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Your mortgage is 7 months behind if you have a prior Chapter 7 which was discharged in may 2007 can you file again to save your home?
Wiki User
∙ 15y ago
There are two parts to this answer. The first is if you are trying to "SAVE" your home you would not be filing a chapter 7. YOu would be filing a chapter 13 Which is designed for you to be able to keep your assets that have fallen into delinquency such as your home or vehicle. Chapter 13 put you into repayment plan for the 7 months that are past due spread out over 3-5 years. Chapter 7 is a liquidation of debt if your were able to file again...Which brings us to part two of the answer you would be saying in essence you want to let your house go and liquidate or zero out any remaining balance. There is a 8 year waiting period before you can file another 7 anyway and that is not the plan you need.
Wiki User
∙ 15y ago
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When do you get discharged from a chapter 7?
about 4-5 months after filing chapter 7.
How long after a Chapter 13 bankruptcy is discharged can you buy a house?
My friend's dad bought one after 3 years. There is not a specific time limit for being eligible for a mortgage or other credit. Most lenders prefer the consumer to have at least 12 months of responsible credit history.
When is a chapter 7 bankruptcy closed?
It is closed when it is legally discharged by the courts. Usually about 2 months after the 341 meeting for a ch. 7.
How long does a lender have to repossess?
I am 3 months behind on my mortgage? How long until they repo my home?
Can my mortgage lender refuse a payment because it is not for the full amount owed?
i am two months behind on my mortgage. can the lender refuse to take one payment?
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).
What is in chapter 7 for bankruptcy information?
In Chapter 7 bankruptcy, you would achieve the end ultimately faster, and basically be able to restart your financial life sooner. It is the most common form of bankruptcy and debts would be discharged months after filing the bankruptcy.
You fell behind on your mortgage payment how much time to do you have to catch up?
you can catch up any time provided your mortgage company agrees to it. hovever your credit status will be affected for 12 months after you clear your arrears
Does having a sizeable government pension effect your ability to obtain a mortgage after BK?
How long ago was the BK discharged? If more than 6 months, then you should have zero problems. Besides, it doesn't take much to get approved for a mortgage. However, just be wary of the terms of the loan you'll be approved for.
How long after filing chatper 7 bankruptcy in Illinois is discharged?
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.
How long after filing chapter 7 bankruptcy can you purchase a house?
Typically, mortgage companies are willing to lend to a consumer 12 months after a bankruptcy is DISCHARGED. Make sure that the disposition is recorded on all three credit bureaus. Also, follow up and make sure that all credit accounts that were included are notated as "included in bankruptcy" and cleaned up, so that they will no longer impact your credit scores. You also need to establish and pay on time positive credit. Twelve months of positive payment history on even one account will help you to get another mortgage.
How many months delinquent must a mortgage loan be before the mortgage insurer contacts the home owner?
Typically, they will call the homeowner before the first payment is behind to remind the home owner that a payment is due. - VoyageHomeLoans
