Bankruptcy and Mortgage Loan

[Anonymous]

Right, both our names are on the house.

We are 7+ yrs past the Bk, so we are over the 2/3 yr hump there, but i dont think we can get approved for two mortgages and since we would have to disclose the mort pymt as part of the application, its going to make near impossible to get approved for another loan even if we were to keep the first house and rent it out (which we've discussed)

OUr other option is to do the HARP but I've read that you cant do HARP if you did not re-affirm.  I have yet to talk the loan officer at our bank, but will be asking this question.  NO where on the Fannie Mae site do i see a mention of this, so not sure of the "real" answer.

But if we cant do HARP, not sure what we can do but be stuck paying on a house that will take years to recoup its value, which really sucks, but i know its unfortunately the reality that we will be stuck with. 

Makes me nuts cause i have a BOA second that we've been current on from day one....and if only I had defaulted on the damn thing, i could have gotten it wiped out by BOA this past fall with the huge group they forgave! 
And then i'd be able to sell this house and not lose $$.

[foofighter74]

There is always the option of walking away.  When the bank forecloses and takes the home back into their name, your FHA 3 year clock starts.  We had to wait 2 years to get past my wife's bankruptcy.  The time really does pass quickly, and you can use the time to save money, repair your scores, and build your income. 

[mbarrett]

not sure if this is the right area but i would like to buy a house. bk discahrged 5/2010 and mortage included however the bank didnt take ownership/deed until 8/2010 which is on public record. is there a way i can get the bank to use my bk date as opposed to the later date when the public trustee transfered ownership to the bank. fha requires 3yr waiting period.

[MovingForward_2012]

I don't think so and look! You are almost there anyway since it's April now. I would just wait.

However, you could apply for the mortgage and have the Broker send your file to the underwriter to see if it is okay to proceed but if not, it will cost you an inquiry and lower your score and you may have to make up the loss before you can apply again.

Just wait. You have waited 2 1/2 years already and have less than 6 months to go.