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There is no legal waiting period, so theoretically you could buy a new home the day after the Chapter 7 is closed. However, every mortgage lender I have asked has said the same thing: 2 years. You could probably get one sooner than 2 years, but your interest rate might be terrible so it may be better to wait. Please note that nothing in this posting or in any other posting constitutes legal advice; this is simply my understanding of the facts and law, which I do not warrant, and I am not suggesting any course of action or inaction to any person. Speak to a lawyer for specific advice. If you have any questions, please refer to a lawyer in your jurisdiction. Thanks!

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โˆ™ 2007-05-12 16:01:04
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Q: What is the earliest you can get a mortgage loan after Chapter 7 bankruptcy?
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Can you get a mortgage loan if you are in a chapter 13 bankruptcy?

If you are lucky, yes. But most likely, no lender will give you a mortgage loan if you are or have declared bankruptcy.


How hard is it to get a mortgage after chapter 13 discharge?

If you have just filed bankruptcy, you will not be barred from ever obtaining a mortgage loan; however, you will not be able to get one immediately. When you can get a mortgage after bankruptcy will depend upon the type of loan you want, the type of bankruptcy you filed, and how good your credit is at the time you want the loan.


Can the mortgage lender foreclose on your home while you are participating in a chapter 13 bankruptcy?

Yes. A mortgage says that the loan is secured by the property. A "chapter 13" does not allow you to stop making payments on your mortgage.


CAN I QUALIFAY FOR A HOUSE LOAN IF I HAD CHAPTER 13?

Yes it is possible to qualify for a mortgage despite a Chapter 13 bankruptcy filing. In a Chapter 13 filing the debtor agrees to a court structured debt repayment schedule. Typically, after making payments on time to creditors as required by the bankruptcy agreement an individual can be discharged by the Court from the Chapter 13 proceeding. Once discharged from bankruptcy an individual can apply for a mortgage. Each bank has different rules about how soon someone can apply for a mortgage after a bankruptcy. Most people coming out of bankruptcy apply for an FHA mortgage loan since this program has the most lenient underwriting standards.


Can I get a mortgage loan of I have a bankruptcy?

Yes, it is possible to get a mortgage loan after bankruptcy. Be very care though, your interest rate could be considerably high.


Where can someone find information about getting mortgage loans after bankruptcy?

Quicken Loans has an excellent section on how to obtain a loan or mortgage after filing bankruptcy. Most debt consolidation centers and bankruptcy attorneys will have information or references for those seeking information on applying for a post-bankruptcy loan or mortgage.


Can an advance cash loan be part of a Chapter 7 bankruptcy?

Yes, it is an unsecured loan.


If you filed chapter 13 bankruptcy 9 years ago will it come out if you apply for a mortgage loan?

of course it will, BKs are on a credit report for 10 years


Does bankruptcy clear second mortgage loans?

Second mortgages can be discharged only in a Chapter 13 and only if there is no equity in the real estate for the loan to attach to.


How can one get a loan if they have declared bankruptcy?

Getting a loan after bankruptcy can be difficult depending on what type of bankruptcy one files. A Chapter 13 bankruptcy, one cannot even apply for credit during the length of the bankruptcy. In a Chapter 7 bankruptcy, that is a different story. One can file Chapter 7 bankruptcy and as soon as it is discharged can apply for credit. The only problem with getting a loan after bankruptcy is that you may have to have a co-signer until you build up some positive credit.


What happens to the mortgagee if he files voluntary bankruptcy?

Assuming this is a straight bankruptcy, the mortgagee would lose the money that is owed to it on the mortgage loan. A bankrupt person or corporation loses all of his/her/ its assets to the Trustee in Bankruptcy so that the Trustee can liquidate those assets and distribute the net proceeds to the creditors. The mortgage loan is an asset which is then sold to the highest bidder along with the mortgage lien. The mortgage holder will now make the mortgage payments to whoever purchased the mortgage loan from the bankrupt estate. The mortgagee is left with nothing.


Can you do a loan modification if you are in chapter 13?

A Chapter 13 bankruptcy puts the entire debt collection process on hold to give the filers time to work out a court-approved repayment plan for a portion of their debts. Thus, because the process is on hold, a loan modification can not be enacted while a mortgage is currently under the supervision of the Chapter 13 trustee. However, it is possible to negotiate a modification of a loan with the mortgage lender during the bankruptcy. But it will be necessary to have the bankruptcy case voluntarily dismissed before the modification can be finalized and put into effect. Banks may not be willing to negotiate with the borrowers under the circumstances of a Chapter 13, though.


What happens when someone you cosigned a mortgage for has filed for bankruptcy?

When you co-sign on a loan or mortgage for someone, you are promising to make the loan payments if they can't. When someone files for bankruptcy, they are claiming that they cannot make their payments. It would stand to reason that if someone you co-signed on a mortgage for files for bankruptcy that you would then be liable for making the payments.


Can I get a home loan while I am in bankrupsy?

can i get a loan to get caught up on my mortgage before foreclosure i have a good job now CAN I GET A MORTGAGE LOAN WHILE IN CHAPTER 13 BANKRUPTCY Yes, you can. However, it will be at a very high interest rate. Approach your local credit union for the best deal.


Can you get a personal loan with an open chapter 7 bankruptcy?

maybe


Can you file bankruptcy and still hold a mortgage loan officer license?

Yes


What is the effect of bankruptcy chapter 7 on mortgage loan?

Chapter 7 bankruptcy is also known as total bankruptcy. It's a wipeout of many (or all) of your debts. Also, it might force you to sell, or liquidate, some of your property in order to pay back some of the debt. Chapter 7 is also called "straight" or "liquidation" bankruptcy. Basically, this is the one that straight-up forgives your debts (with some exceptions, of course).


My 1st mortgage is 309 and 2nd is 90.The property value is 225 now. can I do a bankruptcy chapter 7 or 13 and loan strip the 2nd and get a princial reduction on my first?

Unlikely


You are on mortgage loan with daughter who is going to file bankruptcy Can mortgage co come after you?

Yes, and you can bet they will. You need a lawyer as well!


Do you still have to repay your loan if you file bankruptcy?

If you file chapter 7 or 13, your loan may discharge in bankruptcy. This is not an automatic process you need to prove to the bankruptcy court that repaying your loan would cause undue hardship.


Is a car loan discharged under chapter 7 bankruptcy?

Whether your car loan is discharged by a bankruptcy or not will depend on your state and the equity in your car. Whether the loan will be discharged or not is called an "exemption".


can you save you home in chapter 7b?

Yes, you need to reconfirm the home loan with the company that provides your mortgage and any secondary loans on the home. Your bankruptcy lawyer will ask you about that and take care of it.


Am I legally allowed to refinance my home mortgage after filing bankruptcy?

You can legally refinance if you choose to, there are no restrictions from the bankruptcy. With that, you may find that lenders will not approve your loan because of the bankruptcy.


Has anyone applied for a new mortgage after filing Bankruptcy Chap13 less than the 2 year recommended period?

Chapter 13 bankruptcy makes things a little complicated when it comes to obtaining another mortgage. You can apply for a loan with as few as 12 timely payments on a Chapter 13 plan, with the court's consent. Essentially, it is on a case by case basis and it is best to consult a trusted mortgage professional in your area with your specific scenario to determine your eligibility. I'm a loan officer, so I am very familiar with this topic.


Can you get a car loan after a chapter 7 bankruptcy?

Yes you can if you have a fair credit score.