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

Met with the banker on 12-30-10.... 3 years is coming soon 2-4-11

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

  • Met with the banker on 12-30-10.... 3 years is coming soon 2-4-11

    We met with the banker about a FHA loan on 12-30-10. Our three years is up 2-4-11 and we will be eligible for a loan then. We are writing our letter of explanation and getting things in order, almost time to seriously start shopping.

    She said everything looked good and should be no problem, our fico scores are 690 and 682 right now.

    News as it comes.
    *Filed Chp 7 bk 10/03/07 *DISCHARGED 2/4/08!!
    CLOSED 3/24/08 *10-14-08
    FUTURE HERE WE COME

  • #2
    Thats awsome. Congrats. What is letter of explaination?
    Filed CH7 Feb 12 2010
    341 March 18
    Discharged...May 18
    Awaiting closing...

    Comment


    • #3
      Good for you - please update. I so want to own my own home again!
      Filed Ch 7 Pro Se 11-18-2010 341 Meeting 12-16-2010 Discharged 2-15-2011
      New Job 7-2011

      Comment


      • #4
        Originally posted by Dannmcg357 View Post
        Thats awsome. Congrats. What is letter of explaination?
        The letter of explanation basically sums up what led to your bankruptcy demise. The shorter the better, but very cut and clear. "My wife and I accumulated debt from a construction business in 2006-2007 when the Northern Colorado housing market flattened out. With a loss of 50% of our income we became overwhelmed and could not meet our credit obligations. " Plus we included additional information about what we learned from our experience.

        We have been given a letter of credit from our Lender so that we may make an offer on a home when we find the right one. We have looked at 30+ homes in our budget in the last 2 weeks.

        FEB 5 will not Come quick enough.
        *Filed Chp 7 bk 10/03/07 *DISCHARGED 2/4/08!!
        CLOSED 3/24/08 *10-14-08
        FUTURE HERE WE COME

        Comment


        • #5
          Good for you!

          Question to the OP, where you able to lock on a rate, or do you have to wait until feb to lock?
          Filed: 11/25/08 - chp 7 no asset
          Discharged: 2/24/09 CLOSED 3/7/09!

          Comment


          • #6
            We have to wait until Feb 7 to lock in and start the actual loan process.
            The house we put an offer on was citi bank owned.
            Listed at $184,900
            We Offered $174,900
            Bank Countered $179,900
            We Countered @ $177,500
            DEAL!

            Awesome Feeling!!!


            NeVeR LOSE HOPE!
            *Filed Chp 7 bk 10/03/07 *DISCHARGED 2/4/08!!
            CLOSED 3/24/08 *10-14-08
            FUTURE HERE WE COME

            Comment


            • #7
              HI,
              You stated the 3 year period is almost up in your thread. I thought I read somewhere that it's 2 year waiting period post chapter 7 discharge? My wife and I filed in April 2009, and discharged in July 2009. I thought we would be eligible come this July. Am I mistaken?

              Comment


              • #8
                Just an FYI, most lenders use an automated underwriting system (AUS) for loan approval and the guidelines are a little different versus a manual underwrite. In order to get an AUS approval you have to wait until the 1st of the month past your 2 years from discharge. So, if you were discharged on Jan 1st, 2009, or Jan 31st, 2009, you want to wait until Feb 1, 2011 or you'll end up with a refer which means you'll now need a manual underwrite.

                Comment


                • #9
                  Originally posted by LynchByrd09 View Post
                  HI,
                  You stated the 3 year period is almost up in your thread. I thought I read somewhere that it's 2 year waiting period post chapter 7 discharge? My wife and I filed in April 2009, and discharged in July 2009. I thought we would be eligible come this July. Am I mistaken?
                  OP probably had a foreclosure. The 3 year window is if you have a foreclosure.

                  But, you are correct, for bankruptcy, it is 2 years.

                  Comment


                  • #10
                    Just got a call from our banker, we have a FHA issue.
                    FHA shows our foreclosure discharge as 8/24/2011, 6 months and 20 days from our BK discharge.
                    So FHA will not write the loan.
                    We cancelled our 2/24/11 closing and are now in panic mode, we are out of our rental home on the 28th.

                    Our banker pisses me off by saying she is suprised with this development. I specifically asked about this being an issue as
                    I heard it has been for others. She said not to worry.

                    So we say goodbye to 4 7/8 % interest rates. Goodbye to closing as planned.

                    Citi bank owns the propery and our realtor is trying to set up a rental agreement for 6 months until we can close.

                    Banker is looking for an exemption from the salary cap on the Ameridream program.


                    So. This sucks.
                    *Filed Chp 7 bk 10/03/07 *DISCHARGED 2/4/08!!
                    CLOSED 3/24/08 *10-14-08
                    FUTURE HERE WE COME

                    Comment


                    • #11
                      FHA shows our foreclosure discharge as 8/24/2011,
                      I don't think you meant to put 2011. In any event, the 3 years starts running from when the foreclosure was complete, not when the bankruptcy discharged your mortgage note.

                      But that totally sucks nonetheless. Best wishes and good luck.

                      Comment


                      • #12
                        Correct, what i meant was 3 yrs from discharge is in 2011.
                        *Filed Chp 7 bk 10/03/07 *DISCHARGED 2/4/08!!
                        CLOSED 3/24/08 *10-14-08
                        FUTURE HERE WE COME

                        Comment


                        • #13
                          I find this somewhat disturbing that the bank knew up front of our foreclosure yet said it was based on the BK discharge date. Even when I expressed specific concern about being able to obtain a FHA loan 3 years out and whether the date was the BK date or the FC date.

                          Obviously this is not true and they now say they had no way of knowing the foreclosure date until the paperwork was submitted to the FHA.
                          *Filed Chp 7 bk 10/03/07 *DISCHARGED 2/4/08!!
                          CLOSED 3/24/08 *10-14-08
                          FUTURE HERE WE COME

                          Comment


                          • #14
                            Rental agreement has been declined, they are willing to extend our contract for 30 days if we can get an exemption from an alternate program. They want us to pay the property tax for that extra 30 days.

                            We are $4500 over on the income cap for another program, everything is riding on this or it is another waiting game.
                            *Filed Chp 7 bk 10/03/07 *DISCHARGED 2/4/08!!
                            CLOSED 3/24/08 *10-14-08
                            FUTURE HERE WE COME

                            Comment


                            • #15
                              I don't understand why the bank didn't look at your foreclosure date. That really sucks. Hopefully something works out for you!

                              Comment

                              Unconfigured Ad Widget

                              Collapse
                              Working...
                              X