Posted on: 04th Apr, 2011 04:19 pm
I claimed Chapt 13 in 2005. My house never went into foreclosure or to a sheriffs sale. It was included in the chapt 13. I made on time payments the entire time. My credit is good and my debt to income ratio is good. The underwriter says because of the house they consider it went thru like a sheriff's sale and I have to wait three years for a new mortgage. My chapter 13 was discharge last sept. I don't understand. Any suggestions on how to get around this. If it was considered going through a sheriff's sale wouldn't it have been at the time I declared the chapter 13?
Hi DingyBlonde!
Welcome to forums!
If the house did not went through a foreclosure, then you won't have to wait for 3 years in order to get a new mortgage. However, as your Chapter 13 was discharged in last September, you will have to wait for 1 year in order to get a FHA loan and 2 years to get a conventional loan.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
If the house did not went through a foreclosure, then you won't have to wait for 3 years in order to get a new mortgage. However, as your Chapter 13 was discharged in last September, you will have to wait for 1 year in order to get a FHA loan and 2 years to get a conventional loan.
Feel free to ask if you've further queries.
Sussane