Posted on: 08th Jul, 2010 03:02 pm
Hello,
I was dishcarged from my Chap 7 BK Oct 24 2008. I spoke with a lender that has a relationship with one of the communities' HUD centers in my area and asked her questions on how I can get back on the right track to owning a home again. The chap 7 is on my credit reports but no foreclsrore is on there. My scores for all 3 credit bureaus are in the 650s. I am currently continuing to save and to work and raising my scores. The lender told me that even though the foreclosure is not on my credit report it will still be looked at as though I have both a foreclosure and Chap 7 Bk . I went into foreclosure jan of 2008 and filed the chap 7 the day before the sherriff sale was to take place. which would have been july 24 2008. the chap was filed july 23 2008. I thought I filed the chap 7 in part to stop the sale and give me about 2 or 3 months to leave. I also did not leave in time because I couldnt find a place that would accept me bc of my chap7 and now have a unlawful detainer on my public record but not on my credit report. The UD has a date of 03/2010 but shows as settled because i left the home as asked. Im not sure if this affects getting a mortgage. I was told by the lender I would have to wait 3 yrs for FHA and 5 yrs for conventional from the date that my old mortgage company took title of the home. I was told Id have to got to the county government center to find this out. Is this correct that I would have to wait anywhere between 3-5yrs from when the mortgage company took title or is it from the date of BK discharge? Thanks!
I was dishcarged from my Chap 7 BK Oct 24 2008. I spoke with a lender that has a relationship with one of the communities' HUD centers in my area and asked her questions on how I can get back on the right track to owning a home again. The chap 7 is on my credit reports but no foreclsrore is on there. My scores for all 3 credit bureaus are in the 650s. I am currently continuing to save and to work and raising my scores. The lender told me that even though the foreclosure is not on my credit report it will still be looked at as though I have both a foreclosure and Chap 7 Bk . I went into foreclosure jan of 2008 and filed the chap 7 the day before the sherriff sale was to take place. which would have been july 24 2008. the chap was filed july 23 2008. I thought I filed the chap 7 in part to stop the sale and give me about 2 or 3 months to leave. I also did not leave in time because I couldnt find a place that would accept me bc of my chap7 and now have a unlawful detainer on my public record but not on my credit report. The UD has a date of 03/2010 but shows as settled because i left the home as asked. Im not sure if this affects getting a mortgage. I was told by the lender I would have to wait 3 yrs for FHA and 5 yrs for conventional from the date that my old mortgage company took title of the home. I was told Id have to got to the county government center to find this out. Is this correct that I would have to wait anywhere between 3-5yrs from when the mortgage company took title or is it from the date of BK discharge? Thanks!
hi ti!
welcome to forums!
as the foreclosure is not mentioned in your credit report, i don't think it will be taken into consideration while you apply for a mortgage. however, chapter 7 bankruptcy filing is mentioned in your credit report. after your chapter 7 discharge, you need to wait for 2 years in order to get a fha loan and 4 years to get a conventional loan. with the credit scores that you have now, you will be able to qualify for fha loans. i would suggest you to speak to some of the fha approved lenders in this regard.
feel free to ask if you've further queries.
sussane
welcome to forums!
as the foreclosure is not mentioned in your credit report, i don't think it will be taken into consideration while you apply for a mortgage. however, chapter 7 bankruptcy filing is mentioned in your credit report. after your chapter 7 discharge, you need to wait for 2 years in order to get a fha loan and 4 years to get a conventional loan. with the credit scores that you have now, you will be able to qualify for fha loans. i would suggest you to speak to some of the fha approved lenders in this regard.
feel free to ask if you've further queries.
sussane