0
You were discharged in bankruptcy 3 years ago and now foreclosure is next --will the foreclosure stop us from getting a mortgage?
Wiki User
∙ 14y ago
In most cases, your poor use of credit over the last few years will prevent you from getting a traditional mortgage through a bank or loan brokerage.
The only real exception to this is if you have a substantial amount of money to put down. Upwards of 35-40% as a down payment may be required for you to qualify for a mortgage within the next two to three years.
Wiki User
∙ 14y ago
Add your answer:
Earn +20 pts
If you already have filed for chapter 7 found out that your mortgage cannot be discharged. At the hearing can you ask to do a deed in lieu of foreclosure or is it to late?
You thought your mortgage would be discharged? And I guess you would just have then owned the house free and clear. You really are kind of far along to be asking these questions don't you think? even if it can be done and they agree, sure you want a to do a "deed in lieu of foreclosure" as part of your bankruptcy? Wow....what a surorise you aren't getting the result you expected...and really no surprise your in bankruptcy --meaning you asked the court to protect you from all those who trusted you and the promises you've decided to break to them and loss and trouble to cause. Really...why not get expert personalized help...your own counsel to explain it?
Is there a law that prevents getting a mortgage after Chapter 7 bankruptcy?
No. Such a law would violate bankruptcy law, which prohibits discrimination by reason of bankruptcy. The problem is usually getting a mortgage because of credit scores, which include many factors including the reasons for filing bankruptcy.
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.
If your Chapter 13 bankruptcy was dismissed for non-payment but you kept your mortgage up-to-date and now the mortgage company is starting foreclosure again is it possible to refinance after this?
this may be very difficult. You might have better luck talking to your attorney and getting back into a new BK 13. After some time you may be able to refi.
Where can one find out about bankruptcy mortgage loans?
One can learn about their options for getting a mortgage loan after declaring bankruptcy by visiting the websites of businesses that offer mortgages. Generally, one cannot obtain any kind of mortgage for at least two years after declaring bankruptcy, but some companies may make an exception.
How soon can you refinance after bankruptcy?
I can finance you one day out of bankruptcy....of course you will pay a much higher rate than those with good credit. After two years you can begin to get more favorable rates (through a knowledgeable mortgage broker, not a mortgage company). Contact me at gkinney@sedonafunding.com Depending on the type of Bankruptcy, you may be able to refinance as soon as it is discharged. If you filed a Chapter 13 bankruptcy, you have a better chance at getting financing than if you filed Chapter 7. Of course, with over 700 lenders at our disposal, we can probably get you financing either way. Call Allied Home Mortgage Capital...281-684-8580 and let's see what we can do for you.
How does one get a mortgage after suffering bankruptcy?
"Bankruptcy status remains on a person�۪s credit report for 10 years, but mortgage lenders want you to hold off on getting a mortgage for at least two or three years. If your post-filing debt payments have been reported to your credit agency as being on time, and you have steady employment, your chances of getting a mortgage financed increase considerably."
Once a bankruptcy is discharged will getting a co-signer help obtain a lower interest rate on a new mortgage?
In most cases if you bring a strong credit co-borrower into the situation you will be able to get a lower interest rate on a new mortgage. However, there are some government insured programs that do not discriminate against Bankrupts, and their rates are very competitive.
Is it possible to stall foreclosure and how long can it be stalled for?
It is possible to stall foreclosure for up to two years using bankruptcy and a variety of other tactics. Getting what is called a Stay is a process of fighting back against the bank, and fighting for your right to stay in your home. Stalling foreclosure is not the simplest process but it can be done, and should be done if you are upside down in your mortgage, and thinking of filing bankruptcy. I have been going through foreclosure, and besides using an attorney, I found this book pretty helpful called the Stall Foreclosures E-Book. You can get this book, and read through it before you start the process to sort of give you a background on how to manage to stall foreclosure and stay in your home while fighting back. It is at www.StallForeclosures.com
Can you buy a house after only one year in Chapter 13 bankruptcy?
Yes. In fact there are lenders who will provide home financing just one day out of bankruptcy. Contact a local mortgage broker (yellow pages). Mortgage brokers have many lenders to choose from and can help you easier than a local bank. The danger is, of course, that you'll be charged such a horrible interest rate that you're far more likely to end up back in the same situation--bankruptcy, foreclosure, etc. It's smarter to be patient, spend two years getting your credit in order, and then look at what sort of mortgage you can get.
Can you buy a home under bankruptcy?
If our home is in foreclosure,and never reaffirmed the debt through chapter 7-how will it affect us getting a home?
Where can one learn about getting a mortgage after bankruptcy?
There are a number of websites that offer great information for those that are looking to get a mortgage after bankruptcy. One can find out more information on site such as wikiHow, Nolo, Realtor or the SFGate website under the heading of homeguides.
