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Old 12-19-2011, 01:54 PM
 
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Hi, I'm applying for a mortagage - first time home, conventional mortgage in NY state. 18 years ago I went thru a chap 13 that was discharged 13 years ago. Can/will the underwriter ask if I've ever been through bankrauptcy? As opposed to say, in the last seven years? What is the point of having it removed from credit report if it can just be asked about. Any thoughts? thanks.
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Old 12-19-2011, 03:41 PM
 
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Quote:
Originally Posted by OLS68 View Post
Hi, I'm applying for a mortagage - first time home, conventional mortgage in NY state. 18 years ago I went thru a chap 13 that was discharged 13 years ago. Can/will the underwriter ask if I've ever been through bankrauptcy? As opposed to say, in the last seven years? What is the point of having it removed from credit report if it can just be asked about. Any thoughts? thanks.
No worries, the standard question is "have you been declared bankrupt in the last 7 years?"
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Old 12-19-2011, 10:55 PM
 
Location: Rural Michigan
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Actually, some apps have "have you EVER filed bankruptcy" - no biggie, just put the date down - it won't kink your loan.

And FYI, BK's can stay on your credit report for 10 years, although it doesn't do much to the score after a few years...
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Old 12-20-2011, 05:18 AM
 
Location: N. Raleigh
734 posts, read 1,510,502 times
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Originally Posted by Zippyman View Post
Actually, some apps have "have you EVER filed bankruptcy" - no biggie, just put the date down - it won't kink your loan.

And FYI, BK's can stay on your credit report for 10 years, although it doesn't do much to the score after a few years...
Make DOUBLE DAMN sure you are honest and if it asks "EVER" you say yes. It will absolutely not be held against you unless you put false information down on the application.
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Old 12-20-2011, 06:23 AM
 
Location: MID ATLANTIC
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FYI, anything on a credit report is fair game for the UW to ask about. The biggest problem I see here is it still being reflected on the credit report and the UW asking for discharge paperwork that you may not have. 13's are odd BKs and can go on for years.......never heard of one going for decades, but I could see it, especially if you moved and never closed it out.

As for the BK ruining your chances of a mortgage? Not likely the cause......but if there's rough credit since the BK, you could be in for rough waters.
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Old 12-20-2011, 07:39 AM
 
5,240 posts, read 13,395,903 times
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Quote:
Originally Posted by Zippyman View Post
Actually, some apps have "have you EVER filed bankruptcy" - no biggie, just put the date down - it won't kink your loan.

And FYI, BK's can stay on your credit report for 10 years, although it doesn't do much to the score after a few years...
The application used for conventional secodary market mortgages is Fannie Mae form 1003 aka the Uniform Residential Loan Application and it asks just what I put in quotes above. It only asks about the last 7 years. Since it is a standardized form, I believe this will be consistent with every mortgage lender.
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Old 12-21-2011, 07:26 AM
 
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Thank you for the replies. It is no longer on my credit report and nobody has asked beyond the question on the 1003. What about title insurance search? How far back or deep do they dig? Will that be a problem?
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Old 12-21-2011, 07:46 AM
 
Location: Plano, Texas
1,675 posts, read 6,810,496 times
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With as old as your bk is...dont worry about it. It will have no impact on you qualifying. And as Tim said above, the loan application only asks if you have filed bk in the last 7 years. The only question that can look back further is they do ask if you have ever had a home foreclosure.
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