Q: Mortgage discharged in bankruptcy. How long after deed in lieu can I get a loan?
My mortgage was discharged in bankruptcy in 2010. It's just now going through foreclosure. If I can get a deed in lieu, can I make it part of the agreement that the bank will NOT report the deed in lieu to credit agencies or report it as settled? Can they even report that since they're not supposed to report anything else since the discharge? Anyway, if the deed in lieu stays off my credit report and I can come up with 20% down on a home, could I get a loan w/in about a year?
A: In general, the minimum waiting time after a deed in lieu to apply for a federally backed mortgage is two years. There are no mandated waiting times after for private lender. Having a hefty down payment and the funds to cover closing costs might enable you to obtain a new mortgage immediately after a deed in lieu.
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