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Can you sell your car and payoff the loan after filing chapter 7 before the discharge?
Wiki User
∙ 12y ago
You should be able to do so, yes.
Wiki User
∙ 12y ago
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How long after bankruptcy do you have to wait before refinancing?
Refinancing after a bankruptcyThe time period you have to wait depends on what chapter bankruptcy you filed. Generally, you are able to refinance 2yrs after a Chapter 7 discharge.If you are in Chapter 13, you can refinance the next day with many lenders. You can email a mortgage broker like myself to find out more.To add to the above answer, you do NOT have to wait 2 years to refinance after a chapter 7 discharge, those are for fannie Mae loans. You can refinance a chapter 7 a day after discharge. A chapter 13 can also be refinanced before discharge since it's on a payment plan for 3-5 years from filing date. You can get a chapter 13 refinance as little as 6 months from filing, not discharge and you can payoff your chapter 13 in the process if you have enough equity in your home.
How long do you have to wait after declaring bankruptcy to get a mortgage?
I am a Mortgage Loan Consultant and I have made it my area of expertise in working with people with bankruptcies, bad credit, and foreclosures. Firstly you do NOT have to wait 2 years to refinance after a chapter 7 discharge, those are for fannie Mae loans. You can refinance a chapter 7 a day after discharge. A chapter 13 can also be refinanced before discharge since it's on a payment plan for 3-5 years from filing date. You can get a chapter 13 refinance as little as 12 months from filing, not discharge and you can payoff your chapter 13 in the process if you have enough equity in your home. There are major differences between a chapter 13 and chapter 7 refinance but that is for your mortgage broker to be aware of. I work in conjunction with a mortgage broker who is able to get financing for people 12 months out of bankruptcy. I filed bankruptcy in august of 03 and here it is may of 04. I raised my credit scores higher than they were before i filed bankruptcy, but they are still too low. You will only get a mortgage for 70-80% (20-30%down) if you only wait a year. If you wait until it is discharged for 2 years, you will save a ton of money on the downpayment AND on interest. After you file bankruptcy, you need to write letters to everyone you were discharged, so they put on there that you have a zero balance. Keep track of all of this. It is very stressful, but it works. There are several sub-prime mortgage companies who will lend to borrowers one day out of bankruptcy (one day after your discharge).
Can you get financed for a mortgage if you are a first-time home buyer but filed Chapter 7 bankruptcy?
Yes, if it's has been more than 2 yrs. since your bankruptcy and you've paid all your current bills on time.AnswerI am a mortgage banker and I've made helping people with bankruptcies my specialty. I'd like to correct the person who posted above me, for an FHA loan you must wait 2 years after discharge. But you do NOT have to wait 2 years, you can actually qualify for up to 100% financing 1 day after a discharge of your bankruptcy, literally a single day out of discharge. You can also qualify for a loan while you are still in a chapter 13 re-payment program as little as 1 year from your filing date. You don't have to wait until your chapter 13 is paid off to get a loan or refinance your existing one and the best part is that you can payoff your chapter 13 balance during the refinance using equity from your property.
How likely is it to purchase a home during bankruptcy and after repossession?
Not at all possible. You must have the bankruptcy discharged and wait 2 years before you will be able to get a home. In the meantime, be sure to use the new credit that you will receive wisely so that you can establish good lines of credit, which should help you to purchase a home in the future. You can purchase a home during a Chapter 13 bankruptcy. You must have made a minimum of 12 payments and not missed any. You will also need to petition the court with a motion to incur more debt. I am a Mortgage Loan Consultant and I have made it my area of expertise in working with people with bankruptcies, bad credit, and foreclosures. Firstly you do NOT have to wait 2 years to refinance after a chapter 7 discharge, those are for fannie Mae loans. You can refinance a chapter 7 a day after discharge. A chapter 13 can also be refinanced before discharge since it's on a payment plan for 3-5 years from filing date. You can get a chapter 13 refinance as little as 6 months from filing, not discharge and you can payoff your chapter 13 in the process if you have enough equity in your home. There are major differences between a chapter 13 and chapter 7 refinance but that is for your mortgage broker to be aware of. I must disagree with the first answer on this page. I am currently in year 3 1/2 of a 5 year bankruptcy.On July 26th 2005 just 2 weeks ago, I closed on my new home.I had an Excellent lender who did a great job and I got a decent interest rate.I am now looking to get an improvement loan,which is the hardest part now. I say to those who are in a same situation,not to let anyone tell you that it cannot be done as I am proof that it can be. If I would have listened to all those who told me that it was not possible, I would not be enjoying my beautiful country home on a half acre, tucked away from the big city.
What Is A Payoff Phase?
payoff phase
What rules or laws regulate refinancing a home to payoff a Chapter 13 plan?
All major financial transactions have to be submitted and approved by the Trustee in charge of the 13. He/she can give you the needed information for refinancing your home according to the chapter 13, terms.
Are there any free mortgage payoff calculators available online?
In my opinion there are a lot of mortgage payoff calculators. I can suggest this site :http://www.mortgagecalculator.org/ For other sites , please check the site carefully before using it.
When was Killer's Payoff created?
Killer's Payoff was created in 1958.
When was The Big Payoff created?
The Big Payoff was created in 1962.
When did The Big Payoff end?
The Big Payoff ended in 1962.
Does a buyer need to know what your payoff is?
Need payoff for a loan
Which website has a free calculator mortgage payoff option?
You can find websites by looking around online. Most mortgage websites offer mortgage payoff calculators to help their customers decide which loan is feasible for them before applying.
