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Mortgage after foreclosure - 5 Tips to qualify for a new loan

How difficult is it to get another home mortgage after a foreclosure? Also van anybody tell me how to qualify for mortgage after foreclosure?

adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Welcome Isacmar,

You can get another mortgage after foreclosure even after 1-2 years of the auction taking place. But that would require you to pay higher rates of interest. So, it is better that you try to improve your credit which will be damaged by foreclosure and then start off with a mortgage.

One more thing is that, the credit effects of foreclosure will get reflected in your credit report and this will continue for long 7 years. So, try and rebuild your credit and only then proceed to take out a big loan such a mortgage.

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jenkin7's picture
jenkin7 | Joined: June 4, 2007 11:02 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hello Isacmar,

It is indeed difficult to obtain mortgage after foreclosure but it is not impossible. It definitely affects your credit report but with careful planning you can get a mortgage. The foreclosure stays in your report for as long as 7 years and mortgage lenders generally focus on the last three years of your credit history when they consider your application.

It is best to wait for 2 years after the foreclosure and then get into another mortgage so that you can build a good credit in the meantime. But sometimes a large down payment and a good credit score might assist you in qualifying for a mortgage after foreclosure. You may also request for quotes from the sub-prime lenders who usually offer loan to people with bad credit.

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liaoyu03's picture
liaoyu03 | Joined: September 9, 2007 08:43 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

It's approximately two years after gettng another mortgage loan after a foreclosure. And it depend on your credit too.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

what will happen to my foreclose if i file for BK.
and how long am i be able to buy a house again
with bk/foreclosure on my records.

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Caron's picture
Caron | Joined: July 19, 2005 08:37 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi mo,

welcome to our forums.

If you file bankruptcy, be it chapter 7 or 13, it will legally prevent the lender from filing foreclosure. But which of the chapters have you filed?

[quote:b3933ebc83]how long am i be able to buy a house again
with bk/foreclosure on my records.[/quote:b3933ebc83]
You have to decide whether you'll file bankruptcy or go for a foreclosure. I would suggest trying chapter 13. But you'd have to check if you qualify for chapter 13 . Also, talk to a bankruptcy attorney to find out your chances of qualifying for Ch 13.

Regarding buying another home after bankruptcy, it depends upon the chapter you'll file.

good luck

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I have filed chapter 7 BK and have been discharged. My husband just lost his job so now we will probably have to foreclose on our home. Is there anyway for me/us to quailfy to buy a home/condo for like 130k if we put 40k down? My credit is still okay even after BK.

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adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi bittersweetwoman,

You haven't mentioned which chapter you had filed. As far as I know, if you had filed chapter 7, then you will have to wait for 2 years after discharge to get a FHA loan and for conventional loans you will have to wait for 4 years.

In case of Chapter 13, you can try for FHA loans after 1 year of discharge. For conventional loans, you will have to wait till 2 years after discharge. So if you fulfill these guidelines, you may apply for a loan.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I have filed foreclosure a year ago but I was surprised that my credit score did not go down that much. As a matter of fact, I just checked it recently it is more than 700. Could it be because it did not affect my credit score yet? Also, I have been saving money. Do you think the houses are even going to go down further since the economy is not getting better and when is the time for me to buy a house with a lower interest rate? Thank you.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

we have an investment property we are thinking about letting the bank take back how will that affect our credit and for how long?

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

To Mj:

I suppose the lender hasn't yet reported the foreclosure to the credit bureaus. That is why it isn't refleted on your credit report yet. As for buying the house is concerned, you could do i now because fixed rates are quite low now, that is, within 5.5% (national average).

To lmkeef,

If you allow the bank to take back our investment property, obviously it will affect your credit by 200 points or so. The negtiave item will stay on your credit report for 7 years, though if you rebuild credit, you can buy another home or property with a mortgage after 2-4 years.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi I am a 36 year old woman and I have to do a speech to my peers at work. I want to do foreclosures but I cant say anything that is wrong. Well i know some things but I need more. Can anyone just please help its due Feb the 17th 2009.

Thanks,
anonymous

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adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Kristi,

You can check out the following link to get ample information about foreclosure:
http://www.mortgagefit.com/foreclosure.html

I hope it helps you.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

My husband and I bought a home in AZ in 2006 for $400K. At the time, it was a great deal. Now, the home is probably worth $280K if that due to foreclosures. Our mortgage has increased due to taxes (scam)and we will never recoup what we've lost. We are considering letting it go and starting over. None of our accounts are currently delinquent and we have a good dual income. If we did this, what kind of credit drop should we look forward to. Last time we checked, we were in the 700s.

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adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi guest,

If the lender forecloses the property or if you go for a deed in lieu, your credit score will drop by 250 points. If you go for a short sale, your credit score will drop by 75-100 points.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi, I filed chapter 13 and had it discharged in January of 2008. My credit score is 618, and I do have a significant down payment for a morgage. I would be taking that money from my IRA. My monthly payment could also be taken from that account. what are my changes of obtaining a mortgage and should I just wait another year to get a better rate

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jerry's picture
jerry | Joined: October 17, 2005 03:24 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi anonymousnonni,

It is always good to wait for atleast 2 years after a discharge from [url=http://www.mortgagefit.com/bankruptcy/chapter13.html]chapter 13 bankruptcy[/url] to get better rates and terms. Since you have good credit score and you can also put down considerable amount on mortgage, I think you can easily [url=http://www.mortgagefit.com/Mortgage-Basics/do-i-qualify-for-a-mortgage.h... for a mortgage[/url]. But waiting for another year would be worth your while as you will then have a lot more good options to choose from.

Thanks,

Jerry

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

HI I HAD A FORECLOSURE IN AUGUST OF 08 BUT I FILED BK CHAPTER 13 TO AVOID LOSING MY HOUSE. SHORTLY AFTER I LOST MY JOB AND MY HUSBAND COULDNT KEEP UP W THE PAYMENTS SO WE LOST OUR HOME. NOW WE HAVE A DISMISSAL FROM THE BK. DO YOU THINK ITS POSSIBLE TO GET ANOTHER MORTAGAGE ANY TIME SOON. NOW OUR FINANCIAL SITUATION IS STABLE BUT OUR CREDITS ARE NOT. PLEASE LET ME KNOW IF I HAVE ANY PROBABILITIES AND THANK YOU.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi MILNANI,

Considering the current market situation, it might not be possible for you to get a mortgage. You may get one, but you will hae to pay higher rates for that. Generally, it is advised that you wait for atleast 2 years after a chapter 13 discharge before you apply for a mortgage. This will help you get better rates. The time will also give you an opportunity to build your credit and qualify for a loan in future at ease.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

My ex and I are divorced in status only. I moved out of the home 3 years ago and paying rent in an apt and he has been living in our home and paying the mortgage. Since I haven't been in contact with him for over 3 years he let the home foreclose. I was never notified of the proceedings or of anything. My credit was good but now terrible. I have a good stable career and make good money. My credit independent of his was good. Is there any way that a lender consider my credit history alone to qualify?

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jerry's picture
jerry | Joined: October 17, 2005 03:24 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi det,

If you want to get a loan in your own name, your credit history alone would be taken into consideration by the lender. Your husband's credit history won't make a difference. You have a stable income which is a plus point in getting a loan. However, as your credit has taken a hit of late, your lender may ask you to pay down a considerable amount or may ask for higher interest rate.

Thanks,

Jerry

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi, My ex husband and I bought a house in 1996, we seperated and He kept the house. Although he tried eventually the house was forclosed on in 2002 however it was not sold until 2006 but the judgement was not paid until 2008. I have been trying to buy after getting my credit in line but am still being turned down because of the forclosure. Anyone have any suggestions as to what I can do to get this problem solved without just having to wait untill 2011?

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savior70's picture
savior70 | Joined: March 25, 2009 05:14 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi

Are you being turned down because of your credit that took a hit due to the foreclosure? However, there doesn't seem to be any other way for you but to wait a few more years.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I have been told by a mortgage broker that I cannot qualify until 3 years after auction of my foreclosure. Its been 2 years already. Any advice on who I can try to get a loan through?

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savior70's picture
savior70 | Joined: March 25, 2009 05:14 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi

It is better to wait a little longer as this will help you get a better deal. The lenders find it risky to offer loan to borrowers who have suffered a foreclosure in recent past. But you can still qualify for a loan, provided you're ready to pay higher rate of interest on it. But it would be worth waiting for some more time to get a loan at affordable rates and terms. However, you can go for a no obligation free consultation with the community lenders of this forum and see what they have to offer you.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I read an article on CNNMoney.com that states a FICO score will drop the same with a short sale as with a foreclosure. But I read a lot here that states a big difference in the drop. I've seen other articles quoting the same drop too. Which is correct?

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adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi MikeB,

I am not an expert but while participating in this forum I have seen experts saying that in case of short sale, the credit score may drop by 80-100 points whereas in case of foreclosure, the credit score will drop by 250 points.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

My ex has gmblng-addiction, because of that he gambled us in foreclosure and BK which happened 7 years ago.Currently I have good stable job, my credit score is 680.I have been paying my credit card bill and student loan faithfully.Is there any chance I can be quilified for mortgage?

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jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi justme,

I don't think you'll face issues in getting a mortgage as 7 years have already passed since you filed bankruptcy. With a credit score of 680, you'll be able to get a FHA loan. However, if you are planning to get a conventional mortgage, you will have to improve your credit score and raise it to 720.

Thanks

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I am going through 2 investment foreclosures,all my other mortgages and credit is perfect,this is my first bad credit ever..in over 30 yrs.I have a strong income and wanted to know how long I have to wait to [url=http://www.mortgagefit.com/refinance.html]refinance[/url] my home loan or if I could refinance with my current equity lender?How long will it take?

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jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Karen,

As far as I know, you won't be able to refinance the loan immediately after the foreclosure. You'll have to wait for at least 2-3 years in order to refinance.

Thanks

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

ok.What if I did a loan mod with the lender?Would that enable me to refinance if I modified the loans instead?Since I am in default anyway on those 2 loans would I have to wait 2 yrs anyway?

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

We had a foreclosure in 07/2007. We are currently renting have done so for almost 2 years now. We were told previously that we could get a mortgage if we show proof of rent checks. I have all the information they require and they still say no mortgage. My current home has Chinese Drywall and it is affecting our health. I need to know what we can do to get a mortgage asap.

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smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi!

Welcome to forums!

To Karen,

You can [url=http://www.mortgagefit.com/refinance.html]refinance[/url] the loan immediately after loan modification. You will have to wait for at least a year and then refinance the loan.

To lynn,

As you have a foreclosure in your credit report, you'll have to wait for at least 3-4 years in order to get a mortgage. I don't think lenders would offer you mortgage before that.

Sussane

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

CAN THEY STILL BE ABLE TO BUY AHOUSE.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

We recently pulled our home out of foreclosure by working with our mortgage company and have a loan modification set. We would really like to sell this house as soon as possible but wonder if we could even get another loan for a different home. Any suggestions? What steps should be taken? Who would be the best company to contact?

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jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi,

To THERESA,

Yes, though you file bankruptcy, you'll be able to purchase a property. Though a bankruptcy will remain on your credit report for 7-10 years, you will be able to get a mortgage within 2-4 years.

To anonymous,

If your credit is good and if you have a stable income, then I don't think you'll face problems in getting a loan though your current lender has modified the loan.

I would suggest you to speak to a few lenders and check out what type of terms and conditions you are receiving. This will give you a fair idea about the present market rates and it will also help you to judge whether you'll be able to afford the loan or not. You can also speak to the lenders of this community and seek a no obligation free mortgage consultation. This will let you know whether you will be getting a loan or not.

Thanks

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I had a Foreclosure of my home back in 2006. I had moved out of the home and got an apartment before the foreclosure had taken place. My ex was in the home occupying it and didn't pay the mortgage. Currently i got married and my husband and i want to look at buying a home. Will my foreclosure mess up the chances of us being home owners? Is there anything that we should do when trying to buy a home together?

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smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Ducati!

Welcome to forums!

A foreclosure will remain on your credit report for 7 years like any other negative item. The lender will come to know about your foreclosure. There are chances that if you jointly purchase the property, you may have to pay higher rates of interest. However, if your husband does not have a negative item on his credit report, then he can take a mortgage in his name alone.

Feel free to ask if you have further queries.

Sussane

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

So we just recently had a foreclosure but we still have decent credit. Would a lender be more lenient if they see that our credit score is still good & that we have no other problems w/ our credit. With the housing so low right now I'd hate to pass up this opportunity to buy a home.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

We are about to go into foreclosure on our $800,000 mortgage. However we will be able to make a down payment of $125,000 on a $185,000 home. Will we be able to get a bank to lend us this $60,000 within a couple of months after our foreclosure?

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adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi,

To Amy,

I don't think lenders would be lenient enough to grant you a loan if he finds that you had a recent foreclosure. Though your credit is good, you'll have to wait for 3-4 years in order to get another loan.

To Beverly,

No, the banks won't be ready to lend you money after couple of months after your foreclosure.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

How long I have to wait to get a mortgage after chapter 7 I was told you can get it 1 day after discharge? :oops:

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jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi stacey,

After the discharge of [url=http://www.mortgagefit.com/bankruptcy/chapter7.html]Chapter 7 bankruptcy[/url], you will have to wait for 2 years to get a FHA loan and 4 years to get a conventional loan.

Thanks

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi, my name is Jen and I need help …. I was told by my mortgage Broker (Suburban Mortgage) that we would be qualified for a mortgage even though we have been only discharged a little more than a year ago… we sold our house due to being told by the courts in [url=http://www.mortgagefit.com/bankruptcy/chapter13.html]Chapter 13 Bankruptcy[/url] Courts to sell in January of 2007. Since then all of our debt was removed and satisfied. So since the last 2 years we made sure we paid all our bills, rent and even improved our credit history but now the underwriter for FHA is giving us a hard time because in Chapter 13 we made our payments to the mortgage late and the reason why was being my husband lost his job and no money was coming in. (PS….. the credit report state we have been late since we started Chapter 13 in November of 2004 for over 180 days late even though that’s when we started Chapter 13 they the mortgage company never changed the credit reports it kept on saying we were late over 180 days since the beginning……)

Our trustee and our attorney told us the only thing we needed to pay was his trustee payment of $50.00 until we sold our house.

Prior to us using this Mortgage Company we were told we should not have any problems due to filing Chapter 13 now we are…. I really thought the Underwriter was going to consider the pros and cons and make a decision regarding our Present Situation…..(I was told if the underwriter does not approve then they will have a Committee Hearing to decide if we are qualified is that true???) We even got a LSR before even looking at houses and they the mortgage company was well a ware that we were had been in Bankruptcy and had been discharged, they had our paper work since last year…. We are in a Contract now and I so nervous that we will not be approved and get the house because we where late with our mortgage payments prior to the sale of our house. Can you please help to let me know if we still qualify for a FHA Mortgage???? Please Help!!!

And ever since then when we sold our House in January 2007 paid all our debt from the proceeds of the house, we improved our credit score and paid everything on time for over 2 years we still have NO chance to get a mortgage? My last question…. when it is officially “2 years from Discharge” will the underwriter disregard being late during Chapter 13. I really do appreciate you taking the time to help…

One more question…sorry if we had let the house go into foreclosure we still would have to wait 2 years to qualify for a loan too, right?

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smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

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's picture
jsmith728 | Joined: May 24, 2009 10:11 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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 [url=http://www.mortgagefit.com/bankruptcy/chapter13.html]Chapter 13 Bankruptcy[/url].... 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's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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's picture
sunil87020 | Joined: May 4, 2009 09:20 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Is there any time limit for new loan application after forecloser earlier loan?

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sunil87020's picture
sunil87020 | Joined: May 4, 2009 09:20 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Also can we do new loan from same lender after forecloser of previous loan?

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