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mntnmama · Joined: 02 Jun 2009 Posts: 5 2.89 Dollars($)

Ok, we are 2yrs out of chpt 7 with decent credit and stable income no debt and no lates on re-established credit. We included a house in our chpt 7 and it reports as being included in bankruptcy not as a foreclosure. We have had one lender tell us we have to wait three years from when the house was actually taken back by the bank (1 year after chpt 7 discharge) and another manual FHA underwritter tell us that since it is reported as included we qualify now for an FHA mortgage. I am trying hard not to get too excited as we would love to be in a home again and am wondering if anyone has had a similar experience.

SSPINGARN · Posted: Tue Jun 02, 2009 6:40 am Post subject:

it tends to be tree years but wait about 5 or 6 months and start the process by the time closing rolls around and you find a house you should hit the 3 year mark

mntnmama · Joined: 02 Jun 2009 Posts: 5 2.89 Dollars($)

How does FHA see the foreclosure...if its listed on the credit report as included in chpt 7 and no other public records on file do they do a title search in our name during underwritting? we have been completely honest with broker and she says no problem but am hesitant to believe

SSPINGARN · Posted: Tue Jun 02, 2009 6:45 am Post subject:

the bk will show up on your title when they do a bk search

mntnmama · Joined: 02 Jun 2009 Posts: 5 2.89 Dollars($)

Do you mean foreclosure? We've sent the bk docs for review with the lender saying ok to proceed....just hoping we're not getting jerked around although I cant see what benefit it would be to them, possibly inexperience? Does manual underwritting help in this situation?

SSPINGARN · Posted: Tue Jun 02, 2009 6:52 am Post subject:

yes manual uw will help its all make sense

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FHA two years after Chpt 7