can i get a mortgage after filing bankruptcy

Getting approved for a new mortgage after bankruptcy can happen in as little as one year. The waiting period for foreclosure depends on the program.

While you may be able to get a mortgage loan after declaring bankruptcy, it almost certainly will be with higher interest rates and fees. bankruptcy represents the highest level of risk for lenders, so as long as the bankruptcy is still appearing on your credit report, it will affect your ability to obtain credit.

Q: When can I get a home loan after filing chapter 7 bankruptcy? A: You can apply for a mortgage loan two to four years after you have received your bankruptcy discharge paperwork. You must show a satisfactory payment history and an explanation letter for the bankruptcy. Q: Can I buy a home any sooner after a bankruptcy if the bankruptcy was.

Foreclosures are a result of not being able to pay your mortgage.. Homeowners sometimes file for bankruptcy, often times after the foreclosure has. and it can ultimately help you get a fresh start and possibly receive a second chance.

This is one of the most common questions I am asked. In order to answer, I need to briefly discuss the two types of bankruptcy cases. The most.

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Refinancing after bankruptcy: Chapter 7 vs. chapter 13. There are two major types of personal bankruptcies: Chapter 7 bankruptcy – A Chapter 7 bankruptcy allows you to discharge some of your debts, with the possible exclusion of student loans, child support debt and unpaid taxes. You may be required to liquidate some of your possessions to resolve your debt, but you can usually keep your home.

That’s pretty amazing that the wait to get a mortgage after filing bankruptcy is so short. I have pretty bad credit right now, so I was considering filing for bankruptcy in the next year or so. One of my biggest hangups was that my wife and I want to buy a house in the next few years.

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VA Mortgage. If you’re a veteran, you can get a VA mortgage two years after your bankruptcy discharge. This VA application process can be challenging, but in some ways it’s more lenient since post-bankruptcy credit issues such as a foreclosure won’t restart the 2-year waiting period.

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