Seasoning Requirements after foreclosure and bankruptcy

[feebee]

I have some questions regarding foreclosure, bankruptcy and seasoning time for a new mortgage. Here is my situation.

My boyfriend received a chapter 7 discharge February 1, 2010 and foreclosed May 1, 2010. I received a chapter my chapter 7 discharge August 31, 2011. If I foreclose we have to wait 3 years from the foreclosure date with extenuating circumstances for Fannie Mae and Freddie Mac. If I give a deed in lieu I believe that it is 2 years and 10% down with extenuating circumstances for Fannie Mae and Freddie Mac which means by the end of 2013 I could possibly obtain a new mortgage. Could someone confirm this? Or correct me if I am wrong?

Has anyone had firsthand experience with this?

[Cat Damiano]

feebee,



Here is some information on each;


https://www.efanniemae.com/sf/guides/ssg/annltrs/pdf/2010/sel1005.pdf

http://www.fha.com/fha_requirements_credit.cfm

[Jeffrey L. Shurtliff]

I question why would anyone want to borrow money for a home, after you had one taken from you by these companies?

[lisasxr]

Were the mortgages discharged in the bankruptcy? Under conventional underwriting - if yes, you would follow the 2-3 year BK discharge ruling. If you re-affirmed mortgages and then had a Foreclosure, your looking at 7 yrs post foreclosure.

[feebee]

The mortgages were discharged in bankruptcy.

[feebee]

[QUOTE=Jeffrey L. Shurtliff;362643]I question why would anyone want to borrow money for a home, after you had one taken from you by these companies?[/QUOTE]My house wasn't taken. I divorced and my ex stopped paying. We wanted to sell but the market tanked. He filed bankruptcy and then I had to or else I'd still be trying to deal with all of those things. I've been legally divorced for 2 years. I'm just trying to clean up this mess. I don't want the house.

[marvelrules]

Must have not gotten that reAlly bad bank in the mouth taste like us. Yuck[QUOTE=Jeffrey L. Shurtliff;362643]I question why would anyone want to borrow money for a home, after you had one taken from you by these companies?[/QUOTE]

[feebee]

[QUOTE=marvelrules;362777]Must have not gotten that reAlly bad bank in the mouth taste like us. Yuck[/QUOTE] I got that too. I tried a loan mod and got the run around. Just ready to wash my hands of it

[lisasxr]

The loans were discharged in the BK. You use your discharge date - you wont be hit with a BK and a foreclosure (even though the bank has to go through the Foreclosure process)