QUESTION
Is BK7 considered a foreclosure if mortgages were included but not reaffirmed?
Asked on Aug 15th, 2012 on Bankruptcy - Missouri
More details to this question:
Seems like everything ive seen our situation looks like a buy and bail. Out of BK7 for 3.5 yrs now. Seen FHA guidelines were a 3yr wait. Went to bank and talked to loan officer about FHA loan. Told them about BK7 and how our mortgage was IIB, and not reaffirmed and that we are still paying and current. Took BK paperwork to bank and we filled out paperwork for FHA loan. We had to list all finances, any new debt, and explain our BK. In that explanation i told them about our non reaffirmed mortgage and all that went with it. Even did conf. call to mortgage co. to find out amount, ever been late, and monthly payment. Now paperwork has come back and we were told we could start looking for home and set up a contract, which we have, even put down earnest money. Am i reading too much into what ive read or what. Even told loan officer about a short sale or signing deed back to mortgage co. No question from underwriter about current home either
1 ANSWER
Bankruptcy Attorney serving Burbank, CA
Partner at
Law Office of Mark J. Markus
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3 Awards
Sorry, but I really don't understand your question. A bankruptcy can be reported on your credit report for up to 10 years from the date of filing. It is not a foreclosure. How a given lender treats a prior bankruptcy filing, or how it translates into your numeric FICO score is another matter altogether and is not a bankruptcy issue.
Mark J. Markus, Attorney at LawCertified Bankruptcy Law Specialist--State Bar of California Board of Legal SpecializationHandling exclusively bankruptcy law cases in California since 1991.http://www.bklaw.com/bankruptcy blog: http://www.bklaw.com/bankruptcy-blog/Follow Me on Twitter: @bklawr
Answered on Aug 15th, 2012 at 2:20 PM