FHA: Including my mortgage in a Chapter 7 bankruptcy

By
Mortgage and Lending with Amerifirst Financial, Inc

FHA: Including My House In My Chapter 7 Bankruptcy

 

You filed a Chapter 7 Bankruptcy and included a mortgage/ or property in Arizona and you want to know when you can qualify for an FHA Home Loan in Arizona.. Am I correct?




What?
You may have even been told by a FHA mortgage loan lender in Arizona that after 2 years from the Chapter 7 Bankruptcy Discharge date you can qualify for an FHA Home Loan . Does that sound familiar? For the most part this information, technically, is true.
Like many others who have not been informed of the correct information, you now are being told that you do not qualify (After waiting for 2 years) and are left scratching your head as to what happened. The fact that you have included a mortgage/ or home home in your Chapter 7 Bankruptcy changes the well-known 2 year bankruptcy rule to the more conservative FHA 3 year foreclosure rule.

  Why?
The fact that there was an FHA mortgage and/or property included in the Chapter 7 will revert you to FHA's 3 year foreclosure rule which is obviously the more conservative approach. Lenders will almost always take the most extreme situation and apply the guidelines from that point. The foreclosure simply is considered more serious than the Chapter 7 bankruptcy.

Click here to learn more about Chapter 7 Bankruptcy including a mortgage.
For more information, call Ted Canto at Academy Mortgage in Arizona today and I will guide you and provide with sound advice on how to qualify for an FHA home loan after your Chapter 7 Bankruptcy
close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
ActiveRain Community
Location:
Arizona Maricopa County
Tags:
academy mortgage
bankruptcy
chapter 7
foreclosure
arizona
ted canto
fha mortgage
mesa
scottsdale
phoenix
gilbert
chandler

Spam prevention
Show All Comments
Rainer
20,329
Cheryl Brewer
Mike Bowman - Grapevine, TX
Selling Homes since 1997

Great information! Thank you for posting!!

Mar 22, 2011 11:54 PM #1
Rainmaker
407,670
Karen Monsour
Coldwell Banker Fort Lauderdale Beach - Fort Lauderdale, FL
REALTOR, SSRS - Sells FL Waterfront, Short Sale Expert!

Yes, I get it, but could you just elaborate a little more. Explain it a little clearer, and it might do you well to post it to Localism...get the info out there.  If you don't know how, ask me.  Or just join the Localism group, b/c they are the ones who would benefit from your blog.

Thanks.

Mar 22, 2011 11:58 PM #2
Ambassador
1,344,022
Jon Zolsky, Daytona Beach, FL
Daytona Condo Realty, 386-405-4408 - Daytona Beach, FL
Selling Daytona paradise for heavenly good prices

Ted,

I guess it is because it is not just bankruptcy, but after they surrender the title, it still goes through foreclosure, and that;s where the rule is changing. Am I correct?

Mar 23, 2011 12:05 AM #3
Rainmaker
66,037
Ted Canto
Amerifirst Financial, Inc - Phoenix, AZ
Arizonan #1 Mortgage Lender

@Cheryl - You're welcome!

@Karen - I fixed it. Should be a lot better.  To get more information, just click on the link as well.  It is on Localism, etc, etc..

@Jon - You are correct; however this is not changing but has been the stance for quite some time.  That been said, it is becoming a common theme as many people have had to file for BK and will soon be entering these types of scenarios and questions.

Mar 23, 2011 01:27 AM #4
Rainmaker
101,885
Jayson Hoffer
Jayson Hoffer Insurance Agency Inc. - Tempe, AZ
Mesa AZ 480-518-0747

What happens if someone short sales a home and the bank does not approve the SS. Then the property went to Foco. How soon before they can buy a home then?

Apr 15, 2011 02:08 AM #5
Show All Comments
Rainmaker
66,037

Ted Canto

Arizonan #1 Mortgage Lender
Ask me a question
*
*
*
Spam prevention

Additional Information