Posted on: 02nd Feb, 2011 08:03 am
I filed BK 7 2 years ago this month and included my home in it. Countrywide. I want to buy a home this year. will I be able to.? B of A notified me a couple of months ago they were auctioning the house off.
So if I filed BK on the house, will a foreclosure show on my credit record.?
Yes, a foreclosure is a public record, and all the credit repositories pick up and report such public records.
Great article and blog and we want more :)
I just checked my credit report and the debt was charged off in BK 7. Not reporting a foreclosure.
I guess that's a good thing; not sure what benefit it will bring, frankly. Lenders don't like bankruptcies or foreclosures, and either one will do some serious damage to a credit score, too.
At this point, the BK is the less of the 2 evils. At least we have spent 2 years waiting to try looking for a house. In a perfect world I or we wouldn't have this dilemea to deal with. But I ( we ) do, so it is my intentions to start looking for a lender that might deal with us. I am sure I am not alone in this self inflicted wound, so you got any encouraging words.?
REMEMBER, this ain't the perfect world, and my choices are limited, just looking to see if my home I filed BK on would show a foreclosure and the waiting another 3 to 5 years before I can buy again is real or .?
REMEMBER, this ain't the perfect world, and my choices are limited, just looking to see if my home I filed BK on would show a foreclosure and the waiting another 3 to 5 years before I can buy again is real or .?
I realize that most bankrupts are not people who decided one day to file so as to get out from under debt; though folk like that exist, most cases are due to financial hardships that had a root cause (illness, loss of job, loss of life, etc.).
The biggest problem these days is that investors have changed their rules, and they're far less likely to take a risk after such a short period. I have not checked the rules specifically lately, but I think I remember seeing a new rule of at least 4 years. That's not going to be helpful to someone in your shoes at all. At least not for a couple more years, anyway.
The biggest problem these days is that investors have changed their rules, and they're far less likely to take a risk after such a short period. I have not checked the rules specifically lately, but I think I remember seeing a new rule of at least 4 years. That's not going to be helpful to someone in your shoes at all. At least not for a couple more years, anyway.
I would have to agree 2 years is going to be hard to get a new home loan in this type of a real estate market. Lenders are getting stricter about who to loan money to, and it is only going to get worse, as government officials review our mortgage system and how best to afford another disaster like the one we are in now. I wrote an article about future homes loan purchasing and not only will you need almost perfect credit but lots of money down.
The only place you may try is FHA financing but I am not to familiar with their guidelines. If you included the house in your BK 7 then it may not show up as a foreclosure since it was included, but then again I am not 100% positive.
Good luck!
The only place you may try is FHA financing but I am not to familiar with their guidelines. If you included the house in your BK 7 then it may not show up as a foreclosure since it was included, but then again I am not 100% positive.
Good luck!