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Hi guys,
My husband and I are in the process of purchasing a home right now. We received the pre-approval in September, and now have a contract as of two weeks ago. We've already made the Earnest Money deposit, the appraisal has been done, and the inspection is scheduled for Monday of next week. Here's the problem: I previously filed a Chapter 13 bankruptcy in 2008 that included my previous home that my ex-husband lost in foreclosure (BK discharged Nov 2013). I didn't think twice about it, but after reading SEVERAL boards regarding the waiting period for FHA loans after foreclosure I am now horrified.
Let me first say I did not intentionally avoid telling the loan officer in order to commit any act of fraud. I really didn't think to even discuss it because we gave all documentation requested, all credit reports, tax documents, bank statements, etc. Everything was reviewed in September, and then again this month. Since the property was included in the discharged BK I really didn't think to point it out and it wasn't discussed. So far my loan officer is saying everything looks great, but my concern is UW seeing a foreclosure that took place in 2006 and me not disclosing it. I've done so much to get my credit and finances back in order after my divorce, and I definitely don't want to risk my husband suffering due to my mistake (or face prison) over an application.
The property was sold back in 2007. Has as anyone ever had this issue? I want to do everything possible to help the process go as smoothly as I possibly can. I will be calling my LO in the morning, but just wanted some insight.
Thanks guys
I forgot to add that none of my reports reflect the BK now
I have a similar situation foreclosure (2009) x2! and chapter 13. I am just starting the application process, but I would think this was so long ago and it's not on your credit report, so it would be a non-issue. AGAIN, I really don't know what I'm talking about, I'm just saying what I would think. And by now your loan officer would have alerted you to any red flags. Keep me post and good luck. I bet it feels good to be back on track after your divorce ;-)
I feel you!!! LOL!! UGH! Live and learn. Mine was around the same time. And by your Diva72 we are the same age....
We FINALLY closed yesterday! I am so glad that part is OVER! We got the green light from our LO, and bought what we needed for our new home. Now the real work begins.....so glad I found this forum last year because it really helped me get where I should have been long ago.