My husband and i have a chapter 7 discharged almost 2 years ago. We recently got a loan mod on our first mortgage and are still wa

Good Afternoon. If you are upside down in your home, you would need to figure out that situation. A short sale would be a viable option, but you would not be eligible for new financing unless you met the strict underwriting guidelines for a hardship and had the income and credit profile to support a new mortgage as well. Loan Mods are typically less than ideal for many, such as the case in your situation where you were approved, but the new payment isn't enough to make a real difference. Assuming your payments are all on time and credit is in good shape, there may be options to explore. I'm happy to discuss this offline in more detail if you'd like, so send me a direct message if you'd like. Thank you.

Unfortunately, it's not looking good.... BK, Loan Mod on the first and the 2nd.. and still struggling.. If you were more than 4 months behind on the mortgage prior to your loan mod's, then the lender will consider that the same as a foreclosure, and you have to wait 3 years before you can apply for a mortgage again.. 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

Dear J, Chances are you will not be able to get another mortgage for some time. Modifications are treated like foreclosures and short sales. If you chose to sell your home and are able to pay off the first and second mortgage your credit report may show a foreclosure being started. If that is the case you will not be able to buy for a min of 12-24 months passed the last late payment or the deed transfer date. If you sell your home as a short sale you will now have to wait for many years. If you email me I can send you a chart that will easily explain the waiting periods. www. HOMEMORTGAGEXPERT.COM thank you - best of luck Peter

You are almost at the 2 year threshold to qualify from the date of your bankruptcy. If you were to do a short sale, your closk wopuld have to start all over agian.