Bankruptcy Mortgage
Bankruptcy Mortgage questions and answers
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Q: bankruptcy - mortgage?
After going bankrupt and then gettin released from brankruptcy, how hard is it to actually get a mortgage? please explain the best you can, thanks
A: It's very difficult for a number of years. In this economic climate, it's impossible.
Q: Can only 1 person on a mortgage file bankruptcy?
I am contemplating filing bankruptcy but my husband will not be. He is on the mortgage with me, Will this be a problem?
A: You can file on your own, but he will be notified that you filed.
Q: Is getting a mortgage after bankruptcy for building a ranch a possibility?
In April I filed Bankruptcy. I quit my job after having a devastating miscarriage and felt like there was no other way for us to survive financially. My husband’s job with the Army requires him to have a security clearance and with already shaky credit we decided it would be best for me to file alone. Most of the debt was in my name anyway, so I filed a Chapter 7 in April. Due to my lawyer’s incompetence it wasn’t discharged till December. We’ve been told that with my husband’s low score and my recent bankruptcy our only option is to wait 12-24 months to apply for a mortgage. This makes sense to me, but I’m hoping there is another option out there. We were foster parents for a time and hope to continue that next fall when my husband returns, but he’s stationed in central Texas where CPS prefers foster parents who own their home. We had established a small business in training and boarding horses and would like to continue that in our own back yard and grow from there.
I’ve contacted the three major credit bureaus to clean up any inaccuracy and I’ve been working at my job for almost a year. Our debt to income ratio is great and despite my bankruptcy my credit score is slightly higher than my husband’s, but still low. I’ve done all of our baking with US Bank in hopes of establishing a relationship with them and I have a low-limit credit card I use for gas and pay off monthly and a secured card I use for business expenses and pay off monthly. So, this is probably much more information than you needed, but it will hopefully be enough to help you answer my question. I would hate to spend another 12-24 months paying $600-800 a month in rent and $500 a month boarding our horses when that could be $15-30k we’ve paid toward a mortgage.
I understand that all actions have their consequences, but we’re a Christian family and hope that through the right network, education and of course prayer there may be some chance of purchasing our first home so my husband comes home from Iraq feeling accomplished and secure.
A: their are mortgages for everyone, it just matters how much you are willing to pay in fee's and interest . check out bankrate.com and other lender websites for the type of mortgages you will qualify for. don't forget they may want a larger down payment from you too. goodluck!
Q: How to get a mortgage after bankruptcy?
So my husband and I filed for banruptcy back in april and was discharged in aug. Now that we don't owe anything we are very capable of getting a mortgage. But it seems the rules have changed in the last few years and it's pretty impossible to get one. So I just wonder if anyone out there knows of any brokers that deal with bankruptcy anymore. Thanks!
What we have been told from previous companies is we have to wait two years, thats the new "rule"
A: it is possible but you will have to seek out private money investors. Contact a few local mortgage brokers and they can put you in the right direction. You may not like the interest rate but if you have proven steady income, have at least 20% down, low living expenses and the property is under value it is possible.
Beware of many of these " rent to own and owner finance land contract deals ". Too many of them are offered by owners who are already in or headed for foreclosure and you wind up being evicted out in the street and lose every penny of the money you paid into the scam.
Q: Are there any banks that will give me a mortgage after bankruptcy?
I went bankrupt 1 year ago, and while I'm not looking into buying a house just yet, I don't really want to have to wait another 6 years if I don't have to. Does anyone know of any banks (in Canada) that would let me get a mortgage before my bankruptcy is off of my credit bureau?
A: If 1 year has passed by, I believe that yes you can get a mortgage with some finessing. There are always more than one way to skin a cat. (figure of speech).
The only thing is that it may not be one of the 5 chartered banks of Canada, but there are other financial institutions that will.
Please take a look at CMHC (Canadian Mortgage Housing Corporation). I believe the website to be www.cmhc.ca
I have helped people from bankruptcy and put them into a home, helped them with getting a mortgage, and getting back on their feet.
Q: What happens to your house if your mortgage company files bankruptcy?
I've been reading about some mortgage companies filing for bankruptcy so what would happen to your house in that situation? Would you get to keep it? Do you automatically lose it? Who would get it in that instance?
A: If the mortgage holder goes bankrupt you will make your payments as usual. Although they may be sent to the court. Eventually the court will sell off your mortgage to another company and you will pay them each month.
Your home stays your home as long as you can prove you have made your payments (keep your bank records to show your checks have been processed.)
Q: Is there any way to get a mortgage with a bankruptcy on your credit report?
My fiance and I are trying to buy our first house but our bank won't give us a mortgage because I have a bankruptcy on my credit from 2 1/2 years ago and they say it needs to be 4 years old first. I'm wondering if there is any other company out there that will give a mortgage any sooner. Most places give you anything after bankruptcy because they know you can't claim bankruptcy again for 7 years. Please help!
A: YES< but most banks want you to wait 3-5 years first.
They want evidence that you are not repeating your bad patterns, that you have learned good financial management.
This is not a credit card or even a car, this is a 20 year investment and they don't want to lend to some one who will go bankrupt again in 7 years because that's how you operate, because foreclosure is an expensive process.
The better your credit, the higher your down payment, and the lower your debt, the better chance you have of getting a mortgage in 4-5 years after a bankruptcy, at a decent rate.
Q: How will Bankruptcy Affect My Mortgage?
I am filing for bankruptcy in Canada due to a failed business in my name. My husband and I own our home together. The bankruptcy trustee is not interested in the home as there is no equity in it. How will the mortgage be affected since I am filing for bankruptcy and my husband is not and continuing to pay the monthly mortgage? Will there be a problem or should things just continue on in just my husband's name?
A: If you are filing a Chapter 7 simply all them to sign a reaffirmation as soon as possible.
Good Luck!
Q: Mortgage payments while in chapter 13 bankruptcy?
I am wondering if you are in a active chapter 13 bankruptcy with a mortgage, and your mortgage payments are made through the trustee. How will your mortgage payments be reported on your credit report? Should your payments be reported as pay as agreed through wager earner plan or will they be reported as late payments?
Will on time payments of your mortgage increase your credit score while you are in chapter 13?
A: Your mortgage payments should be reported as paid as agreed.
Q: How long should one wait after declaring bankruptcy to try to get a mortgage?
I had a bankruptcy discharged in March of 2005, and that bankruptcy did include a mortgage and home equity loan. My financial situation has improved, and I am thinking about buying another home, but am not sure if enough time has passed since the previous issues for banks to consider me as a client.
A: Some non-conforming lenders will approve a mortgage one day out of BK. You can try toget one now if you want to.
Q: Can a mortgage be discharged in bankruptcy after order for relief from automatic stay?
Can a mortgage on a home be discharged in bankruptcy chpt 7 after order for relief from automatic stay was granted to the bank. the loan on the house is more than the value, and the owner stop paying the mortgage.
A: Check the sites thoroughly. It’s an excellent site with some wonderful options for you. It will definitely help you. Have a look.
http://bankruptcy-info.we.bs/
http://www.loan-house.info/2009/09/choosing-right-bankruptcy-attorney.html
Q: Cosigner on mortgage may file for bankruptcy?
My brother is buying a new home but is asking my dad to cosign on the mortgage. My dad just revealed to me that he is filing for bankruptcy in a few years if his situation does not get better. Would my dad's filing for bankruptcy affect my brother's mortgage, credit, etc?
A: no it will not effect him. it will effect the bank because your dad will never repay this loan if your brother defaults. your brother should not ask your dad to do this. Dad has no ability to pay this loan if brother defaults. Your brother should not put your dad in such an awkward situation.
Your dad should say no but it seems like he is unwilling to refuse this request. This is not going to end well. Your brother will lose a job in a few years and it will cause both him and your dad financial trouble.
Q: How long do you have to wait to get a mortgage after bankruptcy? What about if you have a foreclosure?
I claimed bankruptcy last october and was discharged this january. My home is about to be foreclosed on though I haven't lived in it since last July. Any suggestions?
A: A chapter 13 plan that was paid on time represents a payment history to a lender and they will look at your application 6 months to a year after your plan is discharged. Chapter 7 generally requires a 24 month wait before a lender will consider your application. If the foreclosure was stopped by the bankruptcy, it will count against your creditworthiness, but will not be the end of the world. If the property was sold at foreclosure, you may be looking at that 24 month period before you will get a loan.
The best thing to do in the mean time is to establish new credit lines and pay them religiously so you look better on paper when you eventually apply.
Q: Is it immoral for a bankruptcy judge to adjust a mortgage?
Conservative pundits say the big 3 auto makers need to go into bankruptcy so a judge can get them off the hook for their labor contracts but in the same show say that there is a moral hazard in letting a bankruptcy judge jigger some ones mortgage. These seem contradictory to me yet I hear the same contradictory positions on news and cometary shows once the dude offered both views in a span of less than five minutes. These are contrary views are they not?
A: Morality isn't the issue with a mortgage. What's at stake is turning contract law on its head.
It's approximately the same issue with manufacturer's contracts with labor. However, while one's primary residence cannot be taken away by a bankruptcy judge, the same cannot be said for the benefits agreements made in union contract negotiations.
Q: How do I get a mortgage with an open bankruptcy? Renting is not an option, I need help!?
I just relocated (for work) to an area that is having an incredible housing boom, there are more people than houses available. As soon as something within my price range goes on the market it is sold...for the asking price and sometimes more! My biggest problem at this point is my bankruptcy isnt finalized yet, and no one will give me a mortgage, it will be finalized as of July 15th, I need to move into a house by July 1st...hence my dilemma.
I appreciate any and all feedback on this issue...Thank you!
A: You can't. I am also at the end of mine. We filed a chapter 13 and we are almost done with it. We have good credit scores now but noone will touch us until we have that discharge notice. We have spoken with about 10 mortgage brokers and the answer is always the same. The reason is that the mortgage co.'s are scared that you will decide to add the loan to the bankruptcy and they would lose their money. Can you rent until July 15th? Maybe you can find a place to give you a month to month lease. As soon as you have your discharge notice you can do it.