Posted on: 11th Nov, 2012 11:22 pm
I have heard people saying that if you didn't reaffirm you mortgage after chapter 7 that your waiting period for a loan would be 3 years from the time you give house to bank. Is this true or does the 2years apply? My question is I have been making my payments current on mortgage, the bank is actually reporting it as current on payment and no notes as to the fact that it was part of my ch7. So will this fact help me in the process? Or should I get them to stop reporting it?
Hi Guest,
As far as I know, it is true that your waiting period for a loan would be 3 years from the time you give house to bank. But if no chapter 7 is mentioned in your credit report, then things will be different. However, if you reaffirm your mortgage, then you will become personally liable for the mortgage payments again. It will be your discretion now as to what you will do.
Take care.
As far as I know, it is true that your waiting period for a loan would be 3 years from the time you give house to bank. But if no chapter 7 is mentioned in your credit report, then things will be different. However, if you reaffirm your mortgage, then you will become personally liable for the mortgage payments again. It will be your discretion now as to what you will do.
Take care.
Hi Guest!
Welcome to forums!
I agree with what Sara has said. The waiting period will depend upon when you foreclose the property. But if the bankruptcy is not mentioned in your credit report, then your future creditors won't get to know about it. In such a situation, you may qualify for loans later on easily.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
I agree with what Sara has said. The waiting period will depend upon when you foreclose the property. But if the bankruptcy is not mentioned in your credit report, then your future creditors won't get to know about it. In such a situation, you may qualify for loans later on easily.
Feel free to ask if you've further queries.
Sussane