Post foreclosure bankruptcy

  • Question : After two years of unemployment and bankruptcy, I finally have a steady job and can buy a house. How long until we can apply for a mortgage? Answer : I'm glad to hear you're getting back on your feet. You'll be glad to know that you may be eligible for a mortgage sooner than you think. It sounds lik.... Read More
  • Question : After a chapter 13 has been discharged, how long will it be until I can get a loan to buy a home? Answer : Generally speaking, you may qualify for a home loan 2 years after discharge from bankruptcy.
  • Question : Can a judgment from 8 years ago prevent me from getting a mortgage approval? Answer : This depends on the specifics of the case, but most likely not. While it shouldn't prevent you from getting approved for a home mortgage, it could have an effect on the rate you will receive on your loan.
  • Question : Can I still qualify for an FHA loan if I have a recent foreclosure? If so, how long will I have to wait to apply? -Sean & Melissa Answer : You can apply for a new loan 3 years after your bankruptcy or foreclosure. However, your debts must be discharged, and you must be able to show 3 years of good credit.
  • Question : Can you pay off a Chapter 13 Bankruptcy with a FHA loan? -Bryan Answer : This depends how long you have been in bankruptcy. If you have been in a Chapter 13 for over one year and have made all payments on time, you may be able to qualify for FHA financing. Another option is refinance and pay off your bankruptcy with a home equity loan.
  • Question : How long past a discharged bankruptcy is best in order to obtain a loan? Answer : The longer you wait the less effect the bankruptcy will have on your interest rate. Usually, you have to wait at least two years. You must be three years removed from bankruptcy to get a FHA loan.
  • Question : How many years before one can purchase after bankruptcy? Answer : Generally speaking, bankruptcies have to be at least 2 years removed before you will be qualified for a home loan. There are specific programs that may get you a loan sooner, though they typically come with very high interest rates.
  • Question : I was discharged from bankrupcy Sept. 13 2006. When can I apply for a mortgage loan again? Answer : You can apply for another loan two years following your discharge from bankruptcy. Provided that you do not have any outstanding debts, that you have good credit, and that you have proof of a steady source of income, you should be successful in obtaining another loan.
  • Question : If I filed bankruptcy 3 years ago and included my FHA mortgage loan in the Chapter 7, can I get another FHA loan now? Answer : The longer you wait post bankruptcy to apply, the lower your interest rate will be. Generally you must wait 2 years to qualify for a home loan and 3 years to qualify for a FHA loan.
  • Question : If the house I want to buy is being sold on the HUD foreclosure list do I have to qualify for an FHA loan? -Angel Answer : No. You can purchase the home thru any loan program you choose.
  • Question : If the mortgage company accepts a sale offer for less than the amount owed on the FHA mortgage, am I responsible for paying off the rest? Also, will this show up on my credit as a foreclosure? Answer : Generally, if a mortgage company accepts a sale, they already would have foreclosed at that point, so yes it will show up on your credit. If they sell for less than what is owed, that will usually show on credit as judgement to that bank for the difference. If the bank sells for less, whatever was less the ex-homeowner will owe back to the HUD before entitlement is restored.
  • Question : If the status of a condo is 'FHA approval withdrawn due to pending litigation,' is there any way to get it back to an approved status? -Joi Answer : Your best bet at this point is to meet with your lender and discuss selling your condo. This will save you money as well as your lender. Depending on your financial status, your lender can best advise you on what to do.
  • Question : If you had a deed-in-lieu of foreclosure on a FHA loan four years ago, is it possible to qualify for a FHA loan? Answer : Yes, it is possible to again qualify for a FHA loan, though your interest rate will be higher.
  • Question : My father's home is in foreclosure, he has already refinanced the home and filed bankruptcy. What can he do to save his home? Answer : Unfortunately, it sounds like if the foreclosure process as already started, and he is in bankruptcy, there isn't much that can be done.
  • Question : Someone told me that if my FHA loan is foreclosed, that the mortgage company will pursue me to still pay off the loan. Is that true? Answer : Not really. You will still owe fees if your home is foreclosed on. However, you won't have to pay off the full value of the loan.
  • Question : What happens if you're in the process of building a home and your construction loan lender files bankruptcy? Are you forced to refinance or will our paper be purchased by another lender? Answer : You will have to contact your mortgage broker or bank to find out if the loan will be purchased by another lender.
  • Question : What if I filed bankruptcy a little over a year ago, re-established credit and my fiance has excellent credit? Can we get approval together, even though it hasn't been 2 years since my discharge? Answer : Usually, they do not make any exceptions to the 2 year rule following a discharge from bankruptcy. The best course of action is to have your fiance apply for a loan on his own, as he has not filed for bankruptcy.
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