Posted on: 02nd Jun, 2009 06:22 am
Ok, we are 2yrs out of chpt 7 with decent credit and stable income no debt and no lates on re-established credit. We included a house in our chpt 7 and it reports as being included in bankruptcy not as a foreclosure. We have had one lender tell us we have to wait three years from when the house was actually taken back by the bank (1 year after chpt 7 discharge) and another manual FHA underwritter tell us that since it is reported as included we qualify now for an FHA mortgage. I am trying hard not to get too excited as we would love to be in a home again and am wondering if anyone has had a similar experience.
it tends to be tree years but wait about 5 or 6 months and start the process by the time closing rolls around and you find a house you should hit the 3 year mark
How does FHA see the foreclosure...if its listed on the credit report as included in chpt 7 and no other public records on file do they do a title search in our name during underwritting? we have been completely honest with broker and she says no problem but am hesitant to believe
the bk will show up on your title when they do a bk search
Do you mean foreclosure? We've sent the bk docs for review with the lender saying ok to proceed....just hoping we're not getting jerked around although I cant see what benefit it would be to them, possibly inexperience? Does manual underwritting help in this situation?
yes manual uw will help its all make sense