how to get a home loan after chapter 7

LOS ANGELES, CA / ACCESSWIRE / June 14, 2016 / MyBKHelp.com, a website that was launched by bankruptcy attorneys, has just posted a new article that answers the important question: How Long Does.

If you don’t pay your mortgage, the lender can enforce its lien by foreclosing on the house. It’s the lien that makes the mortgage a secured debt. Even though your chapter 7 discharge wipes out your obligation to pay back the loan, it doesn’t eliminate the mortgage lien.

Each one has a different waiting period before you can apply for a mortgage: 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.

best home equity loan interest rates How to Find the Best Home Equity Loan – Consumers Advocate – Getting the right home equity loan is all about finding the best rates. Interest rates on home equity loans are typically higher than your first mortgage, but much lower than credit cards or personal loans. So if you happen to own your house and need cash, a home equity loan or home equity line of credit can be an attractive option.

Rather than voluntarily making payments on the mortgage after you file your Chapter 7 bankruptcy case, you or your lender may look at a process called reaffirmation. reaffirmation is a legal term, but it loosely means a new promise to repay a debt after bankruptcy that otherwise would be wiped out.

Building Credit. If you want to purchase a home after Chapter 7 you need to get to work on rebuilding credit immediately after it’s been discharged. Pay all bills (even utility payments) on time, for one. And look at trying to obtain one or two secured credit or gas cards to start establishing a new credit history.

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Apply for a conventional mortgage through a government-backed program. You may be able to get a conventional loan from Fannie Mae or Freddie Mac 2 years after Chapter 13 if the case was filed or dismissed 4 years ago. You must wait 4 years after a Chapter 7 bankruptcy was discharged or dismissed.

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.

job requirements for home loan There are plenty of requirements you must meet when applying for a new mortgage or when you plan to refinance your existing loan. lenders will look at your debt levels, income and credit score. They’ll also look at your employment history. Fortunately, getting a mortgage with a new job is far from an impossible task.

How Long After Bankruptcy Can I Buy a House? A Chapter 7 bankruptcy stays on your credit report for 10 years after the filing date; a Chapter 13 stays on your report for seven years after the filing date. They will be removed automatically at the appropriate time.