how long do i have to wait to get a mortgage after filing for bankruptcy?

You may qualify 2 years after the bankruptcy discharge date. FYI, the bankruptcy does not relieve you of the responsibility to payoff your mortgage. If you let the property go to foreclosure after the bk, your wait would be at least 3 years after the foreclosure. If you are not in foreclosure, you can buy subject to the sale of your home. If you let the property go to foreclosure, you would not be able to get a mortgage for 3 years from the deed transfer or sheriff's sale -- at the earliest. There are complications and consequences and confusion over lending requirements when bankruptcies and foreclosures are issues.

What type of bankruptcy was it? Chapter 7 or 13? We would be able to tell a lot more if we could see your bankruptcy papers. It's 2 years after Chapter 7 BK and 3 years after foreclosure. Chapter 13 can be done right away.

You face a major challenge, since you still own a home. Until it is sold, your lender may consider the (discharged) mortgage as part of your debt load. If your property qualifies, we offer a unique solution. Contact me, Dave Metsker, at primefinancial@frontier.com.

Here are your issues: Unless you sell your current home and pay off the balance owed to the bank, IN FULL, you won't get a new loan. Once your bankruptcy is two years old, you could be eligible for a new FHA loan. However, the balance on the existing mortgage is still being charged to you as an active debt. If you do not pay that loan off in full (not a short sale, and not "giving the home back by either a foreclosure or Deed-in-Lieu of Foreclosure), then that transaction would be treated just like a foreclosure. True, the bank cannot come after you, but the trigger date for the penalty period you will incur will be the date the transfer deed is recorded by the bank. For a new FHA loan, this would be three years from the date of recordation. If you pay off the mortage in full when you sell, then your penalty period ends the first day following two years from the date your bankruptcy was discharged by the Court. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Certified by the National Association of Mortgage Professionals and Licensed in California and Arizona ~ Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950

Here are your issues: Unless you sell your current home and pay off the balance owed to the bank, IN FULL, you won't get a new loan. Once your bankruptcy is two years old, you could be eligible for a new FHA loan. However, the balance on the existing mortgage is still being charged to you as an active debt. If you do not pay that loan off in full (not a short sale, and not "giving the home back by either a foreclosure or Deed-in-Lieu of Foreclosure), then that transaction would be treated just like a foreclosure. True, the bank cannot come after you, but the trigger date for the penalty period you will incur will be the date the transfer deed is recorded by the bank. For a new FHA loan, this would be three years from the date of recordation. If you pay off the mortage in full when you sell, then your penalty period ends the first day following two years from the date your bankruptcy was discharged by the Court. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Certified by the National Association of Mortgage Professionals and Licensed in California and Arizona ~ Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950

Here are your issues: Unless you sell your current home and pay off the balance owed to the bank, IN FULL, you won't get a new loan. Once your bankruptcy is two years old, you could be eligible for a new FHA loan. However, the balance on the existing mortgage is still being charged to you as an active debt. If you do not pay that loan off in full (not a short sale, and not "giving the home back by either a foreclosure or Deed-in-Lieu of Foreclosure), then that transaction would be treated just like a foreclosure. True, the bank cannot come after you, but the trigger date for the penalty period you will incur will be the date the transfer deed is recorded by the bank. For a new FHA loan, this would be three years from the date of recordation. If you pay off the mortage in full when you sell, then your penalty period ends the first day following two years from the date your bankruptcy was discharged by the Court. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Certified by the National Association of Mortgage Professionals and Licensed in California and Arizona ~ Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950