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Foreclosure waiting period

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    Foreclosure waiting period

    OK I am confused whenever a home is included in a bankruptcy the result is a Foreclosure. The bank did not start the Foreclosure proceedings until now. All of the lending agencies – FHA, VA, FNMA, FHLMC, USDA and AHFA have a waiting period for foreclosures – this waiting period starts from the date of the foreclosure being recorded. Since you are in the middle of the foreclosure now – your waiting period will be 3 years from the date the bank records the Foreclosure Deed. The Bankruptcy does not dissolve the debt – it results in the bank foreclosing on the home.

    Is this a FACT ?

    #2
    The bankruptcy does dissolve your personal liability for the debt if you do not reaffirm the mortgage. But, it does not get rid of the lien unless you filed a Chap 13 and stripped it (or in perhaps some states a 7). A bankruptcy does not in itself result in foreclosure. Not making mortgage payments results in foreclosure. Many people keep paying after bakruptcy and keep their homes.

    Whether a lender will lend to you is a separate issue from whether BK results in foreclosure. There are many posts on the subject in the :Mortgage after Bankruptcy" section under "After the Discharge"
    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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