I don't think my credit score is terrible, but I did file bankruptcy back in 2004.

Simple, the waited for the weaker competitiors to go belly up and then bought them out of bankruptcy for penny's on the dollar.

Here is the data from your closing document: Any claim, by reason of the operation of federal bankruptcy, stateinsolvency, or similar creditors, rights laws, that the transactionvesting the Title as shown in Schedule A, is(a) a fraudulent conveyance or fraudulent transter, or{b} a preferential transfer for any reason not stated in CoveredRisk 9 of this policy.

If it does proceed to a bankruptcy trustee sale, anyone know a rough time frame?

Many lien holders will not pursue payments of unsecured debt, but they can knowing they can be wiped out with bankruptcy, but if you have a foreclosed borrower with other assets they may not qualify for bankruptcy now and if so, other assets sold can reduce the debt.

-I am looking at hopefully purchasing my first owner occupied multifamily this year and was looking at using FHA financing but I have to wait until the end of July, because my bankruptcy (had a business go under) will be at the 2 year discharge mark.

It's a financial limbo condition where the town is not technically in bankruptcy yet is severely limited in operating as an ongoing financial entity.

Minimum of 2 years from Chapter 7 or 13 bankruptcy discharge Minimum of 3 years from Preforeclosure, short sale, deed in lieu, foreclosure from discharge date or release date.Down Payment Requirements The borrower is required to make a minimum down payment into the transaction of at least 3.5% of the lesser of the appraised value of the property or the sales price.

Doesn't matter if the investor is worth 50 million the lender can't touch them unless a carve out for fraud, bankruptcy etc. is violated.  

The previous owners filed Chapter 13 bankruptcy and agreed to keep the house - keeping payments current on the house after the filing of the Chpt 13.