Advice Wanted - Thanks in Advance

[Anonymous]

Easier said than done regarding selling. The original loan was 110k balance now is 101k.  The tax value is 123K.  Like many areas selling a home these days is nearly impossible. 

[Anonymous]

I can understand that, but if you really want another house, you are probably better off trying to sell it for close to $101k. Tax value doesn't mean much if your community reassesses automatically for sales price. 

Essentially, it sounds like you can try to sell it, or you can wait 3 years from foreclosure date and probably it would take less time to sell it. 

[Anonymous]

Just a quick update after emailing my broker explaining the situation again. This is his response.

" I can not guarantee anything, but I do know FHA loan criteria are very liberal.  Basic requirement is a 620 middle score and proof of income showing the ability to pay. More than enough time has passed since you BK filing. You may not qualify for the best rate interest rate, but I do not foresee anything that would preclude you from purchasing a home. Stay in touch"

I want to again thank for all you that have responded everything you guys/gals have stated makes sense.  I wish I would have dug a little deeper when I filed in 06 instead of taking my lawyers word on it about reaffirming.  I guess if the mortgage thing does not work out I can attempt to reaffirm and my lawyer has agreed to reopen my case for 0 cost if I decide to do so. 

I am very hopeful.  

I will continue to update.