FHA loan after Chapter 7 and judgements

[Anonymous]

Hello all. 

Due to finding conflicting information I just decided to post here and see what everyone thinks.  Two years ago we filed Chapter 7 bankruptcy and had everything discharged.  We are now looking to get a FHA loan.  However, we have three old court judgements (with certificated of judgement) which were included in Chapter 7 bankruptcy  as well as two collections including in Chapter 7 which are still appearing on our credit reports.  Two of the court judgements are over 8 years old and past the Ohio statute of limitations, one is still open (but was included in Ch. 7).  

My question is what will need paid off before we can get approved for a home loan here? I have heard anything past the statue of limitations is considered null and void.  Also, did the Chapter 7 wipe out all the judgements and collections in regards to a home loan?  Just looking how to proceed here post Ch. 7.

Thank you!

[homeloanexpert]

Hello,

I have assisting countless homebuyers gain financing after a Bankruptcies either Chapter 7 or 13 over the years so I understand the worry or concern that goes with wanting to take the leap of faith. Regarding your BK7, if you listed on Schedule of Creditors, all the original creditors, collection companies, to included any outstanding judgments then they should be discharged. But with a simple review of your Voluntary Petition and Final Discharge, that would be easy to determine. Please know that not all debts are dischargable and I am almost certain that your Attorney gave you that rundown. That said, based on your scenario you should be fine to move forward and get pre-approved. For godsake! Please don't find yourself in the hands of a rookie Loan Officer. I hope this has been helpful.

[Anonymous]

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Thank you homeloanexpert!

Much appreciated.  I forgot to mention we also have two collections on our credit reports which were included in Chapter 7.  They are marked as such in the notes in our credit reports as well.  Will we need to pay these off before FHA or are they considered ok since they were included in Chapter 7?  Also feel free to leave your info we are in Ohio and wouldn't mind working with you come Nov.  Thank you again!

[homeloanexpert]

No you don' t need to pay them off. As long as they listed on your Schedule of Creditor and show on your credit report as ""included in bk" then don't worry. You're good!