01-26-2013 02:39 PM
01-26-2013 03:03 PM
You can put it that way, but I dont think its really about ignoring. Their policies and requirements can change as fast as the INK dries on paper. lol
When you file for BK the home is already granted back to the Lender, unless other arrangements are made, in which case none of this applies.
The technicality is the home is foreclosed on during this proceeding, what the Lender does as far as when they transfer information is on them, and wouldnt impact the person who filed BK.
There are many reasons why this happens but mainly its there to help and protect the consumer. For example, you file BK, Bank sits on property for x amount of years, because the housing market is low or whatever the reason, it takes them 5 years to proceed with the foreclosure, should the consumer be punished because the Bank was doing whats in their best interest?
While filing BK you still have a waiting period to purchase a home and that waiting period is considered when a mortgage is included in the BK. If you include a Government Insured Home such as FHA for example, you have to also go by FHA requirements to purchase another FHA insured home after filing BK and included your FHA mortgage in the filing.
01-26-2013 03:42 PM
01-26-2013 05:48 PM
01-26-2013 06:00 PM - edited 01-26-2013 06:06 PM
Umm... being someone who filed Bankruptcy and had a Foreclosure happen AFTER the bankruptcy on a home that was included in my bankruptcy .... yes it does happen this way. Just because you include a home in a bankruptcy does not transfer it back to the lender. The only thing the bankruptcy does is get rid of the loan ... the deed of the home is still in your name. Hense people that do "ride throughs" where they include their home in the bankruptcy and then stay in the home and keep paying on it. So, in my case for buying a home I had to wait 2 years post my discharge and then 3 years post my foreclosure date (the date that the home transferred out of my name). This is the rule for most lending. For conventional I believe its 4 years post foreclosure date and programs like Navy Federal's 100% mortgage requires 7 years.
I was able to get preapproved before my 3 years post deed transfer but I am not allowed to close before the foreclosure is completely 3 years post. This is for FHA.
But, for the OP... if the actual deed was never in their name then the foreclosure should never have been attached to them. But I find it wierd that they came after the OP for the mortgages but the homes were not actually in their name? Maybe I'm just misunderstanding the posts.
01-26-2013 06:12 PM
01-26-2013 06:35 PM
Gotchya... but I guess I'm confused how you take out a mortgage in someone else's name but the deed is in another name? Are you allowed to put anybody's name on the deed that you want?
01-26-2013 06:55 PM
01-26-2013 06:57 PM
01-26-2013 07:03 PM