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Old 12-14-2013, 10:04 AM
 
Location: 78245
1,241 posts, read 4,003,469 times
Reputation: 484

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Hello, does anyone know if a dismissal from a chapter 13 is the same as a discharge when trying to qualify for an FHA loan? I read somewhere that it the same in regards to a 2 year waiting period but I was hoping to get definitive proof. anyone help is greatly appreciated. Thanks!
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Old 12-14-2013, 10:13 AM
 
Location: MID ATLANTIC
8,169 posts, read 20,098,852 times
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A 13 is a reorganization of debt. What happened to the debt? Was it repaid? Or was it dismissed and put into a Chapter 7, a discharge of debt? The kind of BK determines the required wait time.
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Old 12-14-2013, 01:05 PM
 
Location: 78245
1,241 posts, read 4,003,469 times
Reputation: 484
paid 1700 a month as a repayment plan for about 2 years but lost my position and couldn't pay it back, did not have great communication with lawyer, with 4 payments left judge dismissed case leaving 7k still owed. My auto loan company got wind and although I had paid them off the "settlement" amount they pushed the debt back to what I owed so I had to pay that off 3k. since then have been building up credit and paying off debt. got to a 647 middle credit score. 2 years from the dismissal date is coming up in Feb but I don't know if it's the same rule. Hope this info helps.
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Old 12-14-2013, 08:11 PM
 
Location: Boca Raton, FL
5,688 posts, read 9,306,151 times
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Smile From a mortgage broker in Florida

Quote:
Originally Posted by SA Greed View Post
Hello, does anyone know if a dismissal from a chapter 13 is the same as a discharge when trying to qualify for an FHA loan? I read somewhere that it the same in regards to a 2 year waiting period but I was hoping to get definitive proof. anyone help is greatly appreciated. Thanks!
I am doing one now for a client. She filed in 2008 and was just discharged in September 2013. Even with this, I have found a lender to do it. We got permission from the court as well. We have a copy of her payment schedule too.

Check with a mortgage broker in your state on this as there are lenders who will do a manual underwrite depending on circumstances.
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Old 12-15-2013, 10:37 AM
 
Location: 78245
1,241 posts, read 4,003,469 times
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thanks for your reply. The difference is mine is dismissed and your clients is discharged. I can't seem to find anything under HUD or FHA the states the difference between the two in regards to getting a mortgage loan.
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Old 12-15-2013, 08:44 PM
 
Location: MID ATLANTIC
8,169 posts, read 20,098,852 times
Reputation: 9411
Has all of your debt been settled, negotiated or paid in full?

The problem is you have a failed BK repayment plan. And while it looks far better than a 7 Discharge, a reorganization that falls short shows you aren't quite on your feet just yet. How is this being reported on your credit report? Do they show successful reorganization of debt? My concern is if you had an account monitored by the courts and then had to go in and settle for a lesser amount, how are they reporting that account?

You need a base-line, a credit report and someone to show you what is being reported. I suspect that recent late (and settled for less) is going to reset the clock for you and you will be at least 12 months from the most recent late account.
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Old 05-13-2016, 07:52 PM
 
1 posts, read 1,488 times
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I filed chapter 13 bankrupy in 2008.. I filed a Goverment house loan? This was dismissed, because i could not make payments. Due to finances an health issues.. Will this ever be removed or closed.. Need info please
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Old 05-13-2016, 08:16 PM
 
Location: MID ATLANTIC
8,169 posts, read 20,098,852 times
Reputation: 9411
Quote:
Originally Posted by Regina58 View Post
I filed chapter 13 bankrupy in 2008.. I filed a Goverment house loan? This was dismissed, because i could not make payments. Due to finances an health issues.. Will this ever be removed or closed.. Need info please
What do you mean by "I filed a Goverment house loan?" The failed Chapter 13 will be there for up to a period of 14 years from the date of the last action. So, if in 2012, there was finally a foreclosure, you could be looking up until 2026 for things to disappear from your credit report. If you got your bills paid up, it could be anywhere between 5 and 7 years from the last date of activity. Unfortunately, much greater detail is needed to answer your questions.
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