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Ask Terry L. Your Own Question

Terry L.
Terry L., Attorney
Category: Legal
Satisfied Customers: 2518
Experience:  Better Business Bureau. 13 Years bankruptcy experience. Member of the Chicago Bar Association
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Hello and Thank-you! We filed for Chpt

Customer Question

Hello and Thank-you! We filed for Chpt.7 Sept 2009.Our condo was included.It was dicharged in Dec.2009.By June 2011,Bank of America still hadn't give us the offical release from the loan--some sort of deed? We tried to deal w/them before and after the bankruptcy to no avail.As we were continuing to amass outrageous home-owner dues plus late fees and $1000 assessments we went to a lawyer for help. He tried to deal with Bof A,but finally after paying all the back-fees etc.,he got us a Quit Claim deed. After 3and1/2 years we got sick of raised rental fees and after applying for a loan approval for a mortgage mortgage, the underwriters said we had to wait 3 yrs. from the quit-claim 6/11 not the BK in 12/09. Our rent has been raised $85+in a very short time...We know we could get a lower mortgage payment.Our credit,income, history is all good,but we really need to know if we could buy now instead of signing a new higher rental lease agreement in 1mo. or so. Thank you so much! XXXX & XXX XXXXXXXXXX

Submitted: 1 year ago.
Category: Legal
Expert:  Terry L. replied 1 year ago.

Terry L. :

Hi, thanks for your question. You should hire a lawyer for specific legal advice. No attorney client relationship is created here.

Terry L. :

I understand your fact patten.

Terry L. :

What is your question?

Customer :

Can we get a mortgage based on a BK-7 discharge,which included our condo mortgage from Bank of America, after 3 1/2 yrs. or do we have to wait 3 yrs from the Quit Claim deed almost 2 yrs later. I did write out the question in more detail previously on this site.

Terry L. :

Bankruptcy does not prohibit getting a mortgage in the future. There is no set amount of time you must wait after filing to do so. Each lender may have their own requirements on how much time they want after filing or after foreclosure, deed in lieu etc. That can vary on a case by case, lender by lender basis

Terry L. :

I don't see you linked to any other questions at this point.

Terry L. :

IF you don't like the current lender, I encourage you to shop around.

Terry L. :

Most I've heard want you 2 years removed from bankrutpcy

Customer :

Are you referring to the Claim deed or the BKdischarge? Do you have legal facts available?

Customer :

Hello-is anyone there?

Terry L. :

yes

Terry L. :

As I stated, there is no rule saying lenders must wait any time before funding a mortgage

Terry L. :

each company can decide how far out they want to

Customer :

hello????

Terry L. :

yes

Terry L. :


As I stated, there is no rule saying lenders must wait any time before funding a mortgage






each company can decide how far out they want to


Terry L. :

how far removed from the claim deed or from the bankruptcy they want you

Customer :

How long am I expected to wait for your reply -it's been about 25 mins now?

Terry L. :

Are you there?

Terry L. :

I have answered

Terry L. :

As I stated, there is no rule saying lenders must wait any time before funding a mortgage

Expert:  Terry L. replied 1 year ago.
Our chat has ended, but you can still continue to ask me questions here until you are satisfied with your answer. Come back to this page to view our conversation and any other new information.

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Expert:  Terry L. replied 1 year ago.
I changed this to a Q&A since you couldn't see my replies!
As I stated, there is no rule saying lenders must wait any time before funding a mortgage
Terry L., Attorney
Category: Legal
Satisfied Customers: 2518
Experience: Better Business Bureau. 13 Years bankruptcy experience. Member of the Chicago Bar Association
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