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How soon after a foreclosure covered by bankruptcy can you buy another house through Va?
Wiki User
∙ 11y ago
Assuming you mean the VA (Veterans Administration), you have to wait 2 years, and you must show you are now managing your expenses to be able to afford paying a mortgage.
Wiki User
∙ 11y ago
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Can you have back title of home after bankruptcy discharge?
If you lost the title through foreclosure or abandonment in the bankruptcy, probably not, but it depends on a number of factors. Consult a lawyer in your area.
How does surrendering your house in chapter 7 affect your credit report?
If you are surrendering your house anyways, it is usually better for your credit score if you do it through bankruptcy. If your house is foreclosed on before you file bankruptcy, then your credit score is hit by both the foreclosure and the bankruptcy. If you let your house go back through bankruptcy, instead, then your credit score is only hit by a bankruptcy.
Can foreclosure and bankruptcy be taken off your credit report if you didn't have to go through with the foreclosure and bankruptcy?
Once it is reported to the credit reporting agencies, it is very tough to have it removed. However, you can get them to mark it "satisfied" by providing documentation of such along with a letter of explanation. Keep copies of all correspondence with the agencies.
Can you buy a home under bankruptcy?
If our home is in foreclosure,and never reaffirmed the debt through chapter 7-how will it affect us getting a home?
If a house is in a bankruptcy to prevent foreclosure can the lender modify the loan to be more affordable?
Only through the court. The creditors are not allowed to speak with you about these things as it is considered actions to collect a debt, which your filing of BK specifically prohibits them from doing...which is why their foreclosure is delayed.
Is it possible to stall foreclosure and how long can it be stalled for?
It is possible to stall foreclosure for up to two years using bankruptcy and a variety of other tactics. Getting what is called a Stay is a process of fighting back against the bank, and fighting for your right to stay in your home. Stalling foreclosure is not the simplest process but it can be done, and should be done if you are upside down in your mortgage, and thinking of filing bankruptcy. I have been going through foreclosure, and besides using an attorney, I found this book pretty helpful called the Stall Foreclosures E-Book. You can get this book, and read through it before you start the process to sort of give you a background on how to manage to stall foreclosure and stay in your home while fighting back. It is at www.StallForeclosures.com
What is foreclosure help?
Foreclosure help is advice and help you can get from an organization or service that will help you through a foreclosure or help you stop a foreclosure. Foreclosure Help and Hope is an organization that can help.
When can you buy a home after a short sale or foreclosure?
Here are the rules:How long will a former homeowner who sold through a short sale or foreclosure have to wait before they can buy another home?Here are the rules….Waiting Period Requirements to Buy a Home Again.The waiting periods in order to qualify for a home loan after a foreclosure, deed-in-lieu, short sale and bankruptcy varies both by the government agency purchasing or insuring the loan as well as the dollar amount of the loan.Federal Housing Administration (FHA)1) Foreclosure is 3 years2) Deed-in Lieu is 3 years3) Short Sale is 3 years4) Bankruptcy is 2 yearsVeterans Administration (VA)1) Foreclosure is 2 years2) Deed-in Lieu is 2 years3) Short Sale is 2 years4) Bankruptcy is 2 yearsConventional Conforming (FNMA/FHLMC)1) Foreclosure is 7 years2) Deed-in-Lieu is 4 years < 80% LTV and 5 years > 80% LTV for primary residences. 7 years for second homes and investment properties regardless of LTV.3) Short Sales is 2 years < 80% LTV and 5 years > 80% LTV and 7 years > 90% LTV4) Bankruptcy is 4 yearsConventional Non-Conforming (JUMBO)1) Foreclosure is 7 years2) Deed-in-Lieu is 7 years3) Short Sale is 7 years4) Bankruptcy is 7 years
Can you still file if the bank has started the foreclosure process?
Homeowners who have recently been foreclosed on can still file bankruptcy even though the bank is pursuing foreclosure in the local courts. Just because the lender has initiated a lawsuit to take the house back does not mean that homeowners are unable to seek protection through the federal bankruptcy court system. Essentially, foreclosure proceedings are a collection attempt by mortgage companies to force homeowners to pay what they owe on the loan, or have their home auctioned off by the county government to satisfy the mortgage. There is nothing else secretive or fancy about the process, and it is little different from a credit card company or other creditor suing borrowers to force payment of a debt. Thus, homeowners are almost always able to file bankruptcy to stop foreclosure up until the time that they are no longer the owners of the home. This typically means that they can wait until just a few hours before the scheduled sheriff sale of the property to file the bankruptcy petition, and this will stop the foreclosure process from being able to continue. Once a borrower files a petition with the bankruptcy courts, the automatic stay goes into effect, which precludes lenders from being able to continue collection efforts. Because the entire foreclosure lawsuit is a collection effort, the mortgage company will have to put its process on hold until the debt is resolved through bankruptcy. Of course, most lenders do not particularly want to deal with the extra hassle this causes, but they have no other choice than to put the foreclosure on hold. So homeowners who are facing a foreclosure or have already been sued by the lender will be able to file bankruptcy and include the house in the petition anytime until the sheriff sale. After the auction, when ownership is transferred into the name of the new owner, then it will be too late to rely on this option to stop foreclosure, because the borrowers no longer have an ownership interest in the property.
You filed chap 7 bankruptcy 6 years ago and have been making payments can you give back the home to the lien holder without going through foreclosure?
You can give back the home to the lien holder without going through foreclosure. You just need to make arrangements with the lender. It is not smart at this point to surrender your house after so many payments.
If a bankruptcy was discharged on an account that was sold to another lender and the original creditor is marking it as a charge off should it be marked as bankruptcy by the original creditor?
Yes, this debt should have been marked as a bankruptcy by the original creditor. It cannot be changed from a bankruptcy to a discharge unless the bankruptcy did not go through.
Can you buy another house and let the one you are in go through foreclosure?
Yes. Note that your credit score would be adversely affected.
