Obtaining Mortgage After Bankruptcy

[ertlm01]

My question involves a mortgage in the state of: Minnesota

My Wife and I completed a chapter 7 bankruptcy this past February. The mortgage our existing house was included, but as long as we make the mortgage payments the property will not be taken away or forclosed. We have not reaffirmed the debts. Another fact is that I owe about $70k more than what the property is worth.

We want to move into a new house, and I know that I can get a FHA mortgage 2 years after receiving a bankruptcy. Will the mortgage company look at the current mortgage and determine that it will be a foreclosure, and deny me the new mortgage.

If this will deny me a mortgage, is there anything I can do? Rent it out?

[Mr. Knowitall]

When you look at your credit report, exactly how is your mortgage presently described? If you don't have a copy handy, the official free site is annualcreditreport.com.

[ertlm01]

My Credit reports it as discharged in bankruptcy. Also my payments do not show up on the credit report. Like the bank has just stop reporting on that debt.

[Mr. Knowitall]

Then I would expect the FHA to work from the date of discharge.