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.
It sounds like the home was not part of it, but if there was a mortgage was included in the Bankruptcy, 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 no re-affirmed, there is not much that can be done until the property get foreclosed on.
Getting Pre-Qualified is the only way for you to find out your options. To get Pre-Qualified you purchase, you can submit your request online at www.rodneymason.com.
Rodney Mason, NMLS #151088
Sr Loan Officer
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
Apply Online at http://www.rodneymason.com
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You can contact a lender to see if you can get it refinanced with better terms that will pay off the loan you have now. It is going to be hard to get a new home with a foreclosure deed being recorded or if you have had late payments. You can always contact a lender to see. I would contact a mortgage lender rather than a mortgage broker. If you need the information of someone to contact you can give me a call at 656-7950. Hope this helps you out!... more
I would try to find out which law firm handled the foreclosure (which would have been listed in the newspaper notice) and call them. If the property has been foreclosed on your loan has been sent to a different dept.... more