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  1. #1
    Join Date
    Jan 2015
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    3

    Default Qualifying for a FHA Loan After Bankruptcy and Discharge of Prior Mortgage

    My question involves bankruptcy in the state of: New York.

    Quick run down:

    My wife an I took out an FHA mortgage in 2011 for a 2 family house in BOTH of our names. I filed chapter 7 bankruptcy in 2013 and the lender did not allow me to reaffirm the mortgage. My wife still is financially responsible for the mortgage. We are still BOTH on the title/deed.

    Now I want to purchase a single family home in just my name. Am I still able to get another FHA loan considering that I am not financially responsible for this property any more? If not, if I remove my name from the title (quit claim deed), will I then be considered as not owning property and be eligible?

  2. #2
    Join Date
    Oct 2006
    Posts
    16,474

    Default Re: Fha Loan Eligibility and Removal from Deed

    Quote Quoting armyguy626
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    My question involves bankruptcy in the state of: New York.

    Quick run down:

    My wife an I took out an FHA mortgage in 2011 for a 2 family house in BOTH of our names. I filed chapter 7 bankruptcy in 2013 and the lender did not allow me to reaffirm the mortgage. My wife still is financially responsible for the mortgage. We are still BOTH on the title/deed.

    Now I want to purchase a single family home in just my name. Am I still able to get another FHA loan considering that I am not financially responsible for this property any more? If not, if I remove my name from the title (quit claim deed), will I then be considered as not owning property and be eligible?
    I cannot imagine a lender giving you a mortgage loan under those circumstances...FHA or not. You are barely two years out of a Chapter 7...and maybe just barely over one year.

  3. #3
    Join Date
    Jan 2015
    Posts
    3

    Default Re: Fha Loan Eligibility and Removal from Deed

    Im sorry, I put the wrong date in. November 2012 it was discharged. 2 years and a month after discharge. credit scores are back to 650.

  4. #4
    Join Date
    Jan 2006
    Posts
    38,867

    Default Re: Fha Loan Eligibility and Removal from Deed

    Quote Quoting armyguy626
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    Im sorry, I put the wrong date in. November 2012 it was discharged. 2 years and a month after discharge. credit scores are back to 650.
    and you are qualified on just your income?


    but 2 years and a month is still not a long time after a bk

  5. #5
    Join Date
    Jan 2015
    Posts
    3

    Default Re: Fha Loan Eligibility and Removal from Deed

    yes. no debts accept 20k student loan and being paid religiously. 6 credit lines since bk and paid in full every month if paid. All I am trying to see is if I would be eligible for an fha if I got my name removed from the current deed.

  6. #6
    Join Date
    Oct 2006
    Posts
    16,474

    Default Re: Fha Loan Eligibility and Removal from Deed

    Quote Quoting armyguy626
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    yes. no debts accept 20k student loan and being paid religiously. 6 credit lines since bk and paid in full every month if paid. All I am trying to see is if I would be eligible for an fha if I got my name removed from the current deed.
    Once again, I don't see it being possible for you to get a mortgage of any kind this soon.

  7. #7
    Join Date
    Mar 2013
    Posts
    18,340

    Default Re: Fha Loan Eligibility and Removal from Deed

    Quote Quoting armyguy626
    View Post
    yes. no debts accept 20k student loan and being paid religiously. 6 credit lines since bk and paid in full every month if paid. All I am trying to see is if I would be eligible for an fha if I got my name removed from the current deed.
    The only way you will get an answer to that question is to apply for a loan with a lender. The lender will then tell you what you need to do or not do.

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