Filing bankruptcy doesn’t mean you’ll never qualify for credit again. One of the purposes of filing a bankruptcy case is to eliminate burdensome debt so that you can get a fresh start. One of the first questions a client will ask after filing bankruptcy is "Will I never be able to buy a house [or a car]?"
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If you’re trying to get a mortgage after bankruptcy, the first thing you’ll need to do is get your credit score back on track. There is no quick fix for rebuilding your credit after a bankruptcy. However, your most recent actions have a bigger impact on your credit score than negative events from the past, so the effect that bankruptcy has on your score will diminish with each year that passes.
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How long after bankruptcy can you get a mortgage? You’ll usually need to wait until after your bankruptcy has been discharged to apply for a mortgage. The amount of time you have to wait is known as the waiting period. The length of your waiting period will depend on the type of bankruptcy you filed and the type of loan you’re seeking.
Many of my clients filed bankruptcy while behind on the mortgage. Sometimes, the client arranges for a loan modification with the lender during or after the bankruptcy. Other times, the client was a couple of months delinquent and merely remained one or two months delinquent before, during and after the.
Getting approval for any type of credit after a bankruptcy is challenging. However, with the right combination of bankruptcy seasoning and steps to rebuild your credit, you can look for a home.
How to Reapply for a Mortgage After Bankruptcy – Refinancing Your Home After a Bankruptcy Look into reaffirming your existing mortgage. Discover if you are eligible for an FHA streamline refinance. Consider refinancing through a conventional lender.
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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Both of these are basic mortgage options that do less damage to your credit than a foreclosure or bankruptcy does. Simply.