i filed BK 13 in 2010 I now would like to purchase a home and short sell my home can I do this and with whom

Asked by Yolanda, 91950 Fri Dec 2, 2011

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12
Ted Canto, Mortgage Broker Or Lender, Scottsdale, AZ
Fri Dec 2, 2011
BEST ANSWER
Nonetheless.. a buyer can purchase again 12 months after a BK 13 with an FHA loan. The short sale may be a problem but for certain you can if the short sale did not exist.
Web Reference:  http://tedcanto.com
0 votes
Andrew Marti…, Mortgage Broker Or Lender, Orangevale, CA
Fri Dec 2, 2011
Yolanda with a Chapter 13 BK you'll have to wait 4 years from discharge to obtain another mortgage. With an FHA loan its 3 years after discharge.
3 votes
Send me all your Bk-13 you can not do: Earl Sylvester 248-408-9324 #138697!
Flag Wed Nov 21, 2012
Terri Vellios, Agent, Campbell, CA
Fri Dec 2, 2011
I suggest you talk with a mortgage professional. With a BK on your credit rating it may be impossible to get financing. Also, you are thinking of short selling. That would indicate that you either can not afford the home you have or the equity has changed. The other question is does it make sense to buy another property if you are not financial strong? Buying a home is not for everyone. You may also want to talk with a credit counselor so that you can get on a strong path if home ownership is what you want and can afford.

All the Best to you.
Web Reference:  http://www.terrivellios.com
2 votes
Annette Levi…, , New York, NY
Mon Dec 5, 2011
Yolanda,
Let me get this straight, you went into BK13 because you couldn't pay your bills, now you want to buy another house and short sale your current home.
If your trustee allowed you and you are paying your bills per agreement, it would not stop you from getting a mortgage. What will stop you is the short sale. After the short sale you are not mortgageable until at least a waiting period of 2 years (being in BK13 is not a good excuse for a shortsale).
1 vote
Andrew Marti…, Mortgage Broker Or Lender, Orangevale, CA
Fri Dec 2, 2011
David who is doing the loan with a CH 13 BK? Fannie Mae & Freddie Mac have specific guidelines on lending to borrowers with BK's. The days of getting loans right out of BK ended years ago!
1 vote
Ted Canto, Mortgage Broker Or Lender, Scottsdale, AZ
Fri Dec 2, 2011
From HUD's Site:

Question 4 - Can a mortgagor acquire a FHA-insured mortgage while in a Chapter 13 bankruptcy?

Answer - HUD's underwriting rules state that a person in Chapter 13 bankruptcy can purchase a home subject to a FHA-insured mortgage. Requirements are the applicant (1) must have completed one year of payments as required while under Chapter 13 and (2) must obtain a letter from the Trustee of the court, stating the dollar amount the applicant can borrow. See HUD Handbook 4155.1.
Web Reference:  http://www.tedcanto.com
0 votes
Ted Canto, Mortgage Broker Or Lender, Scottsdale, AZ
Fri Dec 2, 2011
Bob, that is true on Fannie Mae and Freddie, not true on FHA. You can look up FHA's guidelines all day long and you will find it.
0 votes
Bob Movin-On, , Hartford, CT
Fri Dec 2, 2011
Lots of miss leading info here, you should visit the Fannie Mae site link below.

Bankruptcy – Chapter 13 Waiting period 2 years from discharge date 4 years from dismissal date.

Is your BK 13 even discharged and dismissed yet?

Bob Patrick
Buy a home after foreclosure, short sale, deed-in-lieu-of or bankruptcy expert
Movin-On LLC
Revolutionizing the Real Estate and Mortgage Markets
http://www.MortgageTrainingProgram.com
0 votes
Daniel Di Ma…, Agent, Chula Vista, CA
Fri Dec 2, 2011
Hi Yolanda,
I'd be more than happy to walk you through this process.
Simply give me a call so we can discuss it further.
Sincerely,

Daniel Di Matteo
Century 21
619 512 0006
Daniel@DiMatteoGroup.com
Web Reference:  http://www.dimatteogroup.com
0 votes
David Billar, Agent, San Diego, CA
Fri Dec 2, 2011
Andrew, Yes you are correct regarding the CH 13 BK , I was referring to the Short Sale and purchase part of the question.

David
0 votes
Ted Canto, Mortgage Broker Or Lender, Scottsdale, AZ
Fri Dec 2, 2011
Hi Yolanda, on an FHA loan, your wait period is actually 12 months on a Chapt. 13, however your trustee payments must be on time and you must obtain the trustee's authorization (They always will issue it).

... howeverrrrrrrrrrr... If you are now short selling your home or back in 2010, you will need to wait 3 years from the sale date as it is considered a foreclosure with most lenders.
Web Reference:  http://tedcanto.com
0 votes
David Billar, Agent, San Diego, CA
Fri Dec 2, 2011
Hello Home Owner,

Depending who your loan or loans are with you can short sale your home and work with attorneys to expunge your short sale after. After the expungement you should be able to buy another home.

Call or email me if you would like more details.

David Billar
619 861 6307
http://www.eClosed.com

Villa Group Real Estate & Mortgage LIC#01360356
0 votes
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