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confused about chap 7 seasoning, approved but then questioned???

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giazma5
Member

confused about chap 7 seasoning, approved but then questioned???

Hi we,  Filed Chap 7 01/2009 and discharged 04/2009 house included but states re-affirm?  We did not re affirm, never said we would.  There is no forclosure on mine or my husbands credit reports, only that mortgage was discharged on 04/02009 and closed.

Tried to prequal and at first he said we were pre-approved, and a week later asked when the house was forclosed. I told him it wasnt, that we vacated and called chase to tell them we were out if they wanted to winterize it.  That was it, looked up on the countys site and it said this

I dont really understand this?  We were never even given notice of forclosure and I worked in law enforcement so if they were looking to serve me, I am easy to find.  

 

Also, on my credit report it shows this for that mortgage with no late payments (we paid until we vacated)

So I guess my question is, we have the income and credit scores to buy now, what does this mean?? a 2 year wait from discharge? a 3 year from when the bank sold it? I havent a clue    Thanks in advance

Chase Corporation

Status as of Date opened [?] Date of last activity [?] Date closed [?] Account number [?] Loan type [?] Largest past balance [?] Account Type [?] Account holder [?] Industry
Feb, 2010
Aug, 2006
Mar, 2009
Feb, 2010
 
Conventional Real Estate Mortgage
$237,622
Mortgage Account
Joint Account
Banks
Descriptions
  • Chapter 7 bankruptcy
 
Balance [?] Current Status [?]
$0Unrated
2006000293909/14/2006WDCENTEX HOMESmy nameREV$396.75SABLE01 
2006000293909/14/2006MTGEmy nameCTX MORTGAGE COMPANY LLC$237,622.00SABLE01 
2006000401712/13/2006MTGEmy nameHARRIS$25,000.00SABLE01 
2009000214909/30/2009LISPCHASE HOME FINANCIAL LLCmy name2009 CH 1048SABLE01 
2010000064804/08/2010SHFDSHERIFF OF COUNTYFEDERAL NATIONAL MORTGAGE ASSOCIATIONEXEMPTSABLE01//423 
2010000147808/24/2010WDFEDERAL NATIONAL MORTGAGE ASSOCIATIONnew ownerREV$261.00SABLE01/NONE/423 
2010000147808/24/2010MTGEnew owner

JPMORGAN CHASE BANK N A

 

 

[Edited to remove hyperlinks in the table above, which led to documents with personally identifiable information.]

Message 1 of 4
3 REPLIES 3
Anonymous
Not applicable

Re: confused about chap 7 seasoning, approved but then questioned???

From my understanding it is from the data of foreclosure.  I would contact Chase and see if you can find out the status.  Also you can go online to your county deed office and search to see when or if the deed was transferred.  I gotta believe the foreclosure happended or the county would be still looking for tax money for the home.  Either way good luck!

Message 2 of 4
chasmith
Valued Contributor

Re: confused about chap 7 seasoning, approved but then questioned???

You may be very much out of luck, another TARP bank and Fannie Mae nail a consumer.  The table in the lower section (where did that come from?) looks like the deed was transferred in foreclosure 4/2010 to Fannie Mae, and then transferred from them to a buyer 8/2010.  So your three year foreclosure clock started 4/2010 and you probably can't get an FHA loan until 5/2013.

 

Even if your foreclosure occurred on your discharge date,  FHA rule is 2 years from Chapter 7 discharge or 3 years from foreclosure (deed transfer) date, whichever is longer.

BK7 Filed 8/11/2009 Discharged 11/23/2009. Purchased new home 4/11/2012
Starting Score:11/16/2009 EQ 566 11/16/2009 TU 538
Interim Score: 12/27/2012 EQ 683 09/17/2012 EX (lender) 670 1/01/2013 TU 701
Current Score: 11/06/2013 EQ 708 11/06/2013 EX 702 11/16/2013 702 11/06/2013 TU 729
Goal Score: EQ 740 EX 740 TU 740
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Message 3 of 4
giazma5
Member

Re: confused about chap 7 seasoning, approved but then questioned???

The table was copied and pasted directly from the county recorder website.  At first we were told that since it was included in the bankruptcy it would only be the 2 year wait from discharge, which has passed.  Bc it is not like we were dilinquent and got forclosed on, we wiped out everything.  The LO was surprised that it did not ever have a late on the mortgage....he said in normal cases the owner has to be missing mortgage payments to even get forclosed on, which we paid until discharge??  That made sense bc its not like we lived for free for a year while the process happened, we actually had a cleaning lady and a carpet cleaner come in and tidy up after we left!!   I also found it weird that we vacated in Aug 09 and forclosure process appears to have started a week or two later in Sept, doesnt it ususally take months of missed payments to start the process if thats the case??

 I am hoping I skate by on this bc I was told we were good to go, all we needed was a letter of explination of filing.  LO said that he is closing a loan almost identical to our very situation friday, so he did not want to ask the bank he worked with to get my pre qual numbers until after theirs is closed as to not rock their boat. 

 

thanks for your opinions Smiley Happy   I appreciate it so much

 

 

Message 4 of 4
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