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
Hi, thanks for your question. You should hire a lawyer for specific legal advice. No attorney client relationship is created here.
I understand your fact patten.
What is your question?
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.
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
I don't see you linked to any other questions at this point.
IF you don't like the current lender, I encourage you to shop around.
Most I've heard want you 2 years removed from bankrutpcy
Are you referring to the Claim deed or the BKdischarge? Do you have legal facts available?
Hello-is anyone there?
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
how far removed from the claim deed or from the bankruptcy they want you
How long am I expected to wait for your reply -it's been about 25 mins now?
Are you there?
I have answered
DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.
The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).