0
this really depends on the lender. Of course after the big mortgage bubble in '08-'09 the advent of subprime mortgage lending has sort of come and gone. Although some buyers may not truly be able to afford the home they're buying, on paper they are going to need to appear to be able to. Otherwise the investors of the loan wont really feel comfortable that the borrower will be able to fulfill the loan. All this to say; A bankruptcy is definitly a big ugly mark on your credit reports, however you can still get a loan. And, a bankruptcy will be dropped from your credit report after 7 years if my memory serves me correctly. Now, something you may consider after declaring bankruptcy is whats called manual underwriting. I have not researched all of the ins-and-outs of it, but I do know that more focus is given to things like your payment histories, income, etc. From what I understand, it is what you might consider a more personal underwriting process; they look more closely at all of the details of your situation and dont attempt to force you into some cookie-cutter, one-size fits all, approval process. There are of course many, many different factors that will affect your situation differently than someone elses, but I hope at least some of this information was useful.
Wiki User
∙ 11y ago
Add your answer:
Earn +20 pts
Can bankruptcy hurt you?
Whether you are filing Chapter 13 or Chapter 7 bankruptcy, your credit score will be directly impacted for 7-10 years AFTER you exit protection.
Dose it hurt your credit if a cosigner files bankruptcy on there car?
If you have co-signed and the primary borrower has defaulted, you will need to step up and pay. If not then it will hurt your credit rating.
After bankruptcy no longer is on your credit report after 10 years does your credit score immediately improve?
If by then, the consumer has establised a good payment history it may. Bankruptcy is forever. Regardless of the removal from a CR, there will always be record of it, and it can continue to cause a consumer financial problems. The previous answer is actually quite misleading. In terms of credit and credit reporting, the bankruptcy coming off will immediately improve your score, usually in the neighborhood of 75-150 points. Of course a lot entails what you did with your credit since the bankruptcy was discharged. As far as "bankruptcy being forever," yes, there is a public record out there. And yes, it could hurt you in terms of gaining employment at a high salary or taking out a high-end mortgage on a house. In terms of car loans, credit cards, low-end house mortgages, etc., the bankruptcy will have absolutely no bearing on your situation. Good luck.
What if an authorized user files bankruptcy does it hurt the card holder?
No, because an AU is not legally responsible for repayment of the debt incurred on the account.
Is your credit affected while the house you're buying is in escrow?
No. What is there to hurt? Just make sure that you are going out making purchases while you are in the process of purchasing. Underwriters will check your check prior to closing to ensure that you have not created more debt for yourself.
Can a past bankruptcy hurt your chances of getting a good job?
the only way bankruptcy can hurt you if that job check your credit. if i was you i won't bring it up unless your asked.
If you get a small amount of life insurance but need it for funeral expenses will it hurt your chances of discharging a Chapter 7?
Most life insurance benefits are exempt from bankruptcy. Contact the trustee or the attorney who handled the bankruptcy to find out what applies in this situation.
Can a friend of mine cosigning a apartment hurt her chance on buying a house?
no dont worry it has no effect
Does a timeshare foreclosure hurt your credit after a bankruptcy has been discharged?
Any foreclosure or bankruptcy affects your credit. And for anywhere from 7 -10 years.
Does an arrest record but not conviction hurt your job chances?
No!
How do you convince a girl you dumped to take you back?
Do something to totally embarass yourself!! Serenade her with an original song in front of her house. Buying jewelery does not hurt either!
Can house pets waste hurt you?
yes a house pets waste can hurt you
Do science hurt or help our chances of survival on earth?
Yes
If you add your wife who has a discharged bankruptcy 4 yrs ago to your credit card can hurt the husband's stellar credit score?
Yes. But not as much as if the husband did the bankruptcy.
Can bankruptcy hurt you?
Whether you are filing Chapter 13 or Chapter 7 bankruptcy, your credit score will be directly impacted for 7-10 years AFTER you exit protection.
Where is the dangerous place in the forest?
On top of trees, chances to get hurt are the greatest there.
What were the political results of Adams decision to seek peace with France?
It hurt his chance for reelection.
