How long and how did you get a new motgage after chapter 7 & Foreclosure

[michaelrj9]

I can only find real old threads about getting a house after a Chapter 7 & Foreclosure.

I know that times have changed and it is much harder to get a house after Chapter 7 & Foreclosure.
I wanted to see if I could some current (late this lear) on how long it took you to get a house and how much more down you need than if you did not hane the BK or forclosure. Longer current work length etc..
Any help will be appreciated

Thanks

[clc08]

Michaelrj9, I'm glad you asked this, because I was wondering the same. Looking forward to answers...

[tobee43]

Michaelrj9, I'm glad you asked this, because I was wondering the same. Looking forward to answers...

i have YET to see anyone give a direct answer...just that the fha some say it's 2 years...some say 3....but so far i have ONLY known one person myself...not in the forum get a mortgage after a bk...the following year....but this was about 4 years ago before all this mess hit the fan...so now, i'm also awaiting to hear if anyone really has gotten a mortgage that filed within the past 2 years...

interesting!

[dspii]

I'm actually in the house hunt right now....here's what I know. 2 years from C7 discharge for FHA, USDA or other government backed loans. 4-5 years for conventional. There are extenuating circumstances that can get you in after 1 year...but its up to the underwriter about your hardship. There is a ton of info out there and the rules seem to be changing monthly. All the brokers I have talked to say the same thing as I have learned through my gazillion hours of research.

Now, there is hope....lease options and owner finance options, wrap arounds (IATD's) are becoming more popular as people like me have zero chance of selling their home (I am relocating to Reno) in today's screwed up market. There are too many foreclosures and short sales to compete with for a clean sale, if your not underwater. If you go this way, be sure you include a lawyer as so many bad things can happen without good legal representation.

[janiemcman]

I am curious as to how your home got foreclosed? We filed Chapter 7 and were able to use an exemption and are loan modification program?

[clc08]

An example question: Say you wanted to buy a property that listed for $55K and a person had $45K downpayment. Would it still be impossible to get a mortgage for $10K immediately after Chpt. 7 discharge, or would a person still have to wait the 1 year or 2 years or whatever?

[tcreegan]

Hi all,

My experience was to find a local lender we could meet with face-to-face, someone who can make their own decisions. We could have financed before our discharge even, but we worked out a rent agreement to be safe.

And believe it or not, we found them on craigslist...

Tom in Colo

[tobee43]

Hi all,

My experience was to find a local lender we could meet with face-to-face, someone who can make their own decisions. We could have financed before our discharge even, but we worked out a rent agreement to be safe.

And believe it or not, we found them on craigslist...

Tom in Colo

tom you were definitely lucky with that one...craigslist has not been the best experience for us...although i did purchase a few "cheap" items for our house via moving sales through criagslist...but man....with the jobs i was burnt badly!! so i would have been a bit hesitant doing any time of "money" or borrowing.

[clc08]

Craigslist? What search terms? Thanks.

[SunshineGal]

Freddie Mac just went to 7 years for foreclosure, I looked up Fannie's guidelines the other day and they are at 4 years for BK from the date of discharge and I think it was 5 years for foreclosure. FHA claims 2 years from bk for extenuating circumstances but rest assured, they do mean "extenuating circumstances" such as serious illness, etc. Private lenders and local Credit Unions may offer programs for borrowers who do not fit the conventional guidelines. FYI, before the market tanked the guidelines were 2 years from *filing date* for Fannie and Freddie on a BK.

[tobee43]

Freddie Mac just went to 7 years for foreclosure, I looked up Fannie's guidelines the other day and they are at 4 years for BK from the date of discharge and I think it was 5 years for foreclosure. FHA claims 2 years from bk for extenuating circumstances but rest assured, they do mean "extenuating circumstances" such as serious illness, etc. Private lenders and local Credit Unions may offer programs for borrowers who do not fit the conventional guidelines. FYI, before the market tanked the guidelines were 2 years from *filing date* for Fannie and Freddie on a BK.

thanks for that clarification...we were advised it was from the discharge date and NOT the filing date...in another thread i was told i was incorrect....and i had even reasked our atty...and he also claimed it was based on the "discharge" date not filing....so it's interesting they changed it after the market tanked...but i totally understand since sometimes discharges are dated months after the filing dates...and maybe even in some cases longer.

[debee]

...we were advised it was from the discharge date and NOT the filing date...in another thread i was told i was incorrect....and i had even reasked our atty...and he also claimed it was based on the "discharge" date not filing....

When bk comes off the credit report is based on the filing date. That's what the other thread was about. OP there had to wait two years between filing and discharge and she wanted to know when the clock started. The debate was about when the "order for relief" is granted. Time to put the cap back on the grey goose eh?

ETA: Let me escort you back to that thread. Watch your step. Here, take my arm: http://www.bkforum.com/showthread.ph...-of-bankruptcy...

[tobee43]

When bk comes off the credit report is based on the filing date. That's what the other thread was about. OP there had to wait two years between filing and discharge and she wanted to know when the clock started. The debate was about when the "order for relief" is granted. Time to put the cap back on the grey goose eh?

ETA: Let me escort you back to that thread. Watch your step. Here, take my arm: http://www.bkforum.com/showthread.ph...-of-bankruptcy...

ROFL!!!!!! i knew you could smell my answer!!!!!!!!!!

[debee]

ROFL!!!!!! i knew you could smell my answer!!!!!!!!!!

Is that what it was? I knew I smelled something ...

[tobee43]

i knew it....but it's my fault i left the door open really wide for you on that on!!!!!!