Home Loans El Paso

getting a home loan after bankruptcy discharge

Mortgage debts, and other secured debts-such as those on vehicles-are also dischargeable in bankruptcy in most cases. This means that the obligation to pay on the underlying mortgage (or other secured) debt is extinguished if you receive a discharge in bankruptcy.

Congratulations! You have received your bankruptcy discharge at the end of your Chapter 7 or Chapter 13 case. You are anxious to get a fresh start, but what should you do next? . . . Read More: The Bankruptcy Discharge And Beyond: What To Do After Your Bankruptcy

fha loan mobile home Launched in 1934 to help boost the housing market, the federal housing administration (FHA) loan is still pretty much the same today. It’s a government-backed loan that allows people to buy a moderately priced home with a down payment as low as 3.5 percent.

chapter 7 bankruptcy: You must wait two years after the discharge of your bankruptcy to qualify for a government-backed residential mortgage. For a conventional home loan – or one that is not backed by the federal government but conforms to loan limits set by Fannie Mae and Freddie Mac – the waiting period is four years.

You CAN get a mortgage after bankruptcy. Here’s what you need to know. You do need to be aware that buying a home after bankruptcy is not the same as buying a home for the first time with no credit issues. There are two main factors: How long ago was your bankruptcy discharged, or your consumer proposal completed?

You can qualify for a mortgage with a chapter 13 bankruptcy in your recent past.. to the two-year waiting period after a Chapter 13 discharge.. buyers can get a mortgage after a deed-in-lieu.

I filed Chapter 7 bankruptcy, and all debts listed were discharged in 2008. I was told after the bank foreclosed I would have to wait up to three years before I can get a mortgage. So I’ll have to.

how to lower mortgage rate How to Lower Your Mortgage Payments Without Refinancing. – Interest-Rate Reductions and Loan Modification. A lender can temporarily or permanently reduce your mortgage rate to lower your monthly payments. A rate reduction is typically reserved for financially distressed homeowners. lenders and the loan investor must agree to the rate reduction.

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.

After all, you’re still allowed to pay the mortgage after bankruptcy, See also: How Your Mortgage Shows Up On Your Credit Report After bankruptcy; paying debts After Bankruptcy; How Long You Have To Reaffirm A Debt. A reaffirmation agreement must be signed by both parties and approved by the bankruptcy court before the discharge is entered.

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