Posted on: 22nd Oct, 2013 09:14 am
We filed bankruptcy 2 years ago. We just learned our mortgage was never reaffirmed so we made the decision to stop paying to save up to purchase a new house. We have been pre approved for a new mortgage and are only one month behind. We have an accepted offer in on a new house already and hope to close in 60 days. Can the underwriters deny us the mortgage? What do we tell them about our current home? If it's been discharged in the bankruptcy will the current bank still do a In lieu of Deed?
Hi Klt,
As the mortgage was not reaffirmed, it would have been better if you would have sold off the property at that point of time. As you have stopped paying the mortgage now, the lender may foreclose the property. If that gets reported in your credit report, then it will be difficult for you to qualify for a new mortgage.
Thanks
As the mortgage was not reaffirmed, it would have been better if you would have sold off the property at that point of time. As you have stopped paying the mortgage now, the lender may foreclose the property. If that gets reported in your credit report, then it will be difficult for you to qualify for a new mortgage.
Thanks
Even though we have already been approved for a new mortgage and they haven't been reporting our payments for the past 2 years?
Hi Klt,
You never know whether or not the lender will report the foreclosure or the deed in lieu of foreclosure in your credit report. If they do no report it, then things will be fine. Moreover, if the foreclosure or the deed in lieu of foreclosure takes place after your new loan is closed, then too you will not have a to face any issues.
Thanks
You never know whether or not the lender will report the foreclosure or the deed in lieu of foreclosure in your credit report. If they do no report it, then things will be fine. Moreover, if the foreclosure or the deed in lieu of foreclosure takes place after your new loan is closed, then too you will not have a to face any issues.
Thanks
In addition to what James has said, any single missed payment would put a dent on your credit score. If you somehow fail to fulfill the credit requirements, then also you might run into troubles in getting a new mortgage loan.