Foreclosure in Morrow>Question Details

willie87, Home Buyer in Morrow, GA

I am one year out chapter 7 bankruptcy discharge with credit scores ranging from 660-690. Are there any lenders that will service a mortgage loan for?

Asked by willie87, Morrow, GA Sat Apr 20, 2013

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6
Yes there is a new program for FHA by HUD for people in your shoes you just need 12 months from the date of the Bankruptcy, short sale or foreclosure.

The U.S. Department of Housing and Urban Development (HUD) recently announced the “Back to Work – Extenuating Circumstances” program, aimed to help people who have lost their home through foreclosure, short sale or bankruptcy. HUD has reduced the previously required minimum of 36 months to 12 months before they may be able to finance another home, given that they meet HUD’s minimum eligibility requirements.
2 votes Thank Flag Link Sun Sep 1, 2013
Thanks Randy! The lender you referred to me got me pre-approved! Thanks for referring me to the agent too me and Amber are going to look at homes tomorrow I will keep you posted!
Flag Fri Oct 25, 2013
The usual waiting period is at least 2 years, however, there are lenders who offer refinancing after 6 months or less. Visit http://www.whywaitbuytoday.com and see if you qualify.





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Dana Lindberg
CFS Mortgage - http://www.cfs203k.com
0 votes Thank Flag Link Wed Oct 9, 2013
Congratulations on those credit scores. Unfortunately many people who file bankruptcy never have any idea on how to recover credit wise. Here is some great news for you. The FHA has made it drastically easier to purchase a home if you've experienced a bankruptcy, foreclosure or short sale. As long as you can show that you have recovered from the event that lead to the bankruptcy, you should be able to qualify.

LaShonda Solomon
Associate Broker
Keller Williams Realty Signature Partners
(678) 477-5226
LaShondaSolomon@kw.com
http://www.AtlantasPremierProperties.com
0 votes Thank Flag Link Fri Sep 27, 2013
You may qualify to purchase a home just 1 day after a short sale.
Check if you qualify for a mortgage. Try http://www.whywaitbuytoday.com
0 votes Thank Flag Link Sat Aug 24, 2013
I had a buyer that wanted to buy a home in Arizona, but he had a Chapter 7 bankruptcy 7 months ago. After researching the web I found a loan program at http://www.cfsflex.com, they allow a mortgage after a foreclosure, short sale, or bankruptcy. There is only a six month waiting period. Good to see lending options coming back.
0 votes Thank Flag Link Sat Jun 29, 2013
No, not only one year out there is not. 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.

For a Chapter 13 Bankruptcy, then you must have made at least 12 on time payments. Additionally, you must also have permission to purchase from the Bankruptcy Court.

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.

Also, if the original mortgage was a government backed loan (i.e. FHA, VA, USDA), you must wait at least 36 months from the date that HUD paid the claim on the defaulted mortgage. This can sometimes be months after the original Foreclosure Date Until the 36 months on the claim has passed, you will not have a clean CAVIRS report which is required for an FHA mortgage.

Working with a knowledgeable and seasoned loan officer is critical in today's market. Getting Pre-Qualified is the only way for you to find out your options. To get Pre-Qualified for your purchase, you can submit your request online at http://www.rodneymason.com.


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 mortgage 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 Sat Apr 20, 2013
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