Posted on: 02nd Oct, 2011 10:08 pm
hi there… i had filed chapter 7 which was successfully discharged. now, i want to find if the lender will accept my request for a deed in lieu of foreclosure. if i immediately request the lender to give me a deed in lieu, then will it lower the time period to obtain a mortgage in the future? i have an fha loan but in the future we will need a conventional mortgage. any advice on this is appreciated.
Hi Guest,
Though you immediately request for a deed in lieu of foreclosure after the bankruptcy discharge, still the time period to obtain a mortgage won't get lowered. You will have to wait for 3-4 years in order to qualify for a home mortgage. Before that, none of the lenders will be ready to offer you a mortgage.
Take care.
Though you immediately request for a deed in lieu of foreclosure after the bankruptcy discharge, still the time period to obtain a mortgage won't get lowered. You will have to wait for 3-4 years in order to qualify for a home mortgage. Before that, none of the lenders will be ready to offer you a mortgage.
Take care.