT credit and still can't either re-fi or get a new mortgage.

      i know many would like to take the opportunity to buy now, while the prices are so low, but unfortunately, until these lenders let lose, which has to be, i hope, within the next 1-2 years (something's got to give!) we aren't going to see many mortgages going through keep your chin up, the time will come!
      8/4/2008 MAKE SURE AND VISIT Tobee's Blogs! http://www.bkforum.com/blog.php?32727-tobee43 and all are welcome to bk forum's Florida State Questions and Answers on BK http://www.bkforum.com/group.php?groupid=9

      Comment


      • #4
        The rush is because we just had to move before Christmas when the house we were renting got sold and the apartment we are in now is just temporary (until May). Plus financially a mortgage is less per month than what we would pay for another apartment. I just want a place of our own. I want some stability for my family.
        10/26/10 - FILED CHAPTER 7 12/15/10 - 341 COMPLETED 2/17/11 - DISCHARGED & CLOSED

        Comment


        • #5
          what you might want to do is start calling real estate places and ask tell them up front about your situation and see if they have any lenders or owners that may work with you. it's really the only thing i could suggest at this point. real estate people have many "in's" into what's going on out there. they may know of some lenders or some owners that may work with you. it's worth a shot.

          that's what i did, really artgood, i must have made hundreds of calls trying to find us a place. you'll have nothing to lose. also call quicken loans, they say they are beginning to lend, but i don't really know for certain. unfortunately, you'll have to really hit the pavement hard and strong and see if you can get someone to work with you on this. best of luck, again, i know it will all work out for you!
          8/4/2008 MAKE SURE AND VISIT Tobee's Blogs! http://www.bkforum.com/blog.php?32727-tobee43 and all are welcome to bk forum's Florida State Questions and Answers on BK http://www.bkforum.com/group.php?groupid=9

          Comment


          • #6
            Thanks Tobee. Wasn't too sure what to make of Quicken loans. I might give them a call.
            10/26/10 - FILED CHAPTER 7 12/15/10 - 341 COMPLETED 2/17/11 - DISCHARGED & CLOSED

            Comment


            • #7
              Originally posted by artgood View Post
              Thanks Tobee. Wasn't too sure what to make of Quicken loans. I might give them a call.
              i know i called them a few years ago and they said if i was 2 years out they would have been able to help. i don't know if that has changed, but again, it worth a shot!
              8/4/2008 MAKE SURE AND VISIT Tobee's Blogs! http://www.bkforum.com/blog.php?32727-tobee43 and all are welcome to bk forum's Florida State Questions and Answers on BK http://www.bkforum.com/group.php?groupid=9

              Comment


              • #8
                This month you meet the criteria of two years from BK7 discharge and 3 years from foreclosure, whichever is later. So you should qualify for FHA, most lenders won't take an application until March 1 because your discharge month was February.

                A NACA loan may be better than FHA for you. No money down, no closing costs, 30 yr fixed and no PMI.
                Chapter 7 Filed 8/11/2009, Discharged 11/23/2009

                Comment


                • #9
                  Well, I got the tip of my little pinky in the door... Lender said I have passed the FHA time frame and I can apply! Woohoo! At least that is something. Now I have to gather a buttload of documents and then I can actually apply.
                  10/26/10 - FILED CHAPTER 7 12/15/10 - 341 COMPLETED 2/17/11 - DISCHARGED & CLOSED

                  Comment


                  • #10
                    It is significant to find a lender who would let you apply, but the devil is in underwriting. Congratulations on getting someone to at least accept the package. It reads as though your excitement is tempered by the fact that you still need to get through underwriting. I wish you the best.
                    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.

                    Comment


                    • #11
                      Good luck!! Keep us posted!!
                      ~~ Filed Over Median Income Chapter 7: 12/17/2010 ~~ 341 Held: 1/12/2011 ~~ Discharged: 03/16/2011 ~~
                      Not an attorney - just an opinionated woman.

                      Comment


                      • #12
                        Originally posted by artgood View Post
                        Well, I got the tip of my little pinky in the door... Lender said I have passed the FHA time frame and I can apply! Woohoo! At least that is something. Now I have to gather a buttload of documents and then I can actually apply.
                        great news!!! best of luck and keep us all posted!
                        8/4/2008 MAKE SURE AND VISIT Tobee's Blogs! http://www.bkforum.com/blog.php?32727-tobee43 and all are welcome to bk forum's Florida State Questions and Answers on BK http://www.bkforum.com/group.php?groupid=9

                        Comment

                        Unconfigured Ad Widget

                        Collapse
                        Working...
                        X