Posted on: 16th Mar, 2009 06:14 pm
When applying for a mortgage, do lenders look at the surrender date of your previous home, the final foreclosure date, the date the BK was discharged or all of the above?
How many years after BK before a new mortgage can be obtained? My credit was perfect before and after the CH 13 and it was only filed due to divorce and not being able to afford the mortgage.
How many years after BK before a new mortgage can be obtained? My credit was perfect before and after the CH 13 and it was only filed due to divorce and not being able to afford the mortgage.
hi laugh!
welcome to forums!
th effect of chapter 13 is less than that of filing chapter 7. in chapter 13, you make payments towards the mortgage through the new plan given by the lender. the lenders will check the date on which your bankruptcy was discharged. as you had filed chapter 13 bankruptcy, you'll have to wait for 1 year after the discharge date in order to get fha loans. if you want to obtain a conventional loans, you'll have to wait for 2 years after discharge.
feel free to ask if you have further queries.
sussane
welcome to forums!
th effect of chapter 13 is less than that of filing chapter 7. in chapter 13, you make payments towards the mortgage through the new plan given by the lender. the lenders will check the date on which your bankruptcy was discharged. as you had filed chapter 13 bankruptcy, you'll have to wait for 1 year after the discharge date in order to get fha loans. if you want to obtain a conventional loans, you'll have to wait for 2 years after discharge.
feel free to ask if you have further queries.
sussane
Thanks for the reply.. In my Ch 13 I surrendered the house so I did not make payments towards the mortgage. It is my understanding that when you surrender the house, it still goes through the foreclosure process but I have heard nothing more about the house and I was discharged in Sept..
I was hoping to purchase a new house in a few years, but don't know how long I will have to wait because of the house I surrendered is still in the process. Does this matter? Will the banks still look at my discharge date or the date in which the house foreclosed?
I was hoping to purchase a new house in a few years, but don't know how long I will have to wait because of the house I surrendered is still in the process. Does this matter? Will the banks still look at my discharge date or the date in which the house foreclosed?
Welcome laugh,
The bank will look at the discharge date of your bankruptcy. In order to get a FHA loan after Chapter 13 bankruptcy, you will have to wait for 1 year after the discharge. If you are planning to get a conventional loan, then you will have to wait for 2 years.
The bank will look at the discharge date of your bankruptcy. In order to get a FHA loan after Chapter 13 bankruptcy, you will have to wait for 1 year after the discharge. If you are planning to get a conventional loan, then you will have to wait for 2 years.
my second mortgage company originally filed a claim against me for reimbursement when i filed for chp 13. however, they filed incorrect paper work with the court and it appears as surrendered property on my plan. my attorney says we should just wait and hope they don't catch the error. my plan will be paid in full this month with the exception of the second mortgage. will i have to pay this back if they release me and don't catch the error?
Hi Suzun,
That is something which your bankruptcy attorney will be able to clarify. Moreover, in order to know the exact outcome, you will have to wait till your bankruptcy filing gets discharged.
Thanks
That is something which your bankruptcy attorney will be able to clarify. Moreover, in order to know the exact outcome, you will have to wait till your bankruptcy filing gets discharged.
Thanks