BK discharge 2011 did not reaffirm house now need out.

[StartingOver10]

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@0REDSOX7 wrote:

If you did not reaffirm your mortgage and kept paying (ie, Pay to Keep), and decide to walk away, the clock for your eligibility applies once the deed is transferred from your name, NOT, your discharge date.    The eligibilty is based off of the discharge only if you sell it via normal channels (ie, to a buyer, NOT a Foreclosure, Short Sale or Deed In Lieu)

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0REDSOX7, there has been a recent change for Fannie Mae type loans (conventional loans) and you don't need to show the deed as having transfered, just the Bk discharge and the clock starts from the discharge date. That is a good thing. The change was effective last year IIRC.

Here is the post and link by Shanethemortgageman  that gives specific info: http://ficoforums.myfico.com/t5/Mortgage-Loans/BIG-changes-to-Fannie-Mae-s-policy-regarding-mortgage...

[StartingOver10]

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@SoSoBorenNu wrote:

I just listed it yesterday by owner but did pay to have it put on the MLS- I hope someone bites quickly and I can break even and unload it.  Thanks for your response.

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Hopefully this will work. Are you close to market price or don't you know? Those MLS services don't necessarily give you accurate figures for market value. I have seen properties under priced substantially using those services and other properties overpriced using those services as well. Best to know so you can negotiate properly.

[0REDSOX7]

StartingOver10 - THanks for the update.

It is my understanding that for previous FHA loans, my post still applies then, yes?