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is the 4 year timeframe for post-bankruptcy counted from filing date or discharge date?

by maureen_mc130 from Vantage, Washington. Mar 2nd 2016 Reply


Discharge

Mar 2nd 2016
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Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,224 contributions

Depends on the type of mortgage and also type of bankruptcy, but typically from discharge date. With a Chapter 13 and 12 months time gone, plus permission from the court, by it can be as little as 12+ months with some types of mortgages. It is really important that you have positive credit since the BK filing/discharge.

Mar 2nd 2016
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Christopher Stancato (Kyle Stancato)
#6 ranked lender in Washington - 59 contributions

4 years is kind of the old saying. There are plenty of programs that allow you to purchase a home just after 2 years. Call if you have questions. I am local here in WA.Kyle Stancato. 253.460.6000. bayviewhomeloans.com

Mar 2nd 2016
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Jericho Cherry (Jerichocherry)
#58 ranked lender in Virginia - 1,107 contributions

Most Lenders today are two years from discharged date.

Mar 3rd 2016
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,446 contributions

For bankruptcy, it is the DISCHARGE DATE, and you will be required to provide a copy of the discharge notice.

Mar 3rd 2016
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Jesse Stroup (jessestroup)
#195 ranked lender in California - 589 contributions

The discharge dates

Mar 3rd 2016
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,797 contributions

Much more info required to determine if your eligible for financing or not, but for all BK's, the mandatory waiting period will always be from the discharge date. For conventional financing, with a property included that was not in foreclosure upon filing, your waiting period is 4 years.. if you had a property that was in foreclosure prior to your filing, then you would be subject to a 7 year waiting period. With FHA, BKs are 2 years, but if there was a home involved, you must wait 3.. VA guidelines state 1 to 2 years for BK depending on the type, and 2 years for a foreclosure, but most lenders will make you wait 3 years.. 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 WilliamAcres.com NMLS# 226347

Mar 3rd 2016
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Dave Skow (daveskow)
#19 ranked lender in Washington - 141 contributions

3/3/2016Maureen - the discharge date is what is used by lenders.....the guidelines also vary based on what type of BK it was ( 7 or 13) as well as what type of loan you ware interested in ( FHA / VA or conventional ) ...feel free to call or email me if you would like some additional help / feedback ...

Mar 3rd 2016
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