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

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Mortgage after ch7 with foreclosure including old house

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  • Mortgage after ch7 with foreclosure including old house

    I searched and searched all over including this forum for answers as to how and when I can obtain a new mortgage after bankruptcy. I filed ch 7 two years ago where my house was included. The bank just now foreclosed even though I abandoned the house a while ago. I heard many mixed things about the length of time it will take me to get approved for a new mortgage. I just spoke to my lender (also a family friend). He explained to me that fha requires three years to of elapsed after a foreclosure before approving a new mortgage. However, for chapter 7 where the old house was included, the date of discharge is the foreclosure date. I found people saying that the foreclosure clock wont start till after the foreclosure, which meant I wont be able to get another mortgage until 5 years after the bankruptcy and that is not the case. I hope I helped some of you that have wondered this. I also hope fha will lower it to two years which I think is more reasonable, especially under todays economy and the amount of empty houses out there.

  • #2
    I have done alot of research on this matter and I am fairly sure that they go by the SALE date of the foreclosed house. Meaning when they auction the house off on the local county steps. If the bank buys it back which happens in most cases that sale date back to the bank is the date they use.

    I have heard many cases of people abandoning the house and the bank not foreclosing for years later. The sale date starts the 3 year timer.


    • #3
      It is possible that they will go by sale date, however a ch 7 where the house is included is different than someone going through a foreclosure without including the house in ch7. Its two different courses.


      • #4
        In my research I have found that FHA will lookup property records and go by the sale date of the property which triggers the 3 year period. I am 90% sure of this.


        • #5
          Unfortunately in my research I have found that there is no "rule" as to both situations occuring at the same time i.e...a BK AND a foreclosure. One or the other is pretty much easy to figure out but BOTH, trigger an underwriter to error on the side of caution and use the 3 year from sale date. In these uncertain times with both occurring at an alarming rate, I am certain the rules will be clarified and hopefully eased.........


          • #6
            Originally posted by dspii View Post
            Unfortunately in my research I have found that there is no "rule" as to both situations occuring at the same time i.e...a BK AND a foreclosure. One or the other is pretty much easy to figure out but BOTH, trigger an underwriter to error on the side of caution and use the 3 year from sale date. In these uncertain times with both occurring at an alarming rate, I am certain the rules will be clarified and hopefully eased.........
            I tend to agree that there is no clear rule on mortgage IIB. I was able to buy a home after the appropriate period from chptr 7 discharge even though I still technically owned my IIB home. A short sold the IIB 3 months after buying my new post chp7 home. I have a long post on this experience that can be looked at.
            - Everything I write is based on my own personal experience with buying a home post Chpt7 and short selling an IIB home. It is not professional or legal advice.


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