I filled for Chapter 7 bankruptcy in 2010 (in Michigan) and it was discharged in May of the same year. We added our first and second mortgage into it and they were discharged also but we continued to stay in the home without reaffirming and just kept paying the mortgages. We did this because the home is really under water and our lawyer advised against taking responsibility of the loan again because we would be responsible for a deficiency if we were foreclosed on. We ended up being foreclosed on (sheriff sale) in December of 2011 with a 6 month redemption period. I have asked many times when I can expect to be able to get a new mortgage loan. I have been told 3-4 years after the foreclosure and the deed is out of my name. So I decided to apply for a home loan to see if there was anyway we would get approved and a lender told me with a 620 score or higher I would be able to get an FHA loan in May 2013 because they would consider the foreclosure as part of the bankruptcy since we did not reaffirm and the later foreclosure does not affect us. Can this be true? I am trying to find out what the real time frame is because if I can get a new loan in May 2013 I will just look to rent until then, or if it is going to be 3-4 years still I was going to land contract or rent to own. Any input?
