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Chapter 7 bankruptcy. Leslie Tayne, attorney and founder of Tayne Law Group in Melville, New York, says you’re eligible for a mortgage a few years after a Chapter 7 discharge of debt.
Chapter 13 can allow a debtor behind on mortgage payments and facing foreclosure to catch up on payments, reinstate the mortgage and stay in the home. Co-signers may not be held responsible legally.
Length of time on report (after payoff) Credit card. Up to 7 years. Student loans. Up to 7 years. Foreclosures. Up to 7 years. Money owned to/guaranteed by the government. Up to 7 years. Chapter ...
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 ...
Foreclosure is a legal process in which a lender attempts to recover the balance of a loan from a borrower who has stopped making payments to the lender by forcing the sale of the asset used as the collateral for the loan.
[13] In Pakistan, the mortgage by legal charge is most common way used by banks to secure the financing. [citation needed] It is also known as registered mortgage. After registration of legal charge, the bank's lien is recorded in the land register stating that the property is under mortgage and cannot be sold without obtaining an NOC (No ...
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