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Waiting period for short sale following Chapter 13 discharge

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    Waiting period for short sale following Chapter 13 discharge

    Our Chapter 13 was discharged in March 2015. We surrendered our home in the BK, but the lender did not begin making collection efforts until after discharge. We finally sold it in a short sale in August 2016. So my question is, which waiting period applies before we can get a new loan. Do we have to wait three years from the date of the short sale (August 2019) for an FHA loan? Or, does only the two years from the date of the Chapter 13 discharge (eligible as of March 2017) apply? Since, the home was surrendered in the BK, I am hoping it’s the latter situation. Thank you in advance for any help!

    This is from Fannie Mae and may be similar for FHA mortgages. We have one or more threads here on BKForum on this topic as well.

    Fannie Mae

    B3-5.3-07: Significant Derogatory Credit Events — Waiting Periods and Re-establishing Credit (07/29/2014)
    Foreclosure and Bankruptcy on the Same Mortgage
    If a mortgage debt was discharged through a bankruptcy, the bankruptcy waiting periods may be applied if the lender obtains the appropriate documentation to verify that the mortgage obligation was discharged in the bankruptcy. Otherwise, the greater of the applicable bankruptcy or foreclosure waiting periods must be applied.
    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

    Any advice provided is not legal advice, but simply the musings of a fellow bankrupt.


    • greenthinker
      greenthinker commented
      Editing a comment
      Thanks justbroke. I'm hoping that's the case with FHA loans, but I'm not seeing it in the HUD mortgage guidelines. I probably just need to start talking to lenders.

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