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Options for home sale in bankruptcy
Here is my dilema: I purchased a home last May and filed for Chapter 13 in November. Since then, I have switched jobs and need to relocate. My house is on the market, but I don't think I am going to get what I owe out of it. My mortgage company states that they do not do short sells on bankruptcy homes. My trustee says he will not sign off on the sell of the home if I need to pay anything or acrue any debt out of it. It has been suggested to me from my trustee that I forego my home so I can reloacate. I will have no reprocussions from the mortgage company because I am in bankruptcy. However, I a concerned that a foreclosure will look worse on my credit than Chapter 13. Am I correct? Will I be able to get a loan for another home? If I do go down the foreclosure path, how long would I have to wait to be able to get a loan for another house?
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I got an answer from a mortgage broker. I would have to wait 3 years to get a new mortgage by the new banking guidelines for BOTH a short sell and a foreclosure. In the bank's eyes, bith are defaulting on a loan. The short sell looks better on your overall credit though. If I sell the house for what I owe, I will be able to get a loan after 1 year of payments to my chapter 13 trustee. I hope this information helps anybody else who gets in the same situation. |
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As a Mortgage Broker I agree with, Simonsez1976, but no matter what you do foreclosure is the kiss of death for obtaining a new loan in the future. I have lenders that hold it against you for 10 years . Better to try to sell it or rent till you can sell. It is a problem, Good Luck |
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