Posted on: 18th Jun, 2010 08:15 pm
We filed Chapter 7 May 07, including our mortgage in the chapter 7. The bankruptcy was discharged by the courts in Sept 11, 07. The mortgage company filed foreclosure proceedings on Sept. 18, 2007. Are we still liable for this since the house was included in the bankruptcy and discharge was prior to any foreclosure proceedings? We are trying to purchase a new home in 2010 and FHA is saying that we had Chapter 7 more than 2 years ago, but we also had a foreclosure. How can you have a foreclosure after your bankruptcy was discharged? No foreclosure proceeding took place before the bankruptcy.
FHA's guidelines on foreclosures are a minimum of 3 years. Best thing to do go back and find out exactly when the foreclosure was completed and attempt to collect paperwork to that effect. Once you have that date in hand you will know when you will become eligible for new FHA financing.
Let me know if you need any other assistance.
Let me know if you need any other assistance.