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MY husband and I were discharged from our chapter 7 filing in may 2010. We

MY husband and I were discharged from our chapter 7 filing in may 2010. We did not reaffirm our home, however, living in nj, the foreclosure process is VERY long. So as of now, we are still in our home (oct 2011)-unpaid since May 2009- with no expected foreclosure date for at least another whole year (according to mortgage company's attorney)! (yes, thats 3 years unpaid and still in our home!) So given that the foreclosure can not be placed a second time on my credit report since the chapter 7 including the home already has been placed on my credit report....would I be eligable to purchase a new home 3 years from discharge OR 3 years from final foreclosure date??? (We obviously are staying in the home as long as possible to save as much money as possible, but would hate to find out that after final foreclosure date, that we still have to wait another 3 years to re purchase).

Asked on 1:27 pm Oct 13th 2011

Anonymous

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Hi Guest!

Welcome to forums!

You will be able to purchase a property 3-4 years after the final foreclosure. It would have been better if your property would have been foreclosed immediately after the bankruptcy discharge.

Feel free to ask if you've furthr queries.

Sussane