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Regina
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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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Niicss
Joined: 03 Oct 2005
Posts: 3227
Location: New Jersey
509.11 Dollars($)
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As the foreclosure sale has not taken place, the foreclosure will not be reported in your credit report. In such a case, the waiting period goes back to the discharge date of your bankruptcy. After 2 years of your Chapter 7 discharge, you can apply for a FHA loan. As far as conventional loans are concerned, you'll have to wait for 4 years.
_________________
Good is the Enemy of Great. |
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regina
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| so, if the bank sells the house to someone then do we have to go from the date the bank sells the house instead of the discharge date?? |
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Regina
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| Going back to the bank taking the house back after it did not sell at the sheriff sale. If someone buys the from the bank then does the foreclosure show up on the credit report?? |
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smithsussane
Joined: 18 Sep 2008
Posts: 4515
Location: Alaska
440.39 Dollars($)
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Hi regina!
Welcome to forums!
If the bank sells off the property now, then the date of foreclosure sale will be considered by the lenders before giving you a loan. If the foreclosure sale takes place, then it would be reported to your credit report.
Feel free to ask if you've further queries.
Sussane |
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Gracie
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Hello,
We foreclosed on our home in Nov 2007. The house sold in Jan 2008. We at that point moved into our other home which had been rented. My current credit score is 680 and all our payments have been on time. My Husband and I both have steady jobs and income. Is there anyway we can qualify for a loan at this time. We would like to purchase a new home since our current home is too small for our family and place our current home back as a rental.
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smithsussane
Joined: 18 Sep 2008
Posts: 4515
Location: Alaska
440.39 Dollars($)
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Hi Gracie!
Welcome to forums!
You won't qualify for a loan so soon after the foreclosure sale of the property. You'll have to wait for 3-4 years in order to get a mortgage. Moreover, a credit score of 680 will only help you in getting a FHA loan. You won't be able to apply for conventional loans as it requires a credit score of 720-740.
Feel free to ask if you've further queries.
Sussane |
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why me
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| just went thru a money hungry devorice.house up for foreclosure and just went thru a auction and yes ,a buyer came forward.i have a second moregage and theres enough to satisfie the first moregage.what happens to second lender even thru ive been stripped of money or no money at all. i dont want to go bankrupt.i still have my job,what are my rights and what can they do to me? |
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dslla05
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Post subject: deed in lieu of foreclosure |
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| is it the same amount of time if you go this route to try to get a house. and how much of a hit will i take on my credit |
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jameshogg
Joined: 20 Dec 2005
Posts: 5167
Location: nevada
645.98 Dollars($)
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Hi Guest,
You will be liable for the second mortgage though you sell off your property for a lower amount. The second mortgage lender will ask you for the payments immediately after you sell off the property. If you are unable to clear the debts, then the lender will charge off the loan to a collection agency.
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martha
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how dificult is to get a loan using the credit score from one and the income from another.  |
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jameshogg
Joined: 20 Dec 2005
Posts: 5167
Location: nevada
645.98 Dollars($)
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Hi martha,
Both the persons should be on the property deed as well as on the mortgage in order to get a loan. Moreover, it will depend upon the lender as to whether or not he would give a loan.
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bikerLarry
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Post subject: Tax liability after foreclosure |
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| I have a rental property that I owe $138,000 mortgage with a monthly payment of almost $1200. I cannot rent it for more than $850 and I can't continue making the mortgage payment w/out completely draining my savings and then I'll have to let foreclosure occur anyway. The house is currently worth about $105,000. If I let the bank foreclose what are my tax liabilities? |
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smithsussane
Joined: 18 Sep 2008
Posts: 4515
Location: Alaska
440.39 Dollars($)
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Hi bikerLarry!
Welcome to forums!
If the lender forecloses the property, he will sue you for the deficient amount resulting from the sale of the property. If you pay off the amount, then there would not be any tax liability. However, if the lender forgives the deficient amount, then you would be liable for paying taxes as the forgiven amount may be considered as your income.
Feel free to ask if you've further queries.
Sussane |
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helen
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Post subject: down payments |
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| what if I put half down on a mortgage? is it sure thing? I have had some judgements several years ago, but no foreclosure or bankruptcy. |
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