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Getting a mortgage after a bankruptcy?

I have a 1st and 2nd mortgage, I have been paying for 2 yrs and recently found out that they were not reaffirmed. If I stop paying either or both, from my understanding, they cannot come after me for the balance, but how difficult would it be to get another mortgage or what can happen in my scenario? Just afraid of not able to get another house..
  • April 01 2010 - Trenton
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Answers (2)

I recommend proceeding with caution. Additionally I would be very surprised to discover that in fact your attorney has allowed you to continue making payments on a debt that wasn't reaffirmed. The other thing is precedence, you have been paying these creditors and giving them what the bankruptcy code refers to as preferential treatment.

A prospective lender may view this in a variety of ways; either way to renege now will hurt you and your already compromised credit history because it would reveal your willingness to walk away from a mortgage just because you can and when you ask a new lender to consider trusting you again, it will be a very difficult row to hoe.

My advice - seek legal counsel and then seek the advice of a lender or two you trust who are not just out to book a new loan. Start with the most conservative lender you know, your local bank or credit union.
  • April 02 2010
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Profile picture for DaveAndersson
FHA guidelines allow two years out of bankruptcy. Contact your BK lawyer and find out about the reaffirmation and its potential issues if you walk away. The lenders will probably report your delinquency if you stop paying on them.
  • April 01 2010
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