Mortgage after a foreclosure and chapter 13 bk

[bill31]

Foreclosure was recorded on August 7 2013. Bankruptcy discharged chapter 13 on February-2014 have pretty stable job. And required down payment for fha Planning to buy a new build wich takes about 6 months to build. When would I be able to close?

[Anonymous]

My husband and I are in the process of buying now after going through a foreclosure and bankruptcy.  I was so desperate to buy after renting for so long that I called many different lenders to see if we coud get a loan before the two year mark date of the bankruptcy.  They all told me that there was absolutely nothing they could do before the two year mark... they said not even a day before!  You have to wait two years after bankruptcy and at least 5 years from the foreclosure date is what I was told.  Hope this helps! 

*I should add, this would be for a FHA loan.  Not sure what type of loan you are looking for.

[mynameainttracy]

We are also in the process of buying after a foreclosure and BK13. We are currently doing a VA new construction that will close in April. We tried several times but couldn't get a preapproval until 2 years post discharge and even then I was so skeptical that I had us go through underwriting before we paid the 5% deposit that the builder required. It does matter what kind of loan you defaulted on, for us it was on a conventional loan in Jan 2011 and I worked hard to get even the word foreclosure removed from any comments on my credit report.

[ezdriver]

There are portfolio lenders that will provide financing one year after major events like foreclosure and/or bankruptcy. The downpayment has to be high and the mortgage rate will be high ... but it is available out there if one can meet the portfolio lenders' guidlines.

[TimeToRecover]

---

@mynameainttracy wrote:

 it was on a conventional loan in Jan 2011 and I worked hard to get even the word foreclosure removed from any comments on my credit report.

---

I ahve 2 questions.  1 How only 3 years after did you get the foreclosure off of your credit report and 2. Just beause it isn't on your report it still is a major factor in getting a morgage loan.

But yes 3 years for FHA is the required time frame,  3 years after the deed was transfered

[mynameainttracy]

Because our mortgages were included in the BK13 filing, a foreclosure against them wasn't a public record that was added to our credit reports. If they are included in your BK you technically are not responsible for them anymore so it shouldn't show up as a separate foreclosure on your reports. The only places that it showed up on our CR's was in the comments for the mortgage accounts. I just argued that they were included in BK and the CRA's removed the comments that had originally been placed there by the creditors.

When we applied for our loan that we are working on now we were completely upfront and honest about the foreclosure.

[TimeToRecover]

I see that makes perfrect sense

[Anonymous]

---

@mynameainttracy wrote:

Because our mortgages were included in the BK13 filing, a foreclosure against them wasn't a public record that was added to our credit reports. If they are included in your BK you technically are not responsible for them anymore so it shouldn't show up as a separate foreclosure on your reports. The only places that it showed up on our CR's was in the comments for the mortgage accounts. I just argued that they were included in BK and the CRA's removed the comments that had originally been placed there by the creditors.

When we applied for our loan that we are working on now we were completely upfront and honest about the foreclosure.

---

Wondering, so your old mortgage, even though you state that you had the word FORECLOSED removed, it still appears on your credit reports, correct?  So, assuming this is correct, you are showing late payments on a closed mortgage account.  How did this affect pre-qualifying for a new mortgage?

[mynameainttracy]

For us, we never had any lates when we filed. We stopped paying a couple of years into our plan. When accounts are IIB they stop reporting your payment history after you file so we didn't have any lates show up. That's the only real explanation I can think of because we have not even had a mention of lates, etc concerning those accounts.