bankruptcy chapter 7 mortgage loans

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At that point in time, the vessel was in a state of bankruptcy. In a short space of time, a 1.7 million purchase price was.

Dear Bankruptcy Adviser, I filed a chapter 7 bankruptcy that was discharged in 2009. I was paying my second mortgage loan to the bank for 4 years without a reaffirmation agreement.

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When you apply for a home loan after a bankruptcy, the lender will see the Chapter 7, 11 or 13 reported by the U.S. District Court. But if you have shown for the last year or two that you are back on your feet financially, they may approve your mortgage after a bankruptcy.

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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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Lien stripping generally isn’t possible in a Chapter 7 bankruptcy, but some bankruptcy districts — those in Alabama, Florida and Georgia — recognize it as an option under certain circumstances. As with chapter 13 proceedings, the loan must be unsecured because the fair market value of your home doesn’t stretch to cover it.

CHAPTER 7 bankruptcy waiting periods As mentioned above, all borrowers must wait least two years after the discharge date of a Chapter 7 Bankruptcy. The discharge date should not be confused with the date bankruptcy was filed. As with Chapter 13 bankruptcy, fha regulations demand a full explanation to be submitted with the FHA home loan.

Bankruptcy (7,11,13) – You may apply for a Conventional, Freddie Mac loan after your Chapter 7 bankruptcy has been discharged for FOUR (4) years, or as determined by Loan products advisor (aus) foreclosure – You may apply for a Conventional, Freddie Mac loan SEVEN (7) years after the sale date of your foreclosure or as determined by Loan.

FHA Loan After Bankruptcy The fha rules state that you must wait at least 2 years after filing a chapter 7 bankruptcy. Some banks may require a longer time to pass, but many FHA lenders will approve an application only after 2 years. For a chapter 13, you only need to wait until you have successfully made 12 months of payments.

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