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

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Trying to buy 2yrs after discharge

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  • Trying to buy 2yrs after discharge

    Ok, so our BK was discharged 03/2009 and a little more than a year later, we discovered our Atty never sent our re-affirmation agreement to the mortgage co so our house was IIB. Ended up being a blessing in disguise. WE have 4- growing girls and really need a bigger house and at least 1-more bath. Anyways, we finally found our house this weekend. WE submitted the pre-qual info online yesterday. Today, the lender/broker called my husband this am and said oh, you're absolutely qualified, but I need to confirm your house was actually IIB. So I'm thinking yeah, no problem, right? Wrong. So the last we heard after about 3-4 more calls to my husband was that they cant approve us because our house hasn't foreclosed yet and once it forecloses it, then we have to wait 7 YEARS!! Obviously this is erroneous info. It is an FHA mortgage. So can someone please tell me what to do here? Do we bother fighting with this lender aobut it, or call around? I just dont want all these banks pulling our credit, bringing down our score, when we are trying to buy a house! BTW, stopped paying 10/2010, no sign of foreclosure in sight.

  • #2
    I'm not sure about the 7 years, but with one house in default and not yet foreclosed (even IIB) I don't believe that you will be able to obtain a mortgage right now. You are not responsible for the mortgage on that property, but it's still in your name and I haven't heard of an underwriter approving a new mortgage under those circumstances. I would be interested if someone has had a different experience and can share.

    I am looking at buying in 2012 if the market looks to have bottomed out, but it will have been more than 3 years since my foreclosure and more than 2 since my discharge.
    Case Closed > 2/08/2010


    • #3
      Originally posted by katt3344 View Post
      they cant approve us because our house hasn't foreclosed yet and once it forecloses it, then we have to wait 7 YEARS!! Obviously this is erroneous info. It is an FHA mortgage. So can someone please tell me what to do here? Do we bother fighting with this lender aobut it, or call around? I just dont want all these banks pulling our credit, bringing down our score, when we are trying to buy a house! BTW, stopped paying 10/2010, no sign of foreclosure in sight.
      The wait after foreclosure for FHA loans is three years, but it's 7 years for Fannie Mae. If you have a credit score of 680 & can put 10% down, it's possible to qualify for a FNMA mortgage 5 years after a foreclosure. It's a wait of 4 years after DIL, and 2 years after a short sale.

      If you want an FHA loan, they have a policy against 'buy and bail'. So, if they think you are planning to walk away from your current house they won't enable you. You may be allowed to rent it and buy a new house, but there are some hoops to jump through. It will also depend on whether the current loan is an FHA loan. If it is, you need a 75%LTV equity position to get a second FHA loan. Regardless, you need enough income to cover both mortgages. You can count rental income, but only if your job requires relocation beyond a reasonable commuting distance. They also want proof of the lease, down payment, etc.
      There are two secrets for success in life:
      1.) Never tell everything you know.


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