nissandave
Member
What is the name of your state? North Carolina
Me and my wife started our Chapter 7 last August. What got us into trouble were credit cards. We did not go through the typical period as most people do before filing where you start missing payments and getting bahind in payments. Anyway, we carried a mortgage and a truck payment through and are still paying on them. Since we lived in NC and we were not behind on the payments, we did not have to reaffirm, instead we chose to keep the truck and house by staying up to date on payments. Our CH 7 went without any suprises, thankfully. We got our discharge in December and since then, we have updated/corrected our credit reports. Currently, mine is reported of having a 600 beacon score.
Now for the question:
Currently, our mortgage is a FHA guaranteed mortgage through Washington Mutual, it was formerly through North American Mortgage Co. We still have not reaffirmed, just kept up to date on payments. Our attorney an several others have advised us that we need to wait 1-2 years to re-establish our credit and work off the BK newness in order to get a halfway decent mortgage on another home. The problem is that due to idiot neighbors and a few other concerns, we need to move. I figure we could rent for a year or two and save some money for our next home. My questions is that IF we let our current home be foreclosed on through the bankruptcy, will that foreclosure knock us out of getting another FHA loan for certain, or will the fact it was included in our CH 7 be a bit more less detrimental of our chances for a new mortgage 2 years down the road? I don't think we could sell it for much anything due to various reasons, so I am seriously considering letting it go back to the mortgage company and let them have the joy of selling it. But I do not want to cut my own throat in the process of knocking us out of getting a new mortgage 2 years from now.
Me and my wife started our Chapter 7 last August. What got us into trouble were credit cards. We did not go through the typical period as most people do before filing where you start missing payments and getting bahind in payments. Anyway, we carried a mortgage and a truck payment through and are still paying on them. Since we lived in NC and we were not behind on the payments, we did not have to reaffirm, instead we chose to keep the truck and house by staying up to date on payments. Our CH 7 went without any suprises, thankfully. We got our discharge in December and since then, we have updated/corrected our credit reports. Currently, mine is reported of having a 600 beacon score.
Now for the question:
Currently, our mortgage is a FHA guaranteed mortgage through Washington Mutual, it was formerly through North American Mortgage Co. We still have not reaffirmed, just kept up to date on payments. Our attorney an several others have advised us that we need to wait 1-2 years to re-establish our credit and work off the BK newness in order to get a halfway decent mortgage on another home. The problem is that due to idiot neighbors and a few other concerns, we need to move. I figure we could rent for a year or two and save some money for our next home. My questions is that IF we let our current home be foreclosed on through the bankruptcy, will that foreclosure knock us out of getting another FHA loan for certain, or will the fact it was included in our CH 7 be a bit more less detrimental of our chances for a new mortgage 2 years down the road? I don't think we could sell it for much anything due to various reasons, so I am seriously considering letting it go back to the mortgage company and let them have the joy of selling it. But I do not want to cut my own throat in the process of knocking us out of getting a new mortgage 2 years from now.