Posted on: 26th Jul, 2011 12:12 pm
Hello,
I've been paying on a 3 month trial period modification since 10/09 and they are still in the process of reviewing my file to finalize it. I am to the point where I just was to foreclose and purchase a smaller mortgage.
The lender had damaged my credit so bad that I had to file bankruptcy in 2011.
Even with documents of faithful payments made over the past 2 years, money down and the income will I have a better chance of being financed for a mortgage sooner then the normal waiting period?
Thank you,
Patty
I've been paying on a 3 month trial period modification since 10/09 and they are still in the process of reviewing my file to finalize it. I am to the point where I just was to foreclose and purchase a smaller mortgage.
The lender had damaged my credit so bad that I had to file bankruptcy in 2011.
Even with documents of faithful payments made over the past 2 years, money down and the income will I have a better chance of being financed for a mortgage sooner then the normal waiting period?
Thank you,
Patty
hi patty,
after filing bankruptcy, you won't be able to get a mortgage sooner. you need to wait for 2-4 years depending upon the chapter of bankruptcy you've filed. though you have a good history of payments, you will have to wait for this time period.
after filing bankruptcy, you won't be able to get a mortgage sooner. you need to wait for 2-4 years depending upon the chapter of bankruptcy you've filed. though you have a good history of payments, you will have to wait for this time period.
Patty;
With a CH 13 BK, you need to make 12 ontime payments to be eligible for an FHA Loan. With a CH 17 BK you need 3 years after Discharge for an FHA Loan. WIth a Foreclosure, you would be eligible 36 months from the day of completion of Foreclosure proceedings. You also should not have any late payments post BK on your mortgage or any other items reporting on your credit.
Best Regards;
Dmitriy Bleynis
Regional Sales Manager
STERLING NATIONAL BANK
STERLING NATIONAL MORTGAGE
[Contact details deleted as per forum rules. Thanks.]
With a CH 13 BK, you need to make 12 ontime payments to be eligible for an FHA Loan. With a CH 17 BK you need 3 years after Discharge for an FHA Loan. WIth a Foreclosure, you would be eligible 36 months from the day of completion of Foreclosure proceedings. You also should not have any late payments post BK on your mortgage or any other items reporting on your credit.
Best Regards;
Dmitriy Bleynis
Regional Sales Manager
STERLING NATIONAL BANK
STERLING NATIONAL MORTGAGE
[Contact details deleted as per forum rules. Thanks.]
>>With a CH 17 BK you need 3 years after Discharge for an FHA Loan.
I think you meant chapter 7 ... and 24 months.
I think you meant chapter 7 ... and 24 months.
