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At my two year make and want to buy a new house. Credit score is around 660-670( kind of high ). Problem is 1) mortgage company not reporting mortgage to credit bureau, but shows current, not include in Ch7, and never late with lender. Question is can I get a new FHA loan?
2) Was told, if Ch7 is not an issue, then the loan would have to be at or below 75% of the original loan amount with an appresal to support if.
Is this true?
Will I be able to get new loan?
BOA will not reaffirm morgage and theater who I am trying to get a mortgage with.




Maybe you should be talking to a mortgage lender???

Sub: #1 posted on Sat, 07/14/2012 - 09:17

SOAPLADY SOAPLADY
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I have and they can't seem to answer the question. Also I should add that I plan on renting the old house because of the market. Been waiting on an answer for a few weeks now.

Sub: #2 posted on Sun, 07/15/2012 - 05:50

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I am in the same situation. BK7 in 2005 included discharged mortgage debt. Stayed in home all these years continuing payments and now want a new home.

Step 1) Make sure all mortgages included in BK read/report $0.00 due and canceled out in discharged BK. (For years, one reporting agency reported "open" and "current" on payment which was wrong).

Step 2) Apply for new mortgage loan with a national specialist and not necessarily large banks that usually are more strict. When asked if you own a home, declare "no." If that satisfies them after their review of the credit report, you should be clear. If not and they somehow see you are on a title and making payments, declare using old home as a rental. You should be fine at that point regardless of what you plan to do after closing on the new loan.

Including mortgage loans in Ch7BK seems to be rare and each lender seems to have limited understanding using different policies on how to view clients in these situations. In other words, credit worthiness is higher after several years out of BK, but with home that has not been foreclosed gives an element of risk that some banks pull back on lending.

Sub: #3 posted on Sat, 10/27/2012 - 23:06

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