Compare Mortgage Quotes

Refinance Rates for Today

Please enable JavaScript for the best experience.

In the mean time, check out our refinance rates!

Company Loan Type APR Est. Pmt.

Mortgage after CH7 and foreclosure

Posted on: 19th Mar, 2013 11:15 am
Our Ch 7 was discharged in Jan 2009. We did not surrender the property, nor did we reaffirm. We kept making payments for the next year until we finally decided it was too much and notified the mortgage company that we would be moving out. We left in Feb 2010 and they didn't foreclose until October 2012.

How long do I have to wait to apply for another mortgage? The foreclosure shouldn't be reported on my credit report since the debt was included in the bankruptcy. I'm confused as to whether I have to disclose the foreclosure or if I can just disclose the BK.

Any help is appreciated.
Did you run a check on your credit report to find out whether or not the foreclosure has been included in it? Chap 7 bankruptcy will keep showing in your credit report for the next 7 years from the date of filing it.
Posted on: 19th Mar, 2013 12:06 pm
Welcome voyager,

Normally after a bankruptcy discharge, one should wait for 2-4 years to get qualified for a loan. However, if the foreclosure gets reported now, then you may again have to wait for 3 years. So, as per my understanding you may not be able to get qualified for a mortgage now. You may have to wait for 2-3 years.
Posted on: 19th Mar, 2013 08:04 pm
Page loaded in 0.043 seconds.