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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.
Bankruptcy waiting period. Foreclosure waiting period. Conventional loan. 4 years for Chapter 7 or Chapter 11 (2 years with exceptions); 2 years from discharge or 4 years from dismissal of Chapter 13
The funding fee ranges from 1.25 percent to 3.3 percent of the loan amount and applies whether you’re buying a home or refinancing (with some exceptions). VA loan eligibility
In the United States military, discharge by purchase was introduced in 1890 for the Army, [2] 1902 for the Marine Corps, [3] and 1906 for the Navy. [4] This practice was abolished in 1953. [5] In the Irish Defence Forces, discharge by purchase is permitted under the Defence Act 1954. [6] Typically, discharge by purchase is suspended during wartime.
With a dishonorable discharge, all or almost all benefits are forfeited, regardless of any past honorable service, and this type of discharge is regarded as shameful in the military. As with many bad conduct discharges, dishonorable discharges are normally preceded by military prison sentences and are formally issued after completion of both ...
[13] In Chapter 12 and Chapter 13 cases, the debtor is usually entitled to a discharge upon completing all payments under the plan. If the debtor fails to complete a required personal finance course after filing a Chapter 13, they will be ineligible for their discharge. Roughly 25-40% of Chapter 13 debts receive a discharge. [14]
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.
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 ...
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