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Question By
Dewsbury

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I had Chptr 7 six years ago. I didn't reaffirm mortgage. Can I buy new house and then walk away.
I am current on payments. I just want a new house for a few reasons and am not sure if I'll get what I owe on the house that was included in bankruptcy. I am not in foreclosure yet and wouldn't stop making payments until I am in a new house, however I am not sure if I'd get approved for a loan on a new house. Does anybody know if I would, assuming everything else is fine?

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The response stating you have to wait TEN years is absolutely incorrect and is horribly bad information. If you google chapter 7 and waiting periods for mortgages, you will see what the actual time periods are what FNMA looks at for mortgages. Jwsister, is highly uneducated on this matter and continues to give people an uninformed answer. Bottome line, you do not have to wait ten years, but you do need to have re-established credit and follow the waiting timeframes since the discharge. Also, in your particular case, you will have to qualify with both mortgages. I would not recommend walking away from the current one though.

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Random789644

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Agreed. Most lenders will want to see you wait maybe 2-3 years after bankruptcy was granted/discharged (depending on type), and if it's Chapter 13 you have to get approval from the trustee first, or you can generally go for it the day you get your discharge from a Chapter 13. That's really all there is to it.

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You should consult an attorney so that you are aware of the laws in your state.   There are stipulates in laws that govern verbal agreements.  Verbal agreements do not have to be verbal.  There could have been language in your original mortgage which covers your situation and you have have invoked it by making the first single payment after the chapter 7 was discharged.  You weren't officially discharged from the mortgage as much as you were discharged for the amounts you filed as past due.  Your bankruptcy attorney may be the best resource for you, anything we provide here would be our opinion.   You might call the original mortgage company and ask them when they are going to come get the house.

Reply by
Dewsbury

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Please read the questions before you answer, They aren't coming for the house, my first sentence was 'I am current on the mortgage'. 

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Bankruptcy has to be off your credit reports for no less than TEN years before you might have a chance at getting another mortgage.  If you haven't read the articles about credit presented on this site, you would be smart to do so. You really do not understand credit and are not going to have a financially secure life until you gain this knowledge.

Reply by
Dewsbury

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Please don't respond to any of my questions ever again, you are way wrong about credit reports, scores, bankruptcy and mortgage. I hope the rest of your responses to people aren't this wrong. Otherwise you have misinformed nearly 7,000 people. Remember Quality is more important than quantity.

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Reply by
Random789644

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jwsister - this is patently untrue: I closed on my new home not even two months after my Chapter 13 discharge (VA loan), applying (without the slightest hint of static from my lender!) the literal day after my trustee-sent discharge papers arrived in the mail. I'll answer the original question momentarily and separately.

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