I am 3 yrs out on my bankruptcy discharge Feb 2, 2013. Everyone said I am eligible to buy a home then. Now I get a curve ball

I don't see how to answer your quetions 123LoanYes. Cant see a button to answer so I will reply to my own. :O) Yes it was chapter 7 and we did not keep the house all debts including house and second mortgage were forgiven and discharged 02--2-10.. Our discharge of bankruptcy was Feb 2010 and sheriff sale was June 2010. So our BK date is 02-02-13 which we thought was the date we could buy a home. Now we are told Oh No it is 3 years from Sheriff Sale????

To 123LoanYesSo 3 years from Foreclosure date is Sheriff sale date correct? That is crazy. But nothing we can do at this point. Thank you very much, you have been very helpful. I am at a loss for words on Fannie Mae and Freddie and FHA rules. Funny no one had that information for me except one bank I just talked to the other day...NO ONE has ever said 3 yrs from Sheriff sale they have all said 3 yrs from discharge date..everyone including real estate agents. Thanks again B

Thanks everyone for your answers it really has helped me. I was just hit with this yesterday and no one ever told me I had two elements involved here. Everyone "EVERYONE" including banks and real estate all said 3 years from discharge date not 3 years from sheriff sale date. I was so taken back by this. I mean we were already looking at homes and getting ready for the Feb 2nd deadline date only to be told it is June 2nd of this year now. I don't suppose there is any lender that will approve this before June is there??? @ Barb thank you, I do have my credit score 696 and we have alot of good income now. I have been working extremely hard to get that number up the last 3 years and have managed to save at least 20% downpayment. So I am ready but now have to wait for all this to happen another 6 months. Just not fair. Banks/Freddie/Fanny/FHA should lighten up on us who just want to do the right thing. Funny too cause no one seems to know the laws here. I have some numbers so I will be contacting you. Thanks again to u all it was helpful.

Well I hear everyone about the bankruptcy discharge date and the sheriff sale date. I understand about the sheriff sale trumps the discharge date. But we filled bankruptcy in 2009. Our bankruptcy was totally discharged in Feb 2010. Everything...clean slate. We included our home and second mortgage, went to court had the counseling and discharged!! Our home didn't go to sheriff sale until June 2010. Since we were discharged before sheriff sale wouldn't the discharge come first which means we didn't own a house it was discharged in Feb 2010. Why would I have to wait till Sheriff sale date which is June 2010 when my bankruptcy was discharged before the Sheriff sale. I moved out!!!!

Well let me tell you, you all are so wonderful to help with this. I am not happy about the answers, but it is what it is. I now know the legality of BK and Foreclosures and the difference. It is sad cause we have to move out of this house which is up for short sale, not my house, and we thought for sure we would be safe buying in Feb at our 3 yr BK discharge. All the bankers, attorneys, real estate agents, no one knew of this until I talked to a licenced loan officer who I thought would give me a preapproval for a home we wanted to buy. She told me about the Sheriff sale date and I didn't believe her. You have really helped me understand the rules. I am thrilled FHA will let me buy at least 3 yrs from Sheriff Sale which will be this June and not 7 years for conventional which I learned from you all. I wonder why that is? I mean you would think they would be grateful someone wants to still buy houses and not have so many rules attached, but to many people ruined the system. Well we will be starting to look in May for a house in hopes that June 2nd will be okay to purchase, unless someone changes the rule the month before I want to buy. Thank you all for such awesome good advice. When I buy I will let you know how it all went down, again thank you all, Barb

Hi all, Well I have for sure found out that buying another home is indeed 3 years from Sheriff sale. I had my bank give me some good advice yesterday who also gave me a number to a human person from FHA/Hud.. Now just to clear something up, the home I went bk on and foreclosed on was NOT an FHA loan. So I explain this to the FHA person yesterday and she says it is 3 years till discharge date b/c I didn't have an FHA loan before. I am a first time buyer to FHA. (?) I was like wait, keep reading... So she continued to read and said maybe (MAYBE) it is 3 years from Sheriff sale, but was it hardship... to which I said well no one died just lost our jobs and bank or credit cards would not work with us, she then said sounds hardship to me..then proceeded to say it would be up to my bank/lender to qualify me now or make me wait. NOW I AM CONFUSED. I just ask, who is owning this loan of mine? Would it be my bank/lender, FHA or Obama? I mean who carries the stamp that says approved or not approved? My bank/lender or the FHA top banana? Seems like this whole process has been totally confusing and from the beginning of time no one knew what the other said or was doing. If I ask my bank, can you qualify me, they say it is an FHA rule, now yesterday the FHA people told me it was up to the bank /underwritters and if I establised good credit and have shown I am responsible in the last 3 years they should qualify me. Seriously???? So what I am thinking here, I am 3 years out on my BK discharge the 2nd of next month but I am 3 years out on my sheriff sale June 2nd 2013. So knowing what all you have told me, and I appreciate ALL the advice, I believe it is goint to be 3 yrs from Sheriff Sale, but now another curve ball from FHA ...it is up to my lender not them if I can get approved next month or not. See why I am going insane. Thanks all.