Financing in USA>Question Details

Armando, Home Buyer in 33025

BANKRUPTCY 7, DISCHARGE 02/10, 2 FORECLOSURE INCLUDE ,DATE SALE 10/2010 AND 03/12 IN FLORIDA,,OK,, NOW, I CAN GET MORTGAGE,,,ARMANDO THX

Asked by Armando, 33025 Sun Dec 16, 2012

IF, IS YES WHAT LENDER OR BANK........

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As Rodney stated below, you will need to wait 36 months from the date of the Trustee Sale unless you are a Veteran. In that case, the waiting period is a short 24 months.

Best of Luck!
Web Reference: http://www.AFN-loans.com
0 votes Thank Flag Link Mon Feb 18, 2013
FHA mortgages are the least restrictive for a previous bankruptcy. HUD requires that a minimum of 24 months must have elapsed from the DISCHARGE date of a Chapter 7 Bankruptcy before a borrower can be eligible for an FHA mortgage.

In the time since the Bankruptcy, there should be no new derogatory items such as late payments, collection accounts, liens, judgments, etc. Having late payments after a Bankruptcy is often viewed as a disregard for the importance of credit. It also reflects that you are still having financial struggles.

If a mortgage was included in the Bankruptcy, HUD requires that you must wait at least 36 months from the foreclosure date to be eligible for an FHA mortgage. Sometimes, the foreclosure happens well after the Discharge Date of the Bankruptcy. If the mortgage was not re-affirmed, there is not much that can be done until the property get foreclosed on.

Did you have two homes that were lost to foreclosure or just one? If there were two, then it willbe at least 36 months from the sale date of that last property.

Regards,
Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
rodney.mason@prospectmtg.com
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia with over a decade of lending experience.

Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | HomeStyle® Renovation | VA | USDA | GA Dream | Jumbo Financing.
0 votes Thank Flag Link Sun Dec 16, 2012
I believe it is 3 years for both foreclosure and bankruptcy. I think 2 years is for a short sale. Highly doubtful, but speak to a lender in your area.

Best of luck,

Brian Rayl
B&B Realty Group - Keller Williams Elite Dallas TX
214-601-4192
Brian@Rayl-Estate.com
http://finddallashomesforsale.com
0 votes Thank Flag Link Sun Dec 16, 2012
Not likely. There is a two year waiting period after a bankruptcy is discharged and a three year waiting period, I believe, after a foreclosure. You can check with a mortgage broker but I doubt very much that you will qualify especially with the March 2012 date.
0 votes Thank Flag Link Sun Dec 16, 2012
ok. thx.
Flag Sun Dec 16, 2012
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