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mimi · Joined: 06 May 2011 Posts: 1 1.31 Dollars($)

did a chapter 7 mortgage debt was dicharged 2008.lenders have not forcloused yet. but me and my husband will like to buy a new home. can that still happen if are name is still on title. but we are legaly free of the debt. Please help.

chrisgummerson · Posted: Fri May 06, 2011 10:14 am Post subject:

If you are 2-3 years out of discharge, then you are good on that requirement. You would need to have re-established credit and sufficient income. Also if they home has not been foreclosed on, it could haunt you later when they do on your credit. If the credit only shows the bk then you are ok, if it shows a recent foreclosure, then you have to wait 3 years from foreclosure.

Guest

thanks for you response!! it shows discharged on credit. but name is still on title its in default we checked public records. but will that stop us from getting into new home now

jameshogg · Posted: Fri May 06, 2011 8:39 pm Post subject:

Hi eze,

There are chances that you may face difficulties in qualifying for a mortgage as the property is still in your name. When you apply for a loan, the lender will want you to sell off the existing property. But again, as Chris says, if the property goes into foreclosure, then you need to wait for another 3-4 years in order to qualify for a mortgage.

Thanks

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