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Replies (7)
- Shane Milne, "ShaneTheMortgageMan"
- Contributions:463
When a home is included in bankruptcy it is considered the same severity as a foreclosure, and with FHA financing, it is 3 years from the foreclosure sale date (which is not always the same as the bankruptcy discharge date). Some lenders, on case by case basis', will go by the bankruptcy discharge date, but majority will go by the foreclosure sale date. If the bankruptcy and subsequent foreclosure was due to extenuating circumstances (such as medical) then with at least 12 months of re-established credit FHA programs can find it acceptable.
- Jonathan Himmelwright, "Mortgage Safari"
- Contributions:27
It would be considered as a Bankruptcy.
For more details on financing after a Chapter 7 -
For more details on financing after a Chapter 7 -
- Shane Milne, "ShaneTheMortgageMan"
- Contributions:463
It is definitely, 1000% (not one hundred, but one thousand percent) a foreclosure.
- zetroc
- Contributions:3
Thanks everyone for your responses. Appreciate it very much!
- Carl Ashton, "Carl Ashton"
- Contributions:86
I just did one and the client contested the foreclosure and had only the bankruptcy posted on all 3 reports was 13 months post BK
Rules vary lender to lender but here are our guidelines....
2 years post bankruptcy discharge ch 7
2 years from final repayment date ch 13
4 years on a foreclosure with only one allowable late in 12 months
Rules vary lender to lender but here are our guidelines....
2 years post bankruptcy discharge ch 7
2 years from final repayment date ch 13
4 years on a foreclosure with only one allowable late in 12 months
- Jonathan Himmelwright, "Mortgage Safari"
- Contributions:27
It's a Bankruptcy . . . 2000% - check your FHA guidelines. We close these type of files every month.
- katstoneberg
- Contributions:1
I was turned down because it was considered a foreclosure. The BK discharged in 12/09 and the darn bank didn't have sherriff sale until 2/28/12. Anybody help. Credit Score 698, $100k income, only other debt is $500 car payment. Bought a foreclosure with life insurance proceeds from husband and hardship withdrawal from 401k. Now need home improvement funds.
FHA loan after bankruptcy and/or foreclosure
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