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Foreclosure after Ch 13? and a new mortgage

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    Foreclosure after Ch 13? and a new mortgage

    My Ch 13 has been discharged. I was told by a mortgage sales manager that I won't qualify for any kind of mortgage until 2 years have passed after my discharge. I own a house which I may have to end up foreclosing on. I'm getting divorced, and I work over 2 hours from where my house is. Relocation is not an option. My house is worth much less than what's owed and there's a strong possibility I won't be able to sell it, since it's in a very rural area and it's in pretty bad shape thanks to my stbx. I have no more than 15 years left at my job until retirement and I'd rather own something in that time rather than rent. Are there any options for obtaining a mortgage if I end up foreclosing or having a short sale? Or can I get a mortgage now, somehow? I can't wait the 2 years until my discharge has passed (which would be December 2019) since I need to move by the end of this summer (I stay in the house my stbx owns and it will be on the market shortly). Thanks for any info.

    #2
    I had a house included in my bankruptcy that I did not reaffirm. I ended up putting it into rental status and buying a new house about 2 years after discharge. It will be tough to do anything in less than two years post discharge. A VA loan is an option in 1 year if you are eligible and have a good reason. Other than that you can look at owner financing, but you are taking on a lot of potential risk there. Is there a reason you can't rent for two years other than you may not want to move again? I know you want to own when you retire, but are you planning to stay where you are when you retire? You might be able to rent cheaper than buying and save up a bit before buying, and if you plan on relocating when you retire you might want to delay a house purchase for a while.
    Case Closed > 2/08/2010

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      #3
      I can rent if I can find a place that will take my cats. I also own firearms. I refuse to get rid of either. Also, if I wait the 2 years post discharge, if I can't sell the house I own now and am forced to let it foreclose or short sale, the clock for my house buying ability starts all over again, which now puts me out at at least 5 years post discharge. I only intend to be working another 10-12 years and then I am out of here. I don't live in a pension friendly state and it's already way too expensive to live here. Seeing as how I'll most likely be alone for the rest of my life, I have to plan as such.

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        #4
        Hi...speak to a mortgage broker about an FHA mortgage. You might be able to get that now..lots of paperwork but well worth it!

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          #5
          I did speak to a mortgage sales manager (title on his card). He said FHA has a 2 year wait from date of discharge, and didn't seem to want to go above and beyond to try and look into it more. Thinking I may have to look elsewhere.
          I've been looking online and many articles I've read show that I could've possibly gotten a mortgage while my bankruptcy was still active easier than getting one after discharge. Amazing how this all works.

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            #6
            Yes, look elsewhere. FHA loans are available before and after a Chap 13 discharge without waiting 2 years. Many FHA lenders have stricter requirements than FHA requires. Shop around and be clear that you filed Chap 13, not Chap 7.
            LadyInTheRed is in the black!
            Filed Chap 13 April 2010. Discharged May 2015.
            $143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!

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              #7
              I totally agree with Lady In the Red..the person you talked to was not your best choice. Make some phone calls to mortgage brokers. Someone should be able to help you.
              Filed Chapter 13 - 07/20/12
              Discharged 8/2/16

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                #8
                That's what I'll have to do. Thanks to both of you for the info.

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