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My husband and I filed for Chapter 7 bankruptcy in July 2006, and it was discharged in October 2006. Our mortgage was included in the bankruptcy. We continued to make our mortgage payments but due to the bank applying our payments incorrectly it went into foreclosure in January 2010. My husband purchased the house before we were married so I am not on the loan. I just looked at his credit report through Experian and it shows that he has no mortgage accounts. We are currently waiting for the bank to approve the offer that was made on our home as a short sale.
My question:
Will my husbands credit be damaged more by this short sale/foreclosure even though it was included in the bankruptcy back in 2006?? His credit score is currently 652 and mine is 655. How long should we wait to get another mortgage? Can we get one now or should we wait?
Thanks so much!

jameshogg · Posted: Sun Mar 14, 2010 8:53 pm Post subject:

Hi mellissa,

The short sale/foreclosure will have a negative affect on your husband's credit report even though it was included in bankruptcy. However, the lender will not be able to come after your husband for the deficient balance resulting from the sale of the property. After a short sale, you may have to wait for 2 years in order to get a loan.

Thanks

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Foreclosure nearly 4 years after Bankruptcy