Foreclosure in Shirley>Question Details

Michaelbradl…, Other/Just Looking in Shirley, NY

can i buy a new home between filing bankruptcy 3 years ago and impending foreclosure?

Asked by Michaelbradley, Shirley, NY Thu Mar 8, 2012

only recently stopped paying mortgage

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5
You need to be asking this question of a mortage office - ASAP. I don't believe your mortgage loan was discharged in the bankruptcy, you are still required to make those payments. But again contact a mortgage company and/or a real estate attorney immediately. Good luck to you.
0 votes Thank Flag Link Fri Mar 9, 2012
In order to best protect yourself consider consulting with an attorney regarding your options and before making any purchases, it's possible that rather than foreclosure a short sale may be a better choice. As for purchasing, for a personalized answer visit with any licensed loan officer; if you did stop paying your mortgage, highly likely it's been reported to the credit bureaus.
0 votes Thank Flag Link Fri Mar 9, 2012
we filed 3 years ago and only stop paying recently. credit has been good since. They cant report the non payment because the loans were included in the bankruptcy. I think my credit score right now is about 670
0 votes Thank Flag Link Thu Mar 8, 2012
sorry it wouldnt give me enough room to post details... My husband and i filed bankruptcy 3 years ago. recently we have split. neither of us can afford the mortgage payments on our own and we stopped paying our mortgage at the begining of the year. In the bankruptcy even though the loans were discharged the deed was left in our names as we had every intention of trying to keep the house. So eventually the banks will need to go through the foreclosure process to remove our names from the deeds. I am hearing that this can take some time, and in the interim my husband is still living in our home and i am living with our children at my parents at no charge. this gives me a great opportunity to save money quickly. Obviously first step is divorce, which i think will go fairly quick since we have worked out most of everything in family court with the kids and have little assets to split up. My main question is... I know that once the foreclosure is complete it will appear on my credit report as a public record and it will be about 2-3 years before i can apply for a mortgage. If i am able to get a divorce and save enough money for a down payment BEFORE they complete the foreclosure process to i have a chance at a mortgage?
0 votes Thank Flag Link Thu Mar 8, 2012
If you already stopped paying your mortgage and it shows up on your credit report then you will probably have a hard time finding a lender to approve you.
0 votes Thank Flag Link Thu Mar 8, 2012
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