a deed in lieu of foreclosure would what you were want IF you were not already approved.
most people have to wait 3 years AFTER their foreclosure dates to be able to obtain a FHA loan. since thus far there as been no foreclosure, it sounds like you are one lucky person... so if you have been approved now, i would GRAB it as quick as possible and then the subject of the what to do about the other mortgages since this new loan lender must already know about your bk and everything listed as IIB, it would really be mote, if, in fact they did foreclose after the fact. (that fact being you already rec'd a new loan).
i have heard it both ways, some report and others don't. i understand they are not suppose to since it's been already discharged, but i know or have heard it happening and being listed; you'd have to fight to get it off since they are foreclosing after the bk.
-
Both mortgages discharged after Ch. 7, now qualify for FHA loan.
OK, I will try and make this as clear as I can without being to long. Both mortgages (BOA & Citi) were discharged in our ch. 7 and were not reaffirmed. We now qualify for a FHA loan. We have still been paying on both mortgages and are still current and up to date, which helped to show a good payment history. Now my question is, since we qualify for a new loan and other mortgages were discharged and IIB, what happens when we are ready to close and leave our old house? The mortgages have been discharged and they can still do the foreclosure proceedings, but cant sue us for any defiencies from what I've read and 2 lawyers have told me. Had to get 2nd opinion just for peace of mind. Can they report it as a foreclosure? Can we call both mortgage companies and tell them we are no longer going to pay and they can have the house? What about a Deed in Lieu of foreclosure? Can this trigger something where we would be liable for any kind of defiencies if we were to go this route just so we an get our name off of residence so we wont be liable for any kind of injuries or something if we move?
Leave a comment: