It is hard to refinance any home after 8 months out of bankruptcy. However it will still be based alot on your credit score. Check with if you can believe US Bank as to there guidelines. I have found them very forgiving. Also lenders like a lower loan to value LTV on a mobil home than a stick home.
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.
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).
In order to refinance after a Chapter 7 most bank guidelines will be 2 years from discharge date. The credit will have to be reestablished as well. There are some banks with various guidelines that will take a look at refinancing <2 years but not less than 12 months if you can prove the bankruptcy was caused by extenuating circumstances beyond the borrowers control. Veronica Rodrigues Voyage Home Loans
* The usual length of time after a bk dismissal required to refinance is 24 months. There are different requirements with different lenders. Some specialize in assisting borrowers with bks. * It depends on the type of Bankruptcy you filed....Chapter 7 or 13. I have lendors that will offer financing one day out of a Chapter 13.
Chapter 7 Bankruptcy will remain on your credit report for 10 years. However, many lenders will refinance you after 24 months has passed from the DISCHARGE date (not the filing date). Each lender may set their own parameters, so it is always possible to find lenders who may require more or less time. Additionally, most lenders will require the re-establishment of good credit. This is often defined as 3 new accounts opened and maintained after the bankruptcy occurred.
A chapter 7 takes 6 months, but your first (and usually only) meeting where you are examined under oath by the trustee will be about a month after filing, and, if there are no objections, your discharge will be issued about 2 months after that, and the case closed after 6 months.A chapter 13 can take up to 60 months to complete the plan, and the discharge has to be requested after the plan's completion and certification by the trustee.The filing of bankruptcy can remain on your credit report for 10 years - from the date of filing.7 years
In some bankruptcy jurisdictions, if you made all the mortgage payments when due after the filing (FILING, not discharge or close date), you may have re-instated the debt and can apply to refinance it. If you have not made any payments during the 6 months the chapter 7 was open, and did not make any payments for some time before filing, you may find it difficult to refinance. If the mortgage holder has not started foreclosure proceedings, it might be possible. If you can afford it, you can file a chapter 13 with a payment plan to get caught up on the mortgage arrears. You have to pay the trustee fee in your jurisdiction in addition to the mortgage arrears, in a plan that can be as long as 5 years.
It depends on which bankruptcy you file for. If you file for Chapter 7 Bankruptcy, which includes a liquidation of any assets and paying off your debt once and for all, you'd be looking at a discharge within about 3 months. With Chapter 13 Bankruptcy your attorney would set up a payment plan for you to pay off your debts over a specified amount of time. Normally the payments are scheduled to be completed by the debtor in 3 to 5 years. So the discharge time will vary depending on what is agreed upon in the court. All the required payments must be made before the discharge can occur. I've written about these 2 types of bankruptcy in my blog, where I consider how these processes can affect your tax debt. http://taxreliefsolutions.blogspot.com/2009/06/are-you-considering-bankruptcy-as.html
A bankruptcy can almost always be reopened. Unless the "liquid assets" were available to the debtor at the time of filing or fall into one of the categories (gambling winnings or inheritance) that had to be reported within 6 months of discharge, four years is way too late to go after them. Even in Texas.
The answer to this question depends on the policies of the individual lender and the type and status of the bankruptcy. The majority of lenders want 24 months to have passed from the date of discharge of the bankruptcy before they will consider any mortgage loan. A chapter 7 BK is generally judged more harshly than a chapter 13. What some bankrupty filers forget is that their credit performance after the BK will be very important. New credit must be established in moderation with account open dates after the BK, with low use of credit cards and excellent repayment history.
Yes. It certainly depends on how long you've been in the chapter 13. Most states say if you have been in the chapter 13 for more than 3 years, you will only have to pay back a percentage of the original balance of the bankruptcy. If you have been in the bankruptcy for less than 3 years, most states make you pay back the bankruptcy in full (100% of the original claims). If a creditor was included in your bankruptcy and they have been paid, you may refinance out of the bankruptcy without the creditors taking your money. Some things to keep in mind: in order to refinance, you have to be granted a "motion for post-petition financing" from the courts. This can take up to 2 months. Once that is granted, your refinance can be completed. Most people have an approval on their loan with a new mortgage company with the only stipulation being that the motion is granted by the court so that there is essentially no lag-time.
If you had money available to you when you filed bankruptcy and failed to disclose that in your Schedules, you committed fraud and perjury, and are liable to have your bankruptcy discharge reversed, not to mention possibly going to federal prison. If you inherited or won a lottery withing 6 months of the close of your case, you had an obligation to disclose it and give the money to the trustee. Failing to do so will leave your bankruptcy discharge open to being reversed as well as leaving you open to penalties. Otherwise, there is no reason to wait any amount of time. Consult an experienced bankruptcy lawyer in your area.
It generally takes 3-4 months after your meeting of creditors to receive your discharge. The discharge is the court order that says that all of the debts that you have listed in your Chapter 7 are discharged, that you are no longer legally responsible for them and that you are entitled to a fresh start.
AnswerPrior to actually filing for bankruptcy, the amount of time to prepare the paperwork will vary dependingg on the complexity of your case. Once you have filed a Chapter 7, you will probably receive your discharge in about 3.5 to 4 months. After you file, you will attend a meeting of creditors in about 4-6 weeks where you will answer questions by the bankruptcy trustee and possibly creditors. You are eligible to receive a dishcharge 60 days after the conclusion of the meeting of creditors unless one of your creditors files legal action to try to prevent you from receiving a discharge. By day 62 or 63, the bankrupty court should mail you a copy of the discharge order in the mailUsually when filing bankruptcy takes time to process.It is long proces when filign bankruptcy. Once you filed bankruptcy already then you should wait normally 8 to 10 years before you can file again.
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