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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 ...
Type of bankruptcy. What it means for you. Chapter 7. Often referred to as liquidation, this type of bankruptcy means selling off your non-exempt assets to repay your debt.
There’s typically a waiting period after bankruptcy before applying for a new loan, including a mortgage. The length of the waiting period depends on what type of bankruptcy you filed for ...
In the eyes of the Internal Revenue Service (IRS), housing debt that is forgiven or written off is the same as income. If the law expires, forgiven mortgage debt will be taxable. The same applies to foreclosures and to loan modifications in which principal is reduced. Once the lender writes off the debt, it will report the amount to the IRS.
If you're considering loans after bankruptcy, expect to wait at least a year or two before qualifying for traditional loans. When you're going through bankruptcy, applying for a loan might be the ...
How long can a debt collector pursue an old debt? Each state has a statute of limitations on how long a debt collector can pursue old debt . For most states, this ranges between two and 10 years.
Whether you want help covering your down payment or you need a loan for bad credit, there could be assistance that's right for you. Homebuyer assistance can take many forms that include: Grants.
You may also have student loan debt forgiven if you file bankruptcy, have a permanent disability or die. ... See what your lender or credit card issuer offers for hardship assistance for other ...