topic Re: FHA and #7 Bankruptcy in Mortgage Loans

FHA and #7 Bankruptcy

Anonymous — Mon, 10 Jan 2011 16:50:18 GMT

Through research and asking a mortgage broker, I hope I am correct in understanding that you must wait 3 years from the discharge of a 7Bankrutpcy in order to buy a another choose under FHA if a house was included in the filing. February is my 3 years and I have rebuilt my credit and situation in order to buy another home. The bank I am working with wants to know the date that the deed transferred back to the bank. My attorney said they don't track this and I have no idea how to get this information because the bank holding the mortgage no longer exists or it was bought.

My question is, do you know if this is an FHA requirement or the underwriter being difficult to please?

Thanks in advance.

Re: FHA and #7 Bankruptcy

Anonymous — Mon, 10 Jan 2011 17:21:50 GMT

You may be better asking this in the mortgage section of forum. You can click on options on the right in your original post and choose inappropriate content, when the window opens just put in comments you would like a moderator to move this posting to the mortgage thread as it may get more response.

Good Luck

Re: FHA and #7 Bankruptcy

Anonymous — Mon, 10 Jan 2011 19:02:14 GMT

This should all be public record. You can find out when the deed reverted to the bank from the county recorder's office. If they haven't recorded a transfer, then you'd have a problem. Otherwise, you shouldn't have any issue finding this out.

Re: FHA and #7 Bankruptcy

Anonymous — Mon, 10 Jan 2011 19:32:38 GMT

The 3 year rule is because the house was lost to foreclosure in the process. The general rule for FHA and BK is 2 years.

The 3 years starts from the time that the property is transferred from your name into the banks or it is sold. You should be able to find that information through your county offices that handle public records for a small fee. Then you would need to take that paperwork to your lender more than likely.

Re: FHA and #7 Bankruptcy

ShanetheMortgageMan — Tue, 11 Jan 2011 19:51:56 GMT

If the property that was foreclosed was in the same state as where you are buying, you can ask your real estate agent for a title officer recommendation and they can look up that information for you, and likely for free as a favor to your real estate agent.