Even in bankruptcy, it is possible to retain your home. Refinancing the mortgage after the bankruptcy discharge may require seasoning and improved credit scores since refinances involve applying.
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If you take positive, consistent steps after your bankruptcy, however, you should be able to obtain a mortgage loan in relatively short order. post-bankruptcy, consumers making on-time payments on.
Filing for bankruptcy isn’t exactly a pleasant experience and it can take months or even years for your finances to recover. Buying a home after bankruptcy can be particularly challenging, but it’s not impossible. Knowing what to expect after getting your bankruptcy petition approved can make getting approved for a mortgage less of a hassle for aspiring homeowners.
As with Chapter 13 bankruptcy, FHA regulations demand a full explanation to be submitted with the FHA home loan application. To get a new FHA insured mortgage loan after Chapter 7, the borrower must qualify financially, establish a history of good credit in the wake of the filing of the Chapter 7, and meet other FHA requirements.
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· The fha loan program normally states at least two years need to have passed after the bankruptcy discharge to qualify for a new loan. But recently introduced was FHA’s “Back to Work” program , which allows borrower to buy again just one year after bankruptcy.
You continue to make your mortgage payments during and after the bankruptcy. If you are behind in mortgage payments, you can pay off the arrears through your chapter 13 repayment plan (which lasts three to five years). As long as you make your current mortgage payments and your plan payments, the lender cannot foreclose.
For Chapter 7 bankruptcy, FHA and VA regulations require a two-year waiting period from the time of discharge (not the time of filing).Conventional loans require a four-year waiting period from the discharge date. Getting a FHA or VA loan after Chapter 13 bankruptcy is a little more complicated. If you have consistently made verified payments for one year, you can apply for a FHA loan.
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Loans insured through Fannie Mae or Freddie Mac have a major advantage over FHA loans: Mortgage insurance comes off once you reach 20% equity in your home. Unfortunately, if you try to get a conventional loan after bankruptcy, you’re going to have to wait a little longer.