Foreclosed home 2 years ago, in limbo, have not claimed bankruptcy, chances of getting a new home loan elsewhere?

Asked by Cmenow, Nashua, NH Sun Mar 20, 2011

Went through divorce 3 years ago, the home was occupied by ex for 1 year after, home forclosed 2 years ago but still in limbo and has since been vacant. Not getting any statements or phone calls from bank every month like one may think however I have not officially claimed bankruptcy ( I believe it is a must for this case?) however I am looking at new property (more affordable) but what are my chances of getting a loan? 2 versions, #1 getting a loan now without claiming bankruptcy or #2 claiming bankruptcy and waiting a year to purchase a new home?

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Scott Godzyk’s answer
Scott Godzyk, Agent, Manchester, NH
Mon Mar 21, 2011
Check with your divorce lawyer for advice on teh divorce and who is responsible for what, if you are still on that mortgage, you may want to contact the bank or have your lawyer contact the bank, look into deed in lieu of foreclsoure to end teh waiting or sell it at short sale to avoid teh foreclsoue that will live with you for the next 10 years. Same thing with bankruptcy, the new credit laws it could stay with you for 10 years so try and avoid both if you can, at this point a lawyer may be what you need for guidance, at least the first meeting which is usualy at no charge
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Justin Ruzic…, Agent, Greenville, SC
Sun Mar 20, 2011
do not claim BK with out spending HOURS researching that. I would highly doubt the need to claim BK in your instance. Your home was Foreclosed,I would suggest to me the bank got the security back they wanted. If the bank comes after you or your X for deficiencies, then you may have to consider BK. If you choose BK, getting a loan will not be easy and will not be available for an additional 5 years according to current lending standards, not in 1 year like you are hoping for.
here are a couple blogs i wrote on buying the home of your dreams and another one an making sure you can afford it.…

I hope those are helpful reads. If you want please choose to follow the blog for more updates. Thank you
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scott farmer, Agent, Scottsdale, AZ
Sun Mar 20, 2011
I think you need to go back to the divorce docs to see what your settlement agreement says about the home. Seek legal advice first before moving forward with another property.
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