How long do I have to wait before I can get a regular mortgage?
I am thinking about filing for bankruptcy, but I am not sure how I will be able to fix my mortgage. How long do I have before it's normal again?
Answered By: Mercado & Hartung, PLLC
A Chapter 7 will likely stay on your credit report for 10 years but your credit score will go up before that, assuming you are proactive about improving it.
Answer Applies to: Washington
Replied: 1/18/2012
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Answer Applies to: Washington
Replied: 1/18/2012
Disclaimer: The response above does not form an attorney-client relationship. This answer may or may not apply to you and should not be relied upon as legal advice. LawQA does not make any representation as to the expertise or qualifications of this attorney. This attorney may or may not be admitted to state bar of your state.
Answered By: Heupel Law
It will take you two years under current FHA mortgage guidelines.
Answer Applies to: Colorado
Replied: 12/24/2011
Disclaimer: The response above does not form an attorney-client relationship. This answer may or may not apply to you and should not be relied upon as legal advice. LawQA does not make any representation as to the expertise or qualifications of this attorney. This attorney may or may not be admitted to state bar of your state.
Answer Applies to: Colorado
Replied: 12/24/2011
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Answered By: J.M. Cook, P.A.
Bankruptcy will stay on your credit report for several years (between 7 and 10 from discharge). However, the lender uses this with other information to form its decision to lend. Nothing is definitive as to whether this will prevent you from refinancing your home. Many folks are able to get secured loans after filing bankruptcy. Since credit is an individual decision by the lender based specifically on the individual borrower, no one can tell you how long it will be before you can obtain a refinance.
Answer Applies to: North Carolina
Replied: 12/20/2011
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Answer Applies to: North Carolina
Replied: 12/20/2011
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Answered By: Janet A. Lawson Bankruptcy Attorney
That is the 64K question. NO one know the answer to that in this economy. A bankruptcy will clean up what you have so you could afford a modified loan.
Answer Applies to: California
Replied: 12/19/2011
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Answer Applies to: California
Replied: 12/19/2011
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Answered By: Charles R. Nettles - Attorney at Law
It can be fixed while you are in bankruptcy but how long it takes is something that varies from a couple of months to a year.
Answer Applies to: Texas
Replied: 12/19/2011
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Answer Applies to: Texas
Replied: 12/19/2011
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Answered By: Law Office of Lynnmarie A. Johnson
It used to be a minimum of 2 yrs, but now if you can show a change in circumstances and you have started rebuilding your credit immediately, I am finding clients who can get new mortgages in a shorter time with banks and credit unions where they established relationships. Good luck!
Answer Applies to: Michigan
Replied: 12/19/2011
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Answer Applies to: Michigan
Replied: 12/19/2011
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Answered By: Indianapolis Bankruptcy Law Office of Eric C. Lewis
Generally, after one files for bankruptcy, it takes about two years to get approved for an FHA mortgage.
Answer Applies to: Indiana
Replied: 12/18/2011
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Answer Applies to: Indiana
Replied: 12/18/2011
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Answered By: Law Offices of David H. Relkin
The advantage of the bankruptcy would be that you might and probably could renegotiate the mortgage.
Answer Applies to: New York
Replied: 12/18/2011
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Answer Applies to: New York
Replied: 12/18/2011
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Answered By: Mazyar Hedayat and Associates
Not sure what you mean by "fix" your mortgage. Nor am I clear on when a mortgage is "normal." But if you wish to know how long after a bankruptcy discharge you can expect to be offered a mortgage loan at market interest rates or be able to refinance a current mortgage, there is no hard-and-fast answer. In fact I would argue that there is *no answer to that question at all*. Here is why: First, after mortgage cataclysm of the past few years, lenders are so scared that they demand near-perfect credit in order to make loans. Second, although bankruptcy will most likely *raise* your credit score mortgage lenders will always be cautious: even if your score returns to its pre-bankruptcy high. In short, it is virtually impossible to say when you will be able to secure a mortgage on the same terms offered to you before you filed bankruptcy: but as a rule of thumb you should except to wait 10 years after your discharge to try again.
Answer Applies to: Illinois
Replied: 12/17/2011
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Answer Applies to: Illinois
Replied: 12/17/2011
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Answered By: The Law Office of Darren Aronow, PC
Under todays mortgage guidelines, most banks will give you a mortgage within 2 to 2.5 years after your bankruptcy discharge.
Answer Applies to: New York
Replied: 12/17/2011
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Answer Applies to: New York
Replied: 12/17/2011
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Answered By: The Stockman Law Office
If I understand your question, generally you may finance a home under FHA 2.5 years after you discharge in a chapter 7. But that will not happen if you stay in a home where you are not making payments after the bankruptcy proceeding, most likely.
Answer Applies to: Florida
Replied: 12/16/2011
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Answer Applies to: Florida
Replied: 12/16/2011
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Answered By: Law Office of Michael Johnson
You can get a fixed mtg and file a bankruptcy.
Answer Applies to: Florida
Replied: 12/16/2011
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Answer Applies to: Florida
Replied: 12/16/2011
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Answered By: Ashman Law Office
People modify mortgages all the time, in and out of bankruptcy.
Answer Applies to: Georgia
Replied: 12/16/2011
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Answer Applies to: Georgia
Replied: 12/16/2011
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Answered By: Weber Law Firm, P.C.
Normally, in 2 years, your bankruptcy will not be considered against you in obtaining a home mortgage loan.
Answer Applies to: Texas
Replied: 12/16/2011
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Answer Applies to: Texas
Replied: 12/16/2011
Disclaimer: The response above does not form an attorney-client relationship. This answer may or may not apply to you and should not be relied upon as legal advice. LawQA does not make any representation as to the expertise or qualifications of this attorney. This attorney may or may not be admitted to state bar of your state.
Answered By: Law Offices of Joseph A. Mannis
Not sure what is meant by getting a "regular" mortgage and making your mortgage "normal" again. If you can be a bit clearer on the question, it would be much easier to answer effectively.
Answer Applies to: California
Replied: 12/16/2011
Disclaimer: The response above does not form an attorney-client relationship. This answer may or may not apply to you and should not be relied upon as legal advice. LawQA does not make any representation as to the expertise or qualifications of this attorney. This attorney may or may not be admitted to state bar of your state.
Answer Applies to: California
Replied: 12/16/2011
Disclaimer: The response above does not form an attorney-client relationship. This answer may or may not apply to you and should not be relied upon as legal advice. LawQA does not make any representation as to the expertise or qualifications of this attorney. This attorney may or may not be admitted to state bar of your state.
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