Wait time Conventional/Foreclosure debt included in bankruptcy?

[picjmp]

What is the wait time to get a conventional mortgage if I had a forclosure and the mortgage debt from the forclosure was included in a chapter 7 bankruptcy. I have done the research and thought that i knew the answer, which I was under the impression was a 4 year wait. The loan officer that we have been speaking with informed us today that the wait was 7 years. He even spoke with his underwriter and they told him 7 years also. I did the research on fannie maes website and still believe it is 4 years if the mortgage debt was included in the bankruptcy.

My previous mortgaged property was forclosed (sold at auction) in September of 2013. I filed chapter 7 bankruptcy in October of 2013 and included the mortgage debt in my bankruptcy petition. The bankruptcy was discharged March of 2014. It has been 4 years today.

[H-B]

You are reading right guidelines but technically your home was foreclose before Chapter 7 discharge. So foreclose guidelines will applied to you. You can still get mortgage under FHA.

[picjmp]

Thanks for your imput. Fannie Mae guidelines doesn't state whether the foreclosure must be before or after the bankruptcy. It only states "the mortgage debt from the foreclosure must be included in the bankruptcy for the 4 year wait to be applied". The exact wording of the fannie mae guidelines relating to this question is below. 

Foreclosure and Bankruptcy on the Same Mortgage

If a mortgage debt was discharged through a bankruptcy, the bankruptcy waiting periods may be applied if the lender obtains the appropriate documentation to verify that the mortgage obligation was discharged in the bankruptcy. Otherwise, the greater of the applicable bankruptcy or foreclosure waiting periods must be applied.

[H-B]

Mortgage debt was included after foreclosure. So foreclosure guidelines will applied.  I know its confusing but this is right information.  You can still get mortgage under FHA and your can refinance once waiting period end.