Instead of waiting 2 or 4 years after being discharged from bankruptcy, some mortgage professionals are willing to give a home loan much sooner. Those who have declared chapter 7 bankruptcy liquidation may be eligible for a loan one day after discharge, and those who have declared chapter 13 may be eligible for a loan even while still reorganizing.
As for chapter 13 bankruptcy, you may be eligible for a VA loan just 12 months removed from the filing date. Make no mistake, a VA loan after bankruptcy is not a quick or easy road. A bankruptcy can cause your credit score to drop anywhere from 130 to 240 points, according to credit scoring firm FICO.
You may be better off waiting to get a new mortgage until after you finished paying off your Chapter 13. After all, your recent bankruptcy status will dramatically impact your credit score; as the.
Mortgage after chapter 13. freds11. Posted on: 25th Mar, 2008 10:17 am. I’m going through chapter 13 right now, I’ll be finished with the payment plan in one year. Does the discharge start in a year, when I’m done with the payment plan to the trustee or when I started the payment plan and.
If you’re requesting a VA Home Loan after Chapter 13 Bankruptcy, you may be wondering exactly how to go about the process. We are here to help! We know the ins and outs of the Chapter 13 Bankruptcy process. Our mortgage consultants posses a lot of experience in helping individuals just like you obtain VA loans after a Chapter 13 Bankruptcy.
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What happens to your home when you file for Chapter 13 bankruptcy? For the most part, you don’t give up any property in Chapter 13 bankruptcy. This means that if you are current on your mortgage, you keep your home. If you are behind on your mortgage or facing foreclosure, Chapter 13 (unlike Chapter 7) allows you to make up mortgage arrears through your Chapter 13 plan. </p> <p>Chapter.
FHA Mortgage. Two years after your Chapter 7 bankruptcy discharge you may apply for an FHA loan. If you filed Chapter 13 bankruptcy, then you’ll only need to wait until you’ve made twelve months of satisfactory payments, and you’ll need to get the approval of the bankruptcy trustee.