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meghartmacy
Joined: 29 Jul 2010
Posts: 3
2.29 Dollars($)
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Post subject: Property discharged in Chptr 7 Can I get new home loan? |
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I filed a Chapter 7 in Dec 2008. I petitioned to keep my house but everything was discharged and the house was not reaffirmed. I still make my monthly payments on time but have had so many problems with the house- I lost 1/2 of my home (Finished basement)when after a flood-the sellers did not disclose and hid black mold behind walls) 3 months to the day of purchase so I had been making due with 1/2 a home and gutted basement.
I was recently remarried, now a family of 4 and would like to start over. the value has dropped over $50,000 on what is owed and we are very frustrated.
I understand that I am not obligated to pay since the property was discharged and that the bank can foreclose on the house. We found a great property from a friend who is willing to wait until the date when my discharge will be 2 years. If the current house has already been discharged and it does foreclose or I request a deed in lieu 1) will the foreclosure/deed in lieu show on my credit report? and 2) will it prevent me from being able to get a mortgage for a new home?
We just want a fresh start and morally are not comfortable selling the house because of the problems we had and the fact that it is already discharged and would not sell for what is owed anyway. We really need guidance as our #1 goal is to get a mortgage for a new home for our family in a home that is 1) safe and 2) large enough for our growing family.
Thank you for your help! |
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sara
Moderator
Joined: 05 Jul 2006
Posts: 2645
Location: New Brunswick, New Jersey
488.43 Dollars($)
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bdazzled
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Post subject: getting motgage after a bankrupcy and forclosure. |
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| my bankrupcy has be discharged since 10/10. I just got an intent of forclosure on my house which was included in the bankrupcy. i do have good income and am looking to find out when I would be able to get a mortgage. |
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smithsussane
Joined: 18 Sep 2008
Posts: 10030
Location: Alaska
919.49 Dollars($)
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Post subject: |
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Hi bdazzled!
Welcome to forums!
Depending upon the type of bankruptcy you file, you will have to wait for 2-4 years in order to qualify for a mortgage to buy a new property.
Feel free to ask if you've further queries.
Sussane |
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ErinA
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Post subject: Foreclosure |
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| At this point Aug, 2010, how long does it have to be since the foreclosure before a conventional loan will get approved? |
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adonis
Joined: 22 Oct 2005
Posts: 10250
Location: ALASKA
1043.57 Dollars($)
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Hi ErinA,
You need to wait for 3-4 years after a foreclosure in order to qualify for a mortgage.
_________________
Procrastination is the enemy of your financial success |
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Theresa
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Post subject: mortgage deed dilema |
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| I am in the midst of a heated divorse. The mortgage is in soley my EXs name (not mine) however the deed is in both his name and mine. He claimed bankruptsy but did not reaffirm the mortgage. Since I am not on the mortgage but I am 50% owner of the home, where do I stand? |
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jameshogg
Joined: 20 Dec 2005
Posts: 10158
Location: Nevada
943.34 Dollars($)
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Post subject: |
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Hi Theresa,
You're not responsible for the mortgage dues as your name is not mentioned on the mortgage deed. You can sign a quit claim deed and transfer your share of the property to your ex. Thus, you will be released from all liabilities toward the property.
Thanks |
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Dee
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Post subject: Buying a home 2 years after a BK that included our house |
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I am trying to find information on the web, and not succeeding finding consistent information, regarding what the rules are and what loans we might have as options, to buy a home. We were hoping to buy a home in April 2011, or shortly thereafter, which will be the 2 year anniversary of our bankruptcy's discharge. However, a local lender has told me because our house was foreclosed upon (and sold at a trustee's auction one month later, in May 2009), that regardless of our BK being 2 years old, we'll have to wait til May of 2012 now to buy a house. My lender says once 2 years have passed officially for our BK however, we could do a letter of explanation and request a special dispensation of the 3 year rule and see if the lender will grant it to us. (We ended up having to file BK several months after I lost my job, once negotiations with our mortgage company failed to lower the payment to an amount we could afford on just my husband's income). We should have only about $8k to put in to the house or closing costs and we are looking in the price range of $175k to $200k. Our credit has rebounded quite well since the BK ( no lates on one car loan, personal loan and a perfect 2 year rental history and now a small credit card for each of us have helped repair our credit to mid 600's in less than 2 years). With all this, we are still being told NO to getting a new mortgage loan unless we are lucky enough to get an exception, and from what the web has to say, that doesn't look likely.  So I guess we'll have to wait another year and a half, dump more money into a rental instead of our own home, and hope the market around here is still low unless someone has some hope to throw our way?  |
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smithsussane
Joined: 18 Sep 2008
Posts: 10030
Location: Alaska
919.49 Dollars($)
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Post subject: |
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Hi Dee!
Welcome to forums!
Your lender is correct in saying so. Though 2 years will be over for your bankruptcy discharge in 2011, you will have to wait till 2012 as there is a foreclosure listed in your credit report. After a foreclosure, you'll have to wait for 2-3 years in order to qualify for a mortgage.
Feel free to ask if you've further queries.
Sussane |
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dan ray
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Post subject: home loan |
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| im in a forclosur working on modification plan to sell should bring more than owed on home. moving to a nother state .how do i get a mtg. with this on my credit thank you |
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jnhartin@comcast.net
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Post subject: Loan |
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| Client is 2 yr 5mo past a foreclosure. Trying to get financing, any help? |
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smithsussane
Joined: 18 Sep 2008
Posts: 10030
Location: Alaska
919.49 Dollars($)
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Post subject: |
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Hi!
Welcome to forums!
Hi dan,
If your property is foreclosed by the lender, then you won't be able to get a mortgage immediately. If you have a mortgage in your name and have defaulted on the payments or facing hardship to pay off the dues, you won't get another loan to buy a new property.
To jnhartin,
After a foreclosure, the person has to wait for 3-4 years in order to qualify for a new loan. I would suggest your client to wait for few more months and then apply for a mortgage.
Feel free to ask if you've further queries.
Sussane |
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A.K
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Post subject: foreclosure |
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i had forecloure on my house in 2007
i am renting a house and paying $1400 per month rent
looking for a new home loan
please advise |
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smithsussane
Joined: 18 Sep 2008
Posts: 10030
Location: Alaska
919.49 Dollars($)
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Post subject: |
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Hi A.K.!
Welcome to forums!
You had a foreclosure 3 years ago. In such a situation, you'll be able to get a mortgage to buy a new property if you have improved your credit score and have a good financial situation now. You should contact local lenders and start applying for mortgage.
Feel free to ask if you've further queries.
Sussane |
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