Chapter 7/ with home included, how long do I have to wait until I qualify for an FHA loan???

[tyler6883]

I filed for chapter 7 bankruptcy back October of 2008, it was discharged in June of 2009.  I did include my home in the bankruptcy. The home is now in foreclosure, still sitting on the market almost 3 years later having never sold. I'm confused on when I would qualify to purchase another home using an FHA loan? Do I have to wait for the house to sell, or am I going by the date of the discharge for bankruptcy???

[IOBA]

My understanding is that you need to wait a minimum of 2 yrs from the date that title changed hands.  If the house is still in foreclosure, and it's not completed, your clock hasn't started ticking yet.

[jenrhi]

I am in the same boat-except that my discharge date was 9/08 and my house is not even on the market.. the bank has yet to take any action. They pay the taxes and maintain the property and in the meantime, it sits in my name and from what I understand, our only option is to apply for a conventional loan. It really is a horrible situation to be in.

[StartingOver10]

I replied in your other thread. A conventional loan won't approve you either.

A hard money loan will but the terms and the interest rate are terrible.

Your "clock" starts from the date the deed transfers from you to the bank or from you to someone else.

You can accomplish this by completing a Deed in Lieu back to the bank (if they will accept it).

If they won't accept your Deed in Lieu, then do a short sale.

Do you have any idea why the bank hasn't started foreclosure proceedures yet?