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?