If you file (and qualify) for Chapter 7 bankruptcy and your home is exempt, you can continue to make your mortgage payments if you want to keep your home. Although the bankruptcy will discharge your personal liability for the home loan at the end of the case, the lender’s security interest in the property remains in force.
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You won’t be responsible for paying your mortgage after filing for Chapter 7 bankruptcy, but you’ll have to give up the house. The lien rights that allow a lender to foreclose on the home, sell it, and use the proceeds to pay down the mortgage don’t go away in bankruptcy.
If you filed for Chapter 7 bankruptcy, the courts wiped out almost all of your unsecured consumer debts, so when you qualify for a mortgage refinancing loan depends on the type of loan you want. The Federal housing administration (fha) requires you to wait at least two years after bankruptcy discharge before applying for an FHA-backed refinance after chapter 7 loan.
With a Chapter 7 bankruptcy, that comes when the judge declares. This doesn’t mean that you cannot get a mortgage after you file bankruptcy. FHA loans — those guaranteed by the Federal Housing.
Qualifying For Conventional Home Loan After Chapter 7 Bankruptcy If you included your mortgage as part of your bankruptcy, the waiting period to qualify for a conventional loan starts from the discharge date of your chapter 7 bankruptcy.
A waiting period is the amount of time after a bankruptcy has been discharged, or dismissed you have to wait to be eligible for a mortgage. If you have filed for a chapter 7 bankruptcy then the following waiting periods apply. FHA loan: 2 Years after bankruptcy discharge date; VA loan: 2 Years after bankruptcy discharge date
Mortgage After Chapter 7 Bankruptcy With Late Payments After Discharged Date Majority of lenders will not approve anyone for a FHA Loan if the borrower has had any late payments after a bankruptcy, foreclosure, deed in lieu of foreclosure, or short sale.
Consider a mortgage loan insured by the Federal Housing Administration when the time comes to get a mortgage after a Chapter 7 bankruptcy. There are several good reasons to choose FHA mortgage loans. These loans have lower credit score minimums in comparison to other types of mortgages.
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