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home loan after chapter 7

I filed for a chapter 7 back in 2011 and it was discharged *husband lost his job and large doctor bills). I ask to reaffirm the loan but the bank wouldn't. So I continued to live there and pay the mortgage. I became divorced in 2013 and sold the house and paid off the loan. Now I'm looking to buy a house on my own and I'm being told by a mortgage company that it will be 3 years from the time the house was out of my name. From what I find online that is the same as a foreclose or a DIL or a short sale. We did get behind right before we sold it but no forclosure or nothing like that. I would appreciate any advice you can give me. I would like to buy in the next 6 months, so I'm trying to get my ducks in a row! by from Murfreesboro, Tennessee. Sep 24th 2014 Reply

William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,360 contributions

Unfortunately, if you were behind 120 days or more then most lenders will view this the same as a foreclosure.. The waiting period for a BK (regardless if you reaffirmed) would be 3 years for FHA, 4 years for conventional, so if not for the recent late mortgage payments, you could be approved now. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714

Sep 24th 2014
Nancy J Releford (nancyreleford)
#1 ranked lender in Tennessee - 221 contributions

I would get pre-approved. The BK only needs to be 2 yrs old to do AN FHA loan but 3 yrs if a foreclosure or short sale has been completed. You would need to prove that you continued to make the mortgage payments. I'm located here in M'Boro if you want to call my office to discuss your options.

Sep 24th 2014
Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,232 contributions

The exact dates make a difference, especially since the mortgage was not reaffirmed. If it has been 2 full years since the bk was discharged it is worth trying to get you approved before you go look for a house. It will be a lot easier if you can document that you continued making the mortgage payments after the bankruptcy until the time it was sold, and if you have reestablished good credit since the discharge. (I have a somewhat similar situation I'm working with right now for a FHA loan)

Sep 24th 2014
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