Comments on: Are there loans available after bankruptcy or foreclosure?

By: Tim

Tim — Fri, 11 Jun 2010 17:03:14 +0000

My Chapter 7 bankruptcy was discharged Nov. 2007. The bankruptcy included a fha insured home. I am now trying to get a home prequalification loan but the lenders say that they need a letter from the fha saying the loan amount has been satisfied either by bankruptcy discharge or paid off. I called the fha and they refused to send me any kind of letter saying this. They told me I would be locked out from future fha loans until I paid the balance of the original loan and that they would continue to report this as a bad debt to collections. What can I do about this? Does this mean that the fha has blacklisted me for the rest of my life from purchasing a home?

By: Dan Connolly

Dan Connolly — Fri, 05 Mar 2010 22:49:28 +0000

Generally the rule is that your credit has to be perfect after bankruptcy. Since it is over six years since the bankruptcy was discharged, I would sit down with a competent FHA lender and see what they say. I am not sure what you mean by taxes 76,999, and also what are the medical balances? Are they bills that you are making timely payments on or have they gone to collection? Generally speaking there can be no collections. You will normally need 12 months of ontime payments so when you had the late payments will be important.

By: sandra

sandra — Fri, 05 Mar 2010 18:51:36 +0000

As of now my credit score is 617. I filed bankrubcy in 2003, my discharge date was Nov. 3, 2003. I have 3 medical balances total of 1166 that shows on my credit report. I’ve been late on 1 credit card 1 time and a couple of times on a small bank loan. Is there anybody out there willing to give me a loan on my house? Taxes are 76,999. I only want to borrow 30,000.

By: Dan Connolly

Dan Connolly — Mon, 15 Feb 2010 16:20:43 +0000

FHA keeps changing the guidelines. Today as I understand it, there is a three year wait (with perfect credit) but there are rumors that this will change to four years soon.

By: Rich

Rich — Mon, 15 Feb 2010 14:44:09 +0000

This past year, I went through chapter 7 bankruptcy and lost two properties in the process. The first was a rental home that I did not want to include in the bankruptcy due to some equity, but the trustee seized it as an asset and made known his intent to sell. However, he has not paid toward the mortgage and the mortgage company has started the foreclosure process, even as the trustee is preparing to sell. The second property was a Florida condo that I owned with three others. It was worth far less than the mortgage, but the mortgage was in good standing when I filed chapter 7 as well. Since then, the property mortgage and deed have not changed (I’m still officially on both) although the trustee has accepted the condo into the bankruptcy, he abandoned the property. The other owners have now stopped paying the mortgage and are weighing their options of deed-in-lieu, short sale, bankruptcy and selling out right and taking the loss. Other than this bankruptcy, my credit has been perfect for over 20 years. Base on the above, how long will it be until I’m eligible for an FHA loan? 2 years? 3 years? If it’s a certain period of time, does the time start the day I filed? The date I was discharged? The date my bankruptcy was closed or the date the last property changes hand so that my name is no longer on the deed or mortgage? I keep getting conflicting information, even from FHA lenders.

By: roz morris

roz morris — Mon, 08 Feb 2010 02:28:34 +0000

I had a conventional loan foreclosed on in dec 08 my credit score i around 600 do I have to wait 3 years to get a fha loan

By: Lori

Lori — Fri, 05 Feb 2010 23:42:58 +0000

I spoke with FHA person via there 800# and you have to wait three years from the date the previous FHA Insurance paid the claim. So my house was foreclosed on in 12/2006 but they didn’t pay the claim until 12/2007 so I have to wait three years from that date to get another FHA loan.

By: Dan Connolly

Dan Connolly — Wed, 27 Jan 2010 02:27:34 +0000

Talk to an FHA lender in your area. I believe that it takes three years from a foreclosure and your credit has to be perfect in that time. However FHA is revamping its rules and the underwriting guidelines change every couple of weeks, so you need to get an accurate answer from a lender that makes FHA loans in your area.

By: danelle theis

danelle theis — Sat, 23 Jan 2010 03:51:29 +0000

I was wondering it has been 2 yrs after my foreclouser and I have everything pd off now. I would like to buy a house thur fha it is a manufactered house. Is there anyone out there to get a loan. or any other suggestions where to get a loan.

By: Jocelyn

Jocelyn — Thu, 14 Jan 2010 17:33:39 +0000

I had a foreclosure in 2009, hose was put inti auction in Aug. 2009. I stopped paying my credit cards when we defaulted on the home loan since I taught, defaulting on my home loan will affect my credit big time anyway. So, I defaulted on all my credit cards. Now I am reading that you have 2 years after foreclosure and you can apply again for a home loan. My question is, I want to pay back all those credit cards that I defaulted but would it be wise to pay them off at once or to pay them ontime on a monthly basis. Thanks.