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Depending on whether you filed Chapter 7 or Chapter 13, it'll take two or four years to qualify for a conventional mortgage, one or two years for FHA or VA loans, and one or three years for USDA loan.
3 years for Chapter 7; 1 year for Chapter 13 3 years Many lenders require a seven-year waiting period after a bankruptcy or foreclosure before they will lend to a borrower again.
On the other hand, Chapter 13 bankruptcy focuses on reorganizing your debts. This often includes credit card debt, which means some credit card debt may be included in a Chapter 13 repayment plan.
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 ...
The 3/1 and 5/1 FHA Hybrid products allow up to a 1% annual interest rate adjustment after the initial fixed interest rate period, and a 5% interest rate cap over the life of the loan. The new payment after an adjustment will be calculated on the current principal balance at the time of the adjustment.
I briefly scanned the source that was cited for the bankruptcy filing statistics in 2003 and 2004. Although the source does use the term Business filing and lists the quoted numbers for Chapter 13 business debtors, the fact is that businesses are not eligible to file for bankruptcy protection under Chapter 13. Chapter 13 is solely for individuals.
Chapter 13 bankruptcy offers a way to reorganize and pay off debts over three to five years without losing essential assets like a home or car. It provides a structured repayment plan and an ...
Due to the varying size of debt buying organizations, not all organizations have the capital required to purchase large portfolios directly from the debt issuer. Historically, smaller debt-buying firms would purchase their debt accounts from a larger buyer after that larger buyer had already attempted to collect on the account. [citation needed]