nissandave
Member
What is the name of your state? nc
What is the name of your state? NC
Hi, I have been here before, so here's a brief past of myself;
My wife and I filed Chapter 7 in 8/02 and got discharged in 12/02. We elected to keep the house (listed the value @ 55k, payoff @43k) on advice from our attorney by staying current on payments. We bought house in 96 and in the last 4 years, the house has been a broken wheel. The wood on back of house is rotting, roof leaking, celing fans not working, fire alarm does not work, ceiling seperating from walls, ceiling getting cracks from one side to other, wallls cracking, bathroom paneling fell off, bathroom and kitchen flooring coming up, stove burners not working, 24 year old heat pump goes out occasionally......
In May, 2003, we elected to move out and lease a house and let the house be foreclosed upon. Now, foreclosure is just starting. I wish we would have let the house go in the Chapter 7 proceedings, but it was really hard to do that and have nowhere else to go immediately and have a 5 year old daughter and wife to responsible for. We got into trouble with credit cards and buying the house, as when we got the house, we only had a balnce of 3k or so and didn't really go plastic crazy until the house needed a refrig, decorations, lawnmowers, paint, toilets, plumbing work, ........................
Now my question or situation:
To my understanding, you have to be 2 years postBK for another FHA loan and 3 years for a foreclosure. I understand that "extenuating circumstances are taken into consideration too. Would it be possible to possibly show (I have photos) that the condition of the house "forced" us to move out due to the fact that the required financial resources needed to fix the house was so high and the fact of the ch7 that these can be considered "extenuating circumstances" that make us more eligible for a mortgage before 3 years? Our problems actually started with the house because we got in debt when we first bought it and we could not bail oursleves out. Does this sound reasonable or am I an idiot? Also, I am concerned that we may have over-valued the house in our bk paperwork. Will this have any implications in our above statement sent to a mortgage company for a future mortgage. We were not really qualified to make an accurate judgement of value of the house as we are real estate dummys.
What is the name of your state? NC
Hi, I have been here before, so here's a brief past of myself;
My wife and I filed Chapter 7 in 8/02 and got discharged in 12/02. We elected to keep the house (listed the value @ 55k, payoff @43k) on advice from our attorney by staying current on payments. We bought house in 96 and in the last 4 years, the house has been a broken wheel. The wood on back of house is rotting, roof leaking, celing fans not working, fire alarm does not work, ceiling seperating from walls, ceiling getting cracks from one side to other, wallls cracking, bathroom paneling fell off, bathroom and kitchen flooring coming up, stove burners not working, 24 year old heat pump goes out occasionally......
In May, 2003, we elected to move out and lease a house and let the house be foreclosed upon. Now, foreclosure is just starting. I wish we would have let the house go in the Chapter 7 proceedings, but it was really hard to do that and have nowhere else to go immediately and have a 5 year old daughter and wife to responsible for. We got into trouble with credit cards and buying the house, as when we got the house, we only had a balnce of 3k or so and didn't really go plastic crazy until the house needed a refrig, decorations, lawnmowers, paint, toilets, plumbing work, ........................
Now my question or situation:
To my understanding, you have to be 2 years postBK for another FHA loan and 3 years for a foreclosure. I understand that "extenuating circumstances are taken into consideration too. Would it be possible to possibly show (I have photos) that the condition of the house "forced" us to move out due to the fact that the required financial resources needed to fix the house was so high and the fact of the ch7 that these can be considered "extenuating circumstances" that make us more eligible for a mortgage before 3 years? Our problems actually started with the house because we got in debt when we first bought it and we could not bail oursleves out. Does this sound reasonable or am I an idiot? Also, I am concerned that we may have over-valued the house in our bk paperwork. Will this have any implications in our above statement sent to a mortgage company for a future mortgage. We were not really qualified to make an accurate judgement of value of the house as we are real estate dummys.