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yolandahoward · Joined: 07 Mar 2009 Posts: 3 2.47 Dollars($)

I was on title but not on home that was foreclosed. I filed ch.7 bk in CA. Can I get a mortgage?...I was on title but not on mortgage. The house foreclosed and was not put on my credit, but I filed ch.7 bk and listed the house. Now I am trying to get an FHA loan and was told I am responsible for the foreclosure since I was on title. Can this be? I am discharged under bk.Will this be included in the 3 year waiting period for a foreclosure even though its not on my credit report?

jameshogg · Posted: Sat Mar 07, 2009 11:18 pm Post subject:

Hi yolandahoward,

If you were on the title of the property and not on the mortgage, then you cannot be held responsible for the foreclosure. Foreclosure of the property will effect that person who has taken the mortgage.

As far as bankruptcy is concerned, if 2 years have passed from the discharge date, then you may get FHA loans. For conventional loans, you'll have to wait till 4 years after discharge.

Thanks

Guest

Hi,
When I fill out a mortgage application and it asks if in the last 7 years I have been involved in a Foreclosure, can I honestly say no, or do I say yes and have to explain later I was only on the title?

adonis · Posted: Mon Mar 09, 2009 12:16 am Post subject:

Hi Yolanda,

As your name was on the title of the property, you will not be considered responsible for the foreclosure. So you can say that you were not involved in a foreclosure.

Guest

I was in the loan modification application process with Chase Home Finance and was told that my foreclosure was postponed until the modification was approved. Well, I was making partial payments and Chase accepted them but they foreclosed without notifying us. It has been since 11/07 and we are told we can not apply for a new home loan until 11/10. We are trying to find a real estate attorney firm that will take our lawsuit case against Chase for wrongful foreclosure. Do you know how I can find a firm? And why do we have to wait 3 years? Thank you.

smithsussane · Posted: Thu Nov 26, 2009 9:11 pm Post subject:

Hi Guest!

Welcome to forums!

I feel it is not legitimate for the lender to foreclose the property when you were making partial payments and awaiting a loan modification. They should have informed you that your application for modification has been rejected. It is good that you've decided to file a lawsuit against your lender. You can check out the given page to get information regarding attorneys:
http://www.naag.org/contact.php

You should note that if your property is foreclosed upon by the lender, it will lower your credit score by 250 points and will remain on your credit report for the next 7 years. Lenders are, generally, not ready to approve a loan within 3-4 years of a foreclosure.

Happy Thanksgiving Day Smile

Feel free to ask if you've further queries.

Sussane

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