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SMARTFINANCESOLUTIONS.NET - Getting an FHA Loan after BK Seizure?

6 years ago|0 view
Find the best financial services for you at: SMARTFINANCESOLUTIONS.NET - Getting an FHA Loan after BK Seizure? - I have a rental house that was seized during chapter 7 bankruptcy proceedings. The house was not worth more than the loan balance, but no amount of discussion with the trustee convinced him otherwise as an RE agent told him there was value there. He's now finding out that I was right all along and after 18 months, has had no luck in selling the property. Meanwhile, the property sits on the market and is significantly overpriced for the area and it's condition.

With that said, I have moved on financially and nearly financially ready to purchase another house. I know you have to wait 2 years after BK to get an FHA loan and longer if a foreclosure was involved, but I didn't give up my rental house, it was taken. Based upon current FHA rules, how long do I have to wait to qualify? 2 years? 3 years? Does the seizure of the rental house affect when I can get a loan? -

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