Expert: Mark J. Markus- California Bankruptcy Attorney - 6/23/2011

Question
QUESTION: Where do I stand? I filed for BK-CH7 back in 2009 with my condo's first and second included. I received the discharge from the court April 09. I have continued to live in the condo  and still am currently. The bank has never foreclosed on the condo, but pays the proerty taxes. Are my BK discharge papers enough to satisfy FHA? I want to buy a new home through FHA with a  "non-owner occupied co-borrower".
FYI -the loan is through BofA - no surprise?? The original loan was through CountryWide

ANSWER: I'm not sure I'm clear on your question.  Are you asking if your mortgage debts were discharged in your bankruptcy case?  If so, the answer is yes.   If not, please clarify your question.

Mark J. Markus, Attorney at Law
Handling exclusively bankruptcy law cases in California since 1991.
http://www.bklaw.com/  

---------- FOLLOW-UP ----------

QUESTION: I apolgize for my unclear explanation. I would like to know what my condo status is. It was included in the BK, but it has never been foreclosed on. If I apply for another loan on a new home, the 2 year waiting period has past, so I qualify there, but there has been no foreclosure on my condo.Is the BK discharge, including the mortgage loans, enough to satisfy a lender for another loan, or because the bank is so far behind on paperwork, do I fail to qualify? One other note, the bank HAS been paying the property taxes, so they validate some knowledge that they own the property.

Thank you, Paula

Answer
If they haven't foreclosed, and you haven't sold it, then the status is that you still own it.

I can't tell you what a bank's criteria is for giving you a new loan, if that's what you're asking.  That's an individual decision they make.  The debts you owe on your prior mortgages were discharged in your bankruptcy case and they only retain a lien against the property on which they are secured.  Beyond that, I'm not sure how to answer your question.