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Intears
Joined: 27 Oct 2009
Posts: 2
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| Posted: Tue Oct 27, 2009 2:48 pm Post subject: When Would I Be Eligible For A Mortgage? |
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This is my first post and I hope someone can give me some insight on what lays ahead.
Filed Ch. 7 BK July 2008; discharged Oct 2008; I included my home in the BK. I moved out of the home July 2008 and had stopped paying the mortgage in May 2008, because I could no longer afford payments (I had two mortgages). I moved into a rental home while my credit was still decent. In May 2009, Fannie Mae posts on my area's assessment site they now own the home. I've recently pulled up my credit report and scores. Equifax is showing one of the mortgages as included in BK Chapt 7. It does not list the second mortgage. TransUnion is reporting both mortgages as "included in BK". I would like to know if my mortgages are reporting as included in BK, will it eventually report as a foreclosure? Also, would anyone have an idea of when I will be able to purchase an "affordable" home (I wouldn't wish this situation on anyone). I look forward to responses and thank you. |
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TimtheMortgageGuy
Joined: 16 Jan 2008
Posts: 96
Location: Rosemount, MN
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| Posted: Tue Oct 27, 2009 6:16 pm Post subject: |
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I beleive your house will be listed as a foreclosure. It will probably be 4 years before you can qualify for a Fannie/Freddie/FHA loan again.
Start rebuilding your credit asap and keep it perfect.
You could also look at building a relationship with a local community bank. If you save up a big enough down payment and they beleive that you are a good credit risk, they can write you a home loan (portfolio loan that they hold in house) before the 4 years is up. They make their own decisions and do not have to follow the rules of the secondary market. |
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Intears
Joined: 27 Oct 2009
Posts: 2
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| Posted: Tue Oct 27, 2009 6:20 pm Post subject: |
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TimtheMortgageGuy wrote: I beleive your house will be listed as a foreclosure. It will probably be 4 years before you can qualify for a Fannie/Freddie/FHA loan again.
Start rebuilding your credit asap and keep it perfect.
You could also look at building a relationship with a local community bank. If you save up a big enough down payment and they beleive that you are a good credit risk, they can write you a home loan (portfolio loan that they hold in house) before the 4 years is up. They make their own decisions and do not have to follow the rules of the secondary market.
Thank you for your response. I had a feeling it would be at least 4 years, but I was hoping otherwise :-) I will keep in mind of the local community bank. |
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meflee
Joined: 28 Oct 2009
Posts: 5
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| Posted: Fri Oct 30, 2009 3:10 pm Post subject: |
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| It should be eligible for modification as long as the owner is the one living there. If it is an investment property, than no. |
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TimtheMortgageGuy
Joined: 16 Jan 2008
Posts: 96
Location: Rosemount, MN
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| Posted: Fri Oct 30, 2009 5:14 pm Post subject: |
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meflee wrote: It should be eligible for modification as long as the owner is the one living there. If it is an investment property, than no.
It is all ready a done deal bud. BTW, modification IS NOT the answer for everything. IMO, modifications are a bunch of crap. |
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