I filed bankruptcy 9/2010. It was discharged in 12/2010. I signed to reaffirm

The details will make a difference for your situation, and some lenders will have additional "overlay's" (guidelines) that may limit your situation. Was this a Chapter 13 BK? If so, and you had a good payment history during the Chapter 13 AND re-established good credit outside the BK you may find a lender who will make a loan to you, most likely FHA. I'm not clear if you are trying to refinance the existing mortgage or sell the house an move on...?

On the current home, as long as you continue to pay, you can continue to stay... If you stop paying, the lender will foreclosure and kick you out just like any other loan. BUT, because of the bankruptcy, the lender can NOT come after you for any outstanding balance (if any). For any new loan, we look at a lot more than just credit reports... We would check the current loan history. If you've been successfully paying since the bankruptcy, you should be fine today. On the other hand, if you walk away, the three-year foreclosure date clock STARTS the day of the Sheriff sale.

I have been in the mortgage industry for over seven years. You do have options even in your current situation. Open Mortgage is a company originates, underwrites, and funds in their own name. Open Mortgage has a system in place that if I am able to get more detailed information from you, I can have a decision back to you within two hours. I would be glad to help you try to achieve your residential dream. I can be reached at 816-777-1515, email at saradeere@openmortgage.com, or 816-268-5931.

The fact that you still maintain ownership means the clock has not even started when it comes to the home.. If you "Walk Now".. that's a pending foreclosure, and your timeline would not even begin until the home is actually sold and the deed is taken out of your name.. BK protects you from any deficit in the event the home is foreclosed. Regardless of what others are saying here, if you walk away from this home, then you need to wait 3 years form the date the home is transferred out of your name. PERIOD!!.. You can however sell the home.. so long as you get enough proceeds to satisfy the existing lien, then you should be ok.. you would be able to go and purchase right away.. but not if you walk.. 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. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com