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Replies (4)
- Candace Camacho, "CandaceCamacho"
- Contributions:420
Hello,
I would recommend reaching out to a lender in the our professional directory.
Thanks,
Candace
Zillow Customer Support
I would recommend reaching out to a lender in the our professional directory.
Thanks,
Candace
Zillow Customer Support
- fathergolf
- Contributions:1
Yes it is three years from the house sale. My chapter 7 was discharged 15 months before the house sale so it was 3 years from that date.
- Rebecca Byrd, "byrd2160"
- Contributions:1
The bankruptcy will only affect your ability to qualify for a mortgage for about the first 2 years, but that depends on the bank you are applying with. Some banks require you to be out of a bankruptcy for up to 5 years while other bank may require no time limit of 12 months. It would be best to shop around.
- anachykln
- Contributions:1
OMG, I have the exact same situation- with the exact same dates. For the past couple of months I've had brokers tell me how I qualify for a new home purchase so I tried it. It was a nightmare. There was a home that I fell in love with and at the end it it didn't work out. If it's an FHA mortgage which I tried for it has to be the date of the foreclosure deed transferred out of your name, which in your case is Feb 2011. I've even tried to put a larger downpayment to overcome it and it didn't even help. I also paid for an appraisal-money lost because I ended up getting a denial right before closing. I've asked 3 lenders the same question and they advised me that it's from the date of the foreclosure transfer. This being said I feel that it should be changed as banks are not willing to foreclose quickly enough especially since you include it in your BK. I've had an explanation for the BK and proved to have excellent credit prior to and after BK, but they didn't want to listen.
I wish you best of luck! And hope you don't have to go through what I went through because it was horrific! No one should ever go through that. Please let me know how things work out for you!
I wish you best of luck! And hope you don't have to go through what I went through because it was horrific! No one should ever go through that. Please let me know how things work out for you!
Mortgage after Foreclosure
So, my Chapter 7 is 3 years this August 2012 after Discharge. The sale date of my foreclosed house was Feb 24, 2011. So, does this means that i can not apply or buy a house 3 years after the foreclosure of my old house which was also inluded in my Chapter 7 BK? Please clarify.
So, if that's the case are ther any other loans or options i have to buy a house at this time? My credit score is about 660, with 1 unsecured credit card and car payment.
Thank you
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