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TJ, Esq.
TJ, Esq., Attorney
Category: Bankruptcy Law
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Experience:  JD, MBA
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My husband and I filed for bankrupcy november 2008 and it was

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My husband and I filed for bankrupcy november 2008 and it was discharged march 2009. Due to a job loss (my husbands) we had to surrender our house/mortgage when we filed the bankruptcy. On our credit reports it shows the accounts as being closed and part of the Chapter 7 bankruptcy, however after working very hard to re-establish ourselves and our credit we applied for a mortgage only to be told that one of the mortgage companies (our second mortgage holder) only recently bothered to obtain the title and we were denied our request for a new mortgage. Can this be corrected on our records or will we need to "wait it out"?
Submitted: 2 years ago.
Category: Bankruptcy Law
Expert:  TJ, Esq. replied 2 years ago.
Hello and thank you for allowing me the opportunity to assist you.

I'm a little confused. The second mortgage holder recently obtained title to the property? And how has that impacted your credit report? What does it say?
Customer: replied 2 years ago.
Sorry for the confusion. I am very confused myself. In 2010 we were served papers from Nationstar Mortgage (this was the 1st mortgage on the foreclosed on property) that they were going to the court to foreclose and reposses the property. Chase-- our second mortgage holder on the foreclosed property we never received any kind of papers from, but we were told by our bankrupcy lawyer that this was all in the chapter 7. We surrendered the property and moved out in February 2009 and relocated to Florida in December 2009. We applied for a new mortgage on a property down here thinking that this was all put behind us. And today the mortgage broker called and said that we would not qualify for a mortgage since Chase only retained the title in December 2011. (even though our credit reports say that this account was closed out due to chapter 7 bankrupcy). I don't remember the exact wording he used as I was extremely disappointed to discover that after working so hard to come back from bankruptcy and foreclosure that this would happen.
Expert:  TJ, Esq. replied 2 years ago.
Hi again.

I'm still a little confused as to how your credit report was impacted by the fact that Chase waited so long to get title, or foreclose, etc. However, if the crux of your question is whether Chase can wait so long to take action on the house, then I'm sorry to say that the answer is yes. In fact, Chase is never obligated to take back the house. Or it could wait years to do so. It has no obligation to act quickly in that regard. But you are not affected to the extent that your debt was discharged. Your credit report should make note of the discharge and any subsequent foreclosure should not affect your credit report. On the other hand, a mortgage lender is within its rights to turn you down for a mortgage if it finds that Chase's recent acquisition of the property is relevant for some reason and makes you less qualified. I can't think of any way in which that would be the case, but holding it against you is, I'm sorry to say, not illegal.

At this point, I would contact the mortgage broker and ask for a specific explanation of why you were turned down (write it down as he is explaining it), and then ask how you can overcome this problem. It's possible that you just need to try other lenders, or that you'll need to wait a little longer to get a new mortgage.

I regret that my answer is generally unfavorable, but please understand that it would be unfair to you (and unprofessional of me) to provide you with anything less than a truthful response. With that in mind, I hope that you found value in my answer. If your concerns were not satisfactorily addressed, then feel free to let me know, as I will be happy to clarify my answer or help with your follow-up questions. In the meantime, please remember to click the green accept button so that I will receive credit and compensation for my time (doing so does not end our discussion). Positive feedback is always appreciated as well. Thank you and good luck!
TJ, Esq., Attorney
Category: Bankruptcy Law
Satisfied Customers: 10008
Experience: JD, MBA
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