Search results
Results from the WOW.Com Content Network
Conventional loans typically require borrowers to wait four years after a Chapter 7 discharge or dismissal to apply for a new mortgage. If you’ve filed for Chapter 13, you can apply two years ...
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.
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 ...
In a Chapter 7 case, the debtor has no absolute right to discharge. A creditor or trustee may file an objection to the discharge of the debt. To object to a discharge, a creditor must file a complaint before the deadline outlined in the notice sent by the bankruptcy court. More than 90% of Chapter 7 debtors receive a discharge of debts. [12]
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 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 ...
A mortgage lender is an investor that lends money secured by a mortgage on real estate. In today's world, most lenders sell the loans they write on the secondary mortgage market. When they sell the mortgage, they earn revenue called Service Release Premium. Typically, the purpose of the loan is for the borrower to purchase that same real estate.
When I first started working with Charlie (not his real name) in 2005, his bankruptcy had just been discharged, meaning his remaining debt was cleared. His credit score was 526, and he didn't ...