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Buying a house after Bankruptcy

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    I suggest you use FICO forums. It has been very helpful to my husband and I in rebuilding and knowing what you need in order to apply for a mortgage. Also we are almost 2 years post 7 we found by applying that we could technically get a loan after 7, 2 years. With even 3% down. But our problem we ran into and learned about is that if you owned a home.... they look for the transfer of deed. We left our home a year ago. And this is how we found out that we still own the home last week! No transfer of deed. No laws that the bank ever has to take the deed, although they still own it. And our clock will not start ticking until after 3 years.

    Ok, I think this is 14 post out of 15. One more post and I should be able to post links on my post about walk away take the deed already!

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      I just bought another house less than 2 years after discharge. However, I used hard money and put 40% down. Just wanted to say IT CAN BE DONE. Even with higher interest rate (12%), my payments are still way less than my prior home. I got a 7-year term, IO. However, will be refinancing in 3 years - so keeping rebuilding my credit and keeping everything clean. Its true what a prior post stated, that the bank can take forever to transfer deed back. Meanwhile, they haven't issued the Notice of Default, so I figured this was my window of opportunity to get a home and beat their bloody system before they totally trashed my credit with a foreclosure. I don't think its fair that they can trash you twice for one debt (yeah I know life isn't fair). But the whole intent of BK is to give you a fresh start. When you get a NOD and NOTS that trashes your credit for the original debt that was already discharged in BK and it starts a 3 year clock ticking to be able to obtain a house IS UNFAIR. I'm waiting to "take the hit" any day now and I actually HOPE they foreclose soon so I can get this chapter in my life CLOSED, but at least I have another house now and this foreclosure can't be used against me to start the clock ticking all over for a 3 year period again. Can you tell I'm just a tad bitter about these horrid banksters and the ways they manipulate the system?

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        You can get a FHA mortgage right after Ch 13 discharge. You don’t need court permission. If a bank tells you no, go to another one. There are plenty of banks that will approve you. Might not be the best rate and there could be an extra fee or two, but it’s possible

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