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“Back in 2008, a few lenders did file for bankruptcy protection post-loan approval and pre-closing, and the borrowers had to scramble to move their loan to a new lender,” says Burgelin ...
I used to be a bankruptcy lawyer, and I was often asked whether someone should file for bankruptcy. And even today, when people struggle to manage their budgets, it's a question I still get from ...
Applying for a mortgage post-bankruptcy is similar to a regular application — only with a few extra steps. That way, when your bankruptcy discharges, you’ll be on the road to homeownership. 1.
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 ...
In Spain, people who cannot repay their home mortgages may declare bankruptcy. [31]: 219 Bankruptcy and foreclosure discharges the obligation to pay mortgage interest, but not mortgage principal. [31]: 219 If mortgage principal is not paid, the debtor is placed on a list of untrustworthy people. [31]: 219
Chapter 13 bankruptcy, known as reorganization bankruptcy, allows you to retain some of your assets while paying back your creditors over a set period of time, typically a three-to-five-year period.
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