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HELP! Mortgage after chap 7

Posted on: 12th Aug, 2008 12:03 pm
[color=darkblue:c7be0bdd84]hello all, my chapter 7 bankruptcy was discharged a little more than a year ago and iam wanting to purchase a home in the near future. i understand that fha looks at the reasons for filing and im trying to figure out if i have a leg to stand on....i was going through a divorce and my ex filed chapter 7 to avoid responsibility for a home we owned that was up for sale. therefore, the entire payment etc would fall back on me. also, does it help that i have someone with good credit getting the new home loan with me? any input would be greatly appreciated!!!!!!!!!!!!!![/color:c7be0bdd84]
Welcome to the forum nicholas!

I have also filed for a chp 7 bankruptcy many years ago and if I remember correctly most lenders wanted the bankruptcy to be discharged for atleast 2 years before they were willing to qualify us for a mortgage. With your partner having good credit that may make things different though.
Posted on: 12th Aug, 2008 04:36 pm
In general the previous poster is correct that 2 years is required out of bankruptcy with no major derogatory.

an FHA manual underwriter may be able to accept it assuming you have re-established credit and that you have a really solid letter of explanation for the BK along with proof to back up the story.

I believe that as long as you are on the loan you will have this problem regardless of your partner's credit.
Posted on: 13th Aug, 2008 07:27 am
i am in agreement that 2 years is the standard time to be out of bankruptcy. as chris noted, a manual underwriter may allow for some flexibility; but this is a different market these days, so i wouldn't want to count on that.

chris' last sentence makes a great deal of sense. the bankruptcy will continue to be problematic until next year.
Posted on: 13th Aug, 2008 08:53 am
Thank you all for your info...it was very helpful...not necessarily what I wanted to hear but helpful none the less.
Posted on: 13th Aug, 2008 10:35 am
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