FHA: Including my mortgage in a Chapter 7 bankruptcy

Mortgage and Lending with Amerifirst Financial, Inc

FHA: Including My House In My Chapter 7 Bankruptcy


You filed a Chapter 7 Bankruptcy and included a mortgage/ or property in Arizona and you want to know when you can qualify for an FHA Home Loan in Arizona.. Am I correct?

You may have even been told by a FHA mortgage loan lender in Arizona that after 2 years from the Chapter 7 Bankruptcy Discharge date you can qualify for an FHA Home Loan . Does that sound familiar? For the most part this information, technically, is true.
Like many others who have not been informed of the correct information, you now are being told that you do not qualify (After waiting for 2 years) and are left scratching your head as to what happened. The fact that you have included a mortgage/ or home home in your Chapter 7 Bankruptcy changes the well-known 2 year bankruptcy rule to the more conservative FHA 3 year foreclosure rule.

The fact that there was an FHA mortgage and/or property included in the Chapter 7 will revert you to FHA's 3 year foreclosure rule which is obviously the more conservative approach. Lenders will almost always take the most extreme situation and apply the guidelines from that point. The foreclosure simply is considered more serious than the Chapter 7 bankruptcy.

Click here to learn more about Chapter 7 Bankruptcy including a mortgage.
For more information, call Ted Canto at Academy Mortgage in Arizona today and I will guide you and provide with sound advice on how to qualify for an FHA home loan after your Chapter 7 Bankruptcy

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
ActiveRain Community
Arizona Maricopa County
chapter 7
fha mortgage
academy mortgage
ted canto

Spam prevention
Show All Comments
Cheryl Brewer
Mike Bowman - Grapevine, TX
Selling Homes since 1997

Great information! Thank you for posting!!

Mar 22, 2011 04:54 PM #1
Karen Monsour
Coldwell Banker Fort Lauderdale Beach - Fort Lauderdale, FL
REALTOR, SSRS - Sells FL Waterfront, Short Sale Expert!

Yes, I get it, but could you just elaborate a little more. Explain it a little clearer, and it might do you well to post it to Localism...get the info out there.  If you don't know how, ask me.  Or just join the Localism group, b/c they are the ones who would benefit from your blog.


Mar 22, 2011 04:58 PM #2
Jon Zolsky, Daytona Beach, FL
Daytona Condo Realty, 386-405-4408 - Daytona Beach, FL
Buy Daytona condos for heavenly good prices


I guess it is because it is not just bankruptcy, but after they surrender the title, it still goes through foreclosure, and that;s where the rule is changing. Am I correct?

Mar 22, 2011 05:05 PM #3
Ted Canto
Amerifirst Financial, Inc - Phoenix, AZ
Arizonan #1 Mortgage Lender

@Cheryl - You're welcome!

@Karen - I fixed it. Should be a lot better.  To get more information, just click on the link as well.  It is on Localism, etc, etc..

@Jon - You are correct; however this is not changing but has been the stance for quite some time.  That been said, it is becoming a common theme as many people have had to file for BK and will soon be entering these types of scenarios and questions.

Mar 22, 2011 06:27 PM #4
Jayson Hoffer
Jayson Hoffer Insurance Agency Inc. - Tempe, AZ
Mesa AZ 480-518-0747

What happens if someone short sales a home and the bank does not approve the SS. Then the property went to Foco. How soon before they can buy a home then?

Apr 14, 2011 07:08 PM #5
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?


Ted Canto

Arizonan #1 Mortgage Lender
Ask me a question
Spam prevention

Additional Information