Hello my name is Regina and my Question is ok I filed Bankruptcy in 2007 and was discharged Dec 2007
The detailed of my question is that you have to wait to 3yrs before you qualify for another mortgage after filing Bankruptcy but I have talk to some couples where is they have bought another home after filing bankruptcy after 1yr of being discharged and this was after even they changed the rules to you have to wait 3yrs after filing bankruptcy but it is strange to me that I have tried to buy a home as the same way that theses other couples have done so but I am always told that I have to wait my 3yrs but there are many that dont wait the three years they go right out and buy a home right after there discharge why is it harder for me and not them I dont know if I am asking this question the right way or what ,, Can you please help me understand
If there was a foreclosure involved, the waiting period is 3 years. After a chapter 7 bankruptcy discharge, 2 years (no foreclosure); and after a chapter 13, 1 year (again, no foreclosure).
There is ALWAYS more to the story. Unless you look at "your friends" discharge papers and their New Mortgage App (and docs) and compare it to your papers there is no way to tell if you have the SAME situation.
Mortgages are very intense and BKs are just as diverse. Odds are there is a difference.
Also it can be the BK is fine BUT you had a foreclosure before or during your BK. Now you may be denied not because of the BK seasoning but the foreclosure. If I was you I would speak with your BK attorney first. And then a lender if he/she gives you good news.
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