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For Chapter 13 bankruptcy, there is a two-year waiting period from the discharge date and a four-year waiting period from the dismissal date. The waiting period also depends on the type of loan ...
For an FHA loan, you’ll need to demonstrate that you have improved your credit and haven’t taken on any additional debt since the bankruptcy. FHA loans “generally require a lower minimum ...
FHA loan. 2 years for Chapter 7 or Chapter 11; 1 year for Chapter 13; 1 year with exceptions ... Many lenders require a seven-year waiting period after a bankruptcy or foreclosure before they will ...
The disadvantage of filing for personal bankruptcy is that, under the Fair Credit Reporting Act, a record of this stays on the individual's credit report for up to 7 years (up to 10 years for Chapter 7); [5] still, it is possible to obtain new debt or credit (cards, auto, or consumer loans) after only 12–24 months, and a new FHA mortgage loan just 25 months after discharge, and Fannie Mae ...
Mortgage loan financing relies more on secondary mortgage markets and less on formal government guarantees backed by covered bonds and deposits. [8] [9] Prepayment penalties are discouraged by underwriting requirements of large organizations such as Fannie Mae and Freddie Mac. [8] Mortgages loans are often nonrecourse debt, unlike most of the ...
“Back in 2008, a few lenders did file for bankruptcy protection post-loan approval and pre-closing, and the borrowers had to scramble to move their loan to a new lender,” says Burgelin.
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