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smithsussane
Joined: 18 Sep 2008
Posts: 3738
Location: Alaska
561.45 Dollars($)
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Hi jamielynn,
You have mentioned that you sold of the property after filing Chapter 13 bankruptcy. I guess you've satisfied the loan amount after selling the property. In that case, the underwriter cannot claim that you're late on your Chapter 13 payments. I would suggest you to contact your bankruptcy attorney and get the issue resolved. If you've really been late on your Chapter 13 payments, then it would still be considered when 2 years have passed since your bankruptcy discharge.
As far as foreclosure is concerned, you've mentioned that you've sold off the property. In that case, the lender will not be able to foreclose the property anymore.
Feel free to ask if you have further queries.
Sussane |
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jsmith728
Joined: 24 May 2009
Posts: 4
3.20 Dollars($)
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Post subject: HI, SUSSANE |
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THANK YOU FOR THE INFORMATION....I need to clarify some information regarding being late for the mortgage payments.... I was never late with the trustee payments to the Trustee (if I was the plan for Chapter 13 would have been Dismissed with the Courts) I was late with some of the mortgage payments paid outside the plan. My credit report state I have been late 180 days to the Mortgage Company but that can't be true because I did some research through Bankruptcy Courts and it states..... Once you file bankruptcy, the creditor/lender can no longer report your debt as delinquent. So, except bankruptcy, no other debt affects your score after filing. But you can rebuild credit in 2 years. The bankruptcy on the other hand, stays on your report for 10 years but it doesn't affect your credit rating after the initial hit. The best thing is, when you file bankruptcy, the court sends a note to your creditors/lender preventing any activity against you. So, you can expect no further credit damage.
I beleive the Courts never sent notice to the Mortgage Company to let them know we were in Chapter 13 Bankruptcy.... Because since we filed in November of 2004 if kept on showing that we were late...... 180 days thats impossible because thats when we were starting our new payment plans.
Thank you
Jen |
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jameshogg
Joined: 20 Dec 2005
Posts: 4291
Location: nevada
509.34 Dollars($)
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Hi jsmith,
Generally the courts inform the banks if the borrower files for bankruptcy. It is quite surprising to me that the court has not informed your creditor about your bankruptcy. I think you should contact your bankruptcy attorney and discuss the whole issue with him. May be your bankruptcy attorney can send a certified letter to the lender stating that your debts are discharged in bankruptcy.
Thanks |
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Jen
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Post subject: hi, thank you again BUT |
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| Everything is Discharged and Paid in Full but the mortgage company we applied with is concerned about the mortgage payments in the Chapter 13 plan being late. My bankruptcy attorney nor my trustee can change anything now because we have been Discharged. Thank you |
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sunil87020
Joined: 04 May 2009
Posts: 251
-0.05 Dollars($)
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| Is there any time limit for new loan application after forecloser earlier loan? |
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sunil87020
Joined: 04 May 2009
Posts: 251
-0.05 Dollars($)
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| Also can we do new loan from same lender after forecloser of previous loan? |
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julie
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Post subject: filled bankruptcy/foreclosed on house after a bad divorce |
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| I just wondered I have never paid a bill late since my foreclosure/bankruptcy(05) I have a good amount of money saved for a downpayment and a steady job.. I've been house shopping what are the chances of being able to get a home mortgage? |
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jameshogg
Joined: 20 Dec 2005
Posts: 4291
Location: nevada
509.34 Dollars($)
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Hi,
To Jen,
If you are not late on your chapter 13 mortgage payments, then you should dispute it with the credit bureau. Once it is removed from the credit reports, I don't think lenders would reject your loan.
To sunil,
Lenders won't give you a loan immediately after a foreclosure. You will have to wait for 3-4 years in order to get a loan after loan modification. You can use this time period to improve your credit score and then look out for loans. If you can show that you have a good credit score and stable income, you can get a loan from the same lender who foreclosed your property.
To julie,
Your query has been answered in the given link:
http://www.mortgagefit.com/inprocess/about22564.html#98808
Please take a look. I hope it'll help you.
Thanks |
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Guest
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Post subject: One year after foreclosure... |
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| Our foreclosure is over a year old and I have no additional late payments, collections, etc. My credit score is about 665-670. What is the chance I will qualify for a mortgage with only 10% down? |
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smithsussane
Joined: 18 Sep 2008
Posts: 3738
Location: Alaska
561.45 Dollars($)
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Hi Guest!
Welcome to forums!
You'll have to wait for at least a year or two in order to qualify for a loan. Since the foreclosure took place just a year back, the lenders may not give you a loan right now.
Feel free to ask if you have further queries.
Sussane |
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sunil87020
Joined: 04 May 2009
Posts: 251
-0.05 Dollars($)
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Hi jameshogg,
Can we go for different lender as we have to wait upto 3-4 years?
Is it like that? |
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Realgeni
Joined: 13 Apr 2009
Posts: 1434
99.77 Dollars($)
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Guest
Welcoemto the forum
You will qualify for a FHa loan after 2 years and since yoru credit score is decent you shodul be ok
Good luck and feel free to ask |
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wiggs63
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Post subject: buying our home back after sale |
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Where were you when we had questions before we even went through bankrupcy and a foreclosure?
We were foreclosed on Sept of 2008, Chapter 7 discharged in April 2008 and evicted from our home Nov 2008. We have been renting a home ever since Dec 2008. We want to try and buy our home back, the bank did sell the house to a possible investment group for much less than what it was sold at, and they have since gutted the house and landscaped. What type of mortgage company / broker should we try to work with or would it be better to work with a 3rd party investor to see if they can buy the home back, that we built and wait a couple more years and try for a mortgage on our own? We have also been working on paying on bills that were turned over on our credit history when the chapter 7 was discharged, but we have not been able to save anything extra. |
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smithsussane
Joined: 18 Sep 2008
Posts: 3738
Location: Alaska
561.45 Dollars($)
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Hi wiggs!
Welcome to forums!
As you had filed Chapter 7 bankruptcy, it will be difficult for you to get a mortgage immediately. If you want to get a FHA loan, you'll have to wait for 2 years after the discharge of your bankruptcy. Before that, FHA lenders will not be ready to give you a loan. As far as conventional loans are concerned, you'll have to wait for 4 years before you qualify for a loan. Moreover, you should have a good credit score and stable income to qualify for a loan.
Feel free to ask if you've further queries.
Sussane |
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Regina
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Post subject: mortgage after foreclosure |
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| Hi, my husband and I both had divorces before we met each other. He filed for CH. 7 in 2005 and it was discharged in 5/2005. I filed for CH. 7 in 2005 and it was discharged in 3/2006. Both our houses went into foreclosures. His house never sold at the sheriff sale and went back to the bank. His house finally sold in 10/2007. Mine was sold to HUD in 4/2007. I heard that if the house doesn't sale after the sheriff sale it goes to the bank and the waiting period goes back to the discharge date before you can get an FHA loan again. Is that correct?? Or do we both have to wait until 3 years out from our foreclosures to buy again?? |
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