BK 7= Conventional Discharged- 4 years/ FHA- 2 years
BK 13= Conventional; Dismissed- 2 yrs/ Discharged- 4 yrs
FHA Discharged– 1 yr (if dismissed, the remaining debt is still owed)
*Foreclosure/Short Sale= Conventional Discharged- 7 years FHA– 3 years/ VA- 2 yrs with 2.5 funding fee
*If you have more than 120+ day lates still showing on your current credit report, the Foreclosure Guidelines supersedes all BK guidelines. All lenders look at a short sale as being the same as a foreclosure:
Ex: If you had a BK 13 Discharged in 2011 and in 2012 your credit still shows 120+ days late on the mortgage, the Foreclosure guidelines takes precedence; you have to wait until 2014 to Purchase/Refinance FHA loan (3 yrs) or 2015 for Conventional (7 yrs).
SELECT SANDY and “Get the Money First” by calling 502.931.0298