Foreclosed on a home included in ch.13, d/c already. Have 20% down, good credit, need to buy home

If you had a foreclosure you have to wait at least 3 years from the time it was transferred out of your name.

Ok... so here's the kicker.. the guidelines state that 3 years must pass from the date of a foreclosure prior to the application date of a new mortgage... the problem is when does the clock start for the 3 year waiting period... it doesn't start when you move out of the home, and it doesn't start when your bk is discharged.. it starts when the home actually goes to sale and is not longer in your name.. We've seen situations where the lender didn't foreclose for 2 years after someone moved out.. for that borrower, he'll have to wait 5 years... it's this reason we always advise folks to do a short sale, and then file BK to protect you from any deficiency... had you done the short sale, with 20% down, you only need to wait 2 years.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

You will have to wait 2-3 years from the date the home transferred to a new owner, out of your name and into another person's name not from date of discharge, before you are eligible for a new mortgage loan. Even though you say you have good credit and can put 20% down banks are not eager to lend tens or perhaps hundreds of thosands of dollars to those who have just recently shown that they were not financially responsible and had to declare bankruptcy.

It's all about timing. You will not be eligible for a new loan for two years from the date the transfer deed was recorded with the county recorder. In most, but not all cases, this is going to be a date after the BK is discharged. Many counties have their public records on-line. Get a copy of the document showing the date it was recorded. The earliest date you will be able to close escrow will be two years and one day from the date it recorded, but not less than 12 months from when the chapter 13 was filed (assuming a good payment history on your BK plan). ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950

The only option I can think of for you is some kind of alternative lender (plan on higher rates), or a lease purchase agreement. Find a seller who will rent to you until the 3 year wait period is up and purchase the home then.