Qualifying for a new mortgage

[Anonymous]

My husband and I filed for BK back in June 07 and it was discharged in July 08'.  I was wondering if they look at the "date of discharge" or the "date of filing" to qualify for a mortgage.  After reading these forums I found that you can qualify for a FHA loan after 2 years but I don't know if its 2 years from discharge or filing.   We included our house in the bankruptcy and we have until June 18th 2009 to move out. I don't know if we should rent for 6months and try to buy a house of just wait 2 more years and try to get a new mortgage.

If your wondering why we've been in our house so long we filed BK chap 13 in June 07 and converted to Chap 7 in April 08'. We were going to keep our house so we continued to make payments but then at the last minute we decided to include house in BK since we were capped at a 10.6% intrest rate and didn't see any way to get that lowered.  We just wanted to start over.  We made our last mortgage payment in July 08 and in Michigan you have 11 months.

Thanks in advance for your answers. 

[Anonymous]

No one knows the answer????

[Anonymous]

Hi Jaismom,

I'm reading thru some of the posts and happened

to see your question. 

It's the discharge date.

In your case, that means your 2 years will be up in

July of 2010.

The time flies by quickly, so it's important to use it

wisely as you and your husband rebuild financially.

If you're in the market for a new car or secured credit cards,

do a search here in the forum. There's lots of useful information

to help you, and these are great ways to accelerate your recovery.

But once again, your BK discharge date and discharge papers

will be needed. 

Hope this helps. Enjoy your weekend!

CanDo

"The right attitude is everything" 

Message Edited by CanDoAttitude on 01-04-2009 06:16 AM

[ShanetheMortgageMan]

When a home is included and discharged through a BK it's looked at as the same as if you had a foreclosure, so since foreclosure guidelines are more severe than BK guidelines, you'd have to wait until you can meet the foreclosure seasoning requirements for an FHA loan.  Those requirements call for 3 years past the foreclosure date, which for you should be the BK discharge date.  If the BK & foreclosure was due to extenuating circumstances, such as medical, then after 12 monnths from the discharge & foreclosure, with perfect payment history, then you would be eligible for FHA at that point without waiting 3 years.