Mortgages After Bankruptcy

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Mortgages After Bankruptcy – Will there be Hope

You may be wondering, \”Is there any wish on getting a mortgage loan after bankruptcy\” The reply is Yes. You may have had to file bankruptcy because your bad debts were out of control, but this does not mean you cannot get mortgages following bankruptcy.

To get mortgages after bankruptcy, you usually have to hold out at least 12 months to qualify for a mortgage. You won’t get the best terms using a mortgage after bankruptcy, nevertheless, you can always refinance from another time. This will give you some time to re-build the credit from bankruptcy, so you can be eligible for a a better mortgage rate.

When considering mortgages after bankruptcy, the main aspect is to repair the credit history. A great place to begin is to get a credit card. If you need a mortgage after bankruptcy, you need to make your payments on time to show you have learned your lesson after filing bankruptcy. Collectors know if you can’t make small payments, you will never make payments promptly with mortgages after bankruptcy.

To get help and data on mortgages following bankruptcy, you can get assistance from the National Foundation for Credit Guidance and the Association regarding Consumer Credit Counseling Companies. You can find information on the web with a simple Google or Yahoo! Search. Getting the aid of credit counseling should not be very costly and in some declares they may be free. To qualify for mortgages after bankruptcy, this is an important the answer to getting your credit and finances in shape.

The next step after improving your credit rating, is to discover how much house you can pay for. To buy a home right after bankruptcy, it’s a good idea to determine what mortgages after bankruptcy will cost together with principle, interest, taxes and insurance. You should be able to pay a mortgage after bankruptcy add up to 20% of your pre-tax income. You could qualify for up to 28% of your pre-tax income, but it may be a bad idea to push your finances. Try to keep in mind how and why you travelled bankrupt in the first place. It will help give you some relief in opposition to getting over extended together with mortgages after bankruptcy.

Locating a mortgage after bankruptcy together with FHA and Virtual assistant loans may be the best way to get a new home. Using these sorts of loans you make less down payment. Usually it is 3% of the home’s selling price, or less. Federal housing administration mortgages is pretty forgiving in order to past bankruptcy. Take time to look into all your options on home loans after bankruptcy and you will note that there is hope in the end.

Comments: 61

  1. Elfreda March 26, 2013 at 12:33 am Reply

    I’m assuming a mortgage from my trustworthy sister, whose interest rate is 6% and is 5 years into a 30 year mortgage. I declared bankruptcy in 2006 after a medical situation. Will the lender change the interest rate because of my credit?

  2. Shawn April 4, 2013 at 2:44 am Reply

    2nd mortgage relieved in bankruptcy & home is now in foreclosure with 1st mortgage bank. If someone buys the property, will they have to pay the 2nd mortgage or is it gone because it was part of the bankruptcy? BTW, the property is in Michigan.

  3. Monte May 1, 2013 at 2:18 am Reply

    I field for bankruptcy about 2 years ago and I want to finance a car for about $15K including sales tax in CA… What do you think my apr interest rate maybe?
    Im still making payments on my mortgage and I recent got approved for a few credit cards

  4. Morgan June 2, 2013 at 9:35 pm Reply

    My brother is planning on filing bankruptcy and giving up his house in the process. I would like to use his interior doors to replace mine. Will this cause any problems for him? He hasn’t actually filed yet and still technically owns his home.

  5. Ray June 12, 2013 at 11:50 pm Reply

    I thought I’d asked, but it shows up if you do – as a question answered.
    What I’m wondering is does managed bankruptcy work in this situation, or has it never been tried before?
    I’d really like a professional opinion about it, but I don’t know under which profession it falls: housing and real estate or economics. Anyway, it doesn’t fall under my own profession at all.
    Thank you.

  6. Vernita June 23, 2013 at 3:07 am Reply

    Most people keep telling me I have to wait 2 years before I can get approved for a mortgage loan. Does anyone know a lender that will do it before the 2 years is up?

  7. Kellee June 23, 2013 at 9:39 pm Reply

    I was asked a question I don’t know. Somebody wants to know if they are attempting to get their loan modified and are going through a chapter 7 bankruptcy, should they include the mortgage in their bankruptcy. They don’t want to come out of bankruptcy with a loan that might not get modified.

  8. Antione June 24, 2013 at 2:53 am Reply

    I have a chapter 7 bankruptcy on my credit report, it was discharged almost 2 years now. My credit score is low and so is my husbands. How could we get a loan for a house?

  9. Allen June 26, 2013 at 12:51 am Reply

    We filed bankruptcy and included the house, the bank started to foreclose and then cancelled saying they made a business decision to walk away from the property. We can pay when ever we want (every so often according to them) and they say they are not going to come back and foreclose. How do we get the property out of our name and move on. The bank said they would settle for twenty percent less than what was filed in the bankruptcy. What options do I have.

  10. Tawanda July 4, 2013 at 11:49 pm Reply

    My townhome is scheduled for foreclosure sale date May 13th 2009.
    My chapter 7 bankruptcy will be filed 3/25/09. How long will this delay the foreclosure sale?

  11. Dong July 4, 2013 at 11:49 pm Reply

    If I include my mortgage in a Chapter 7 bankruptcy filing, how soon after filing will I have to vacate the property. The auction sale date for it is January 11th.

  12. Kimiko July 25, 2013 at 4:59 am Reply

    I’ve been reading about some mortgage companies filing for bankruptcy so what would happen to your house in that situation? Would you get to keep it? Do you automatically lose it? Who would get it in that instance?

  13. Luke September 20, 2013 at 7:51 am Reply

    Just finished with bankruptcy and has received discharge. With bankruptcy how long do you have to wait to get a mortgage loan? Will bankruptcy plus foreclosure makes it worse?

  14. Weldon September 28, 2013 at 10:55 pm Reply

    I need to file for bankruptcy but Im not sure on the steps

    I own a 3 bedroom House, and I own a 4 apartment building,
    My home is being foreclosed on right now, what can I do to file for bankruptcy?
    How do I file for bankruptcy?

  15. Dexter October 5, 2013 at 3:16 pm Reply

    The main character of the film was trying to revenge from bank/company because, the bank/company caused his parents dead because of they got into financial crisis by mortgages. He found a formula of market moves and at the end of film the corporation had been collapsed. By the way he was drawing his formula on a table cloth.

  16. Rosendo November 9, 2013 at 1:28 am Reply

    My wife and I filed chapter 7 late last year (’08) and were discharged in January of this year (’09). We included our (B of A) mortgage in the bankruptcy and here we are now in September and still haven’t received an eviction notice. Can anybody tell me how long this takes? It’s very stressful to not know. Thanks.

  17. Elton November 26, 2013 at 3:44 pm Reply

    If they file for bankruptcy wouldnt that just mean they’d have to restructure their deals with the unions and their loans. If they restructured salaries with the unions that would be a good thing and therefore help the auto companies out.

  18. Kristopher December 10, 2013 at 8:14 pm Reply

    I claimed bankruptcy last october and was discharged this january. My home is about to be foreclosed on though I haven’t lived in it since last July. Any suggestions?

  19. Virginia December 23, 2013 at 10:15 am Reply

    I am thinking of filing for Chapter 13 bankruptcy. I already have one judgment against me and I am worried another collection agency will be taking further action. How do they calculate the amount that the Trustee will accept for repayment? I am already paying close to $1000 for my unsecured debtors. I am concerned because I am going to have some large medical bills in the near future. Any help would be appreciated. Thanks.

  20. Ross January 6, 2014 at 6:38 am Reply

    We bought our house 4 years ago and then declared bankruptcy a year later. We now want to refinance to pull the equity of approx 30k out of our house to use to fund our sons post secondary education. Will a bank, any bank in Canada do that or do I have to look for a specialized lender?

  21. Stephen January 31, 2014 at 12:39 pm Reply

    I am thinking of filing bankruptcy to save my house. I got a modification on my first mortgage which was a BS deal – my balance of $315,000 went up to $560,000 but the interest rate is so low that the overall payment is low, but I will have a huge balloon payment at the end of the term, the whole deal sucks but it will allow me to afford the payments for the time being.

    Now my dilema is that I was making trial payments on my second equity line of credit mortgage. The payments during the trial were $115 vs. $350 my regular payments so I thought that was a good deal, but now that I completed the trial payments, they sent documents to sign to make it permanent and the fine print says that after 5 years the payment will go up to $300 for the balance of the term, and the loan balance goes up from $52,000 to $90,000!!! Why would I agree to pay $50 less and in the meantime have the balance almost double, with a balloon payment due at the end? I could’ve managed the $115 payment but not the $300 and it makes no sense for the principal to go up so high when my first mortgage principal has gone so high I’m already upside down on the property.

    I have no other debt, so if I file BK would I be able to get rid of this cancer of a second? Would it affect my first mortgage? This is in CA please help. Also would the court liquidate all my other assets first such as if I have a paid off car and some jewelry?
    If they kept my line in the original terms I’d be fine but now that they got me suckered into having completed the trial payments with the teaser low fake payment and didn’t tell me what the terms would be until after the fact, I’m stuck.

  22. Marcelina February 1, 2014 at 7:08 pm Reply

    My loan modification raised my second mortgage from $50,000 to $90,000 principal just to reduce my payment by $50 (there is a huge balloon payment at the end). I really can’t afford this. Is it possible to get rid of this line of credit via BK? Hate to do it but don’t want to end up losing my house when I am finally able to make payments on my first mortgage. Will they liquidate all of my other assets first? How does it work?
    Also, what if i have 3 lines of credits on 3 properties?
    I took the 2nd to purchase the home, the same time I took the first. It was 80% first, 10% second and 10% downpayment so 100% of it was “spent” on the home purchase.
    I don’t have any other debt other than a charge off from years ago.

  23. Nilsa February 2, 2014 at 2:11 am Reply

    What is involved in filing for bankruptcy?
    What are the pros and cons?

  24. Dorethea February 2, 2014 at 2:13 am Reply

    When you file bankruptcy on a car and a home … How long do u have until they repo them ??? . Friends need to know … Im not sure how the new bankruptcy laws are now.

  25. Bettye February 2, 2014 at 2:13 am Reply

    My sister’s house foreclosed last year but she was still responsible for the mortgage’s which are now in collections. I think the total outstanding balance for those are around 300K, plus she has about 16K in credit card debt. If she files for chapter 7, can she include the defaulted mortgage’s? Would these creditors show up at the Trustee Meeting?

  26. Sallie February 2, 2014 at 10:42 am Reply

    I filed Chapter 7 Bankruptcy in 2002 due to a divorce – and then Chapter 13 Bankruptcy in 2007 due to medical bills and the mortgage payment on my house was on an ARM and I couldn’t afford it – I just completed the Chapter 13 – never missed a payment. What are my chances of getting mortgage in approximately a year or so. I’ve been employed for the same company for 26 years.

  27. Rosann February 14, 2014 at 11:38 am Reply

    if someone files chapter 11,12 or 13 bankruptcy and it was dismissed due to non payment, can creditors still collect after it was dismissed 2.5 to 3 yrs ago?

  28. Lance February 21, 2014 at 11:07 pm Reply

    i’ve been researching this as we are getting ready to file. we currently own a home that is mortgaged to the hilt and we are trying to decide if we are going to include the mortgage in the bankruptcy (as the burden is really greater than the asset), give up our house and rent for a few years. we would like to plan on trying to buy another house 5 years after or so. what difference would discharging our current mortgage make later on when applying for another mortgage? or, do lenders simply look at the fact that you have a bankruptcy at all and the fact that you discharged your previous mortgage specifically doesn’t make a difference?

  29. Florencia February 22, 2014 at 1:34 am Reply

    If you own your home, making mortgage payments and file for bankruptcy, are you able to keep it?

  30. Agustin February 22, 2014 at 1:34 am Reply

    I am in so much debt right now that I do not know how I am ever going to get out of it!! It seems like my only way out is bankruptcy. If I do file for bankruptcy, will I ever be able to buy a car, home, etc… ever again?

  31. Britteny February 22, 2014 at 2:38 am Reply

    Hi I filed for bankruptcy last Oct. My husband and I want to buy a house and need my income to get a loan. Do you think we can put me on the loan, my score is about 670. We want to use a VA loan as my husband is still in the Navy. My husband has great credit.

  32. India February 22, 2014 at 3:53 am Reply

    i just got my final approval for a mortgage modification when can i declare bankruptcy
    i just got approved for a mortgage modification, i would have done the bankruptcy earlier but i was told from citimortgage that i could not do both so my question is how long do i have to wait to do the bankruptcy after the loan modification so it does not void my modification

  33. Thuy February 22, 2014 at 4:13 am Reply

    I decided to file for chapter 7 and the main reason is my house among many other obligations, I can’t afford it anymore. I am already 2 months late on my mortgage. The bank wont allowe me to short sale the house. Can I add the mortgage to my bankruptcy and avoid foreclosure? I figure this way I’ll have to deal with the bakruptcy record . Some advice please…?

  34. Mavis February 22, 2014 at 4:13 am Reply

    My husband has filed for divorce and has the papers at the court house. However, he has not set a date and do not know when or if he will. He schleps alot onthose things. If I file bankruptcy in my name for my debts (think I am a co borrower on one of his vehicles which I would not include) does this affect his credit rating? Since TExas is a community state? Or does having a divorce petition on file allow me to do this on my own without hurting his credit or the community property thing?
    All debts except on car is in his name, which I would continue to let him make that payment. the rest of the bills are all in my name only. So would it still affect him negatively?

  35. Shelton February 22, 2014 at 7:38 am Reply

    We currently have a home and mortgage and always pay on time, etc. I filed bankruptcy last year and was just discharged due to a failed business. I previously had perfect credit.
    We want to sell our home and move closer to DH’s work. Will DH qualify by himself this time? He has the high, steady income but I don’t think enough to qualify for such a high mortgage on his own. But, we will be putting down 20% so will that make a difference? I’m afraid if we apply with myself we won’t qualify due to the bankruptcy on file.
    Thanks!

  36. Addie February 22, 2014 at 7:40 am Reply

    I am a single mom that rents a VERY small house from my parents. I would like to purchase a house in the area that we are currently living in. I filed bankruptcy in October 2010 and am working on improving my credit score. The last time that I checked it was a little under 600. I am looking for a lender that would not require a lot down or maybe has some down payment assistance programs. Any ideas?

  37. Denna February 22, 2014 at 8:56 am Reply

    My mortgage was sold to a new company after my chapter 7 bankruptcy and I am now trying to re-affirm my mortgage and keep my home. My new Mortgage holder Midland Mortgage has requested attorney fees and title search fees be wired to them from my bank. Is this common practice?

  38. Saundra February 23, 2014 at 1:53 am Reply

    Okay, here is the deal. My husband and I filed Chapter 13 bankruptcy in August (we included our mortgage) Well, we had a baby a week after filing bankruptcy and i was out of work for 3 months and also when we filed bankruptcy my husband was unemployed. So needless to say we have fallen behind on our mortgage AGAIN! We owe for October, November and December……
    I am back at work and my husband has since gotten a full time job, but we are unable to make all 3 payments at once…Does anyone have any suggestions on what to do? Will we lose our home? I called my attorney, and they have yet to call me back. I called the mortgage company and offered 1 payment and they told me to contact the attorney..Any help would be appreciated!

  39. Alexander February 25, 2014 at 10:43 am Reply

    My sister and I are co-owners of an apartment that I live in and pay the mortgage of (she lives in NJ, I live in NYC). She is the main borrower on the loan (I am the co-borrower). If she files for bankruptcy, will it endanger my apartment? I pay the mortgage, have never been late with a payment and have been there for almost 6 years. Thanks for any help!

  40. Lee February 25, 2014 at 10:43 am Reply

    I recently had filed bankruptcy chapter 13 and had a 341 meeting few days ago…but I have a mortgage on my name, which is also on two other ppl, 3 owners. my attorney told me that mortgage will not be affected. The house is on the market, and we just got an offer few days ago, when we tried to do all the papers, countrywide refused to talk to other 2 owners, said that house is under bankruptcy!!! but it wasnt included…my case worker said that bank just need a some kind release form, and there will be a trial, but it will take 30-45 days and we might loose the offer. dont know what to do…

  41. Hiram February 25, 2014 at 11:01 am Reply

    How does my Mortgage Loan would be affected if a file for Bankruptcy, I would like to keep my home I just need consolidate my credit cards, but a refi is not possible since I own more than the value of my property

  42. Franchesca February 25, 2014 at 11:02 am Reply

    We are filing bankruptcy. Our lawyer wants us to file on our house, but I am scared to because I am afraid we will never get a mortgage again. I do know that the county I live in offers big grant programs (I could easily get 15-25% down, if not more.) Any advice on this? (Please, no smart a@$ comments)
    P.S- We had “defaulted” on our mortgage…foreclosure procedings were in effect. Part of the reason we are filing. I just don’t want to screw our chances of ever owning a home again. I hate that we are in this situation, however my husband had been layed off for 5 months. Hurts the pocketbook, ya know?

  43. Roger February 25, 2014 at 12:07 pm Reply

    Does anyone know if there is a mortgage company that will give someone a mortgage when they are in the middle of a chapter 7 bankruptcy case? We are in the risk of foreclosure, we want out of our house and into something cheaper but most mortgage companies are saying it takes 2-3 years to get a mortgage. We don’t have 2-3 months, so does anyone know if there is a company out there that can help someone? Thanks
    actually…my mistake, we were discharged already I think in April but our case is still opened. Not sure if that makes a difference? Thanks all for your help

  44. Danika February 25, 2014 at 12:07 pm Reply

    I filed chapter 7 bankruptcy approximately 18 months ago. My credit report in the past 18 months has no negatives – car payment, one credit card and utilities have been paid on time. My credit score is 635 – not great but not terrible. I’m interested in purchasing the home that I have been renting as the owners have decided to sell. The home is a small 3 bedroom in good shape. They are only asking $51,000. I would have 10% down, but just barely. My current rent payment is more than what my monthly mortgage payment with insurance and taxes would be. I am a single woman with a fairly good income (60k). My question is – where would I be able to get a loan? With the economy the way it is, my local banker is unable to help me. The loan officer had stated that two years ago, my credit score and past bankruptcy would have been OK, but now they have tightened their loan requirements. Any information would be greatly appreciated. Thank you.

  45. Norman February 25, 2014 at 12:07 pm Reply

    I claimed bankruptcy about 4 years ago and am not ready to purchase a home. What web sites or mortgage lenders should I target to obtain a loan? What should I expect as far as interest rates and fees?

  46. Shaneka March 15, 2014 at 4:20 pm Reply

    I went bankrupt 1 year ago, and while I’m not looking into buying a house just yet, I don’t really want to have to wait another 6 years if I don’t have to. Does anyone know of any banks (in Canada) that would let me get a mortgage before my bankruptcy is off of my credit bureau?

  47. Irving March 16, 2014 at 12:35 am Reply

    My mother told me today that one of her friends recently had to file for bankruptcy and she is living in a barn loft because she still has to pay the mortgage payments on her home (even though she no longer owns in and is not allowed on the property) which means she can not find a suitable place to rent.

    I’m pretty sure there is some way out from under the payments toward that mortgage so that she can get back on her feet somehow. Apparently her home is for sale on the market, and she no longer owns it. In what ways can she be relieved of those mortgage payments so that she and her husband can try to get back on their feet again?

    We live in Oregon, and no I don’t know if she filed for Chapter 7 or Chapter 13, sorry.
    If there are any other details you need please ask and I will add details.
    17-Dec-12 Update: The two answers I have so far aren’t really helpful. I don’t feel comfortable taking advice from folks who can’t use proper grammar and who use Google search tags in their posts, so this question is still open.

  48. Chadwick March 16, 2014 at 6:18 pm Reply

    I am currently 15 months off my Chapter 7 bankruptcy being discharged and I now have 3 credit cards with zero balance and a Car loan which has been paid on time every month.

    I make 55k a year and am wanting to buy a home and stop renting. Do you believe I will be able to get a home mortgage?
    If so, what type of interest rates would you suspect I would get or type of payment with taxes based on a 150k home loan? I live in El Paso Texas.
    Thanks!

  49. Chris March 19, 2014 at 5:21 am Reply

    In April I filed Bankruptcy. I quit my job after having a devastating miscarriage and felt like there was no other way for us to survive financially. My husband’s job with the Army requires him to have a security clearance and with already shaky credit we decided it would be best for me to file alone. Most of the debt was in my name anyway, so I filed a Chapter 7 in April. Due to my lawyer’s incompetence it wasn’t discharged till December. We’ve been told that with my husband’s low score and my recent bankruptcy our only option is to wait 12-24 months to apply for a mortgage. This makes sense to me, but I’m hoping there is another option out there. We were foster parents for a time and hope to continue that next fall when my husband returns, but he’s stationed in central Texas where CPS prefers foster parents who own their home. We had established a small business in training and boarding horses and would like to continue that in our own back yard and grow from there.
    I’ve contacted the three major credit bureaus to clean up any inaccuracy and I’ve been working at my job for almost a year. Our debt to income ratio is great and despite my bankruptcy my credit score is slightly higher than my husband’s, but still low. I’ve done all of our baking with US Bank in hopes of establishing a relationship with them and I have a low-limit credit card I use for gas and pay off monthly and a secured card I use for business expenses and pay off monthly. So, this is probably much more information than you needed, but it will hopefully be enough to help you answer my question. I would hate to spend another 12-24 months paying $600-800 a month in rent and $500 a month boarding our horses when that could be $15-30k we’ve paid toward a mortgage.
    I understand that all actions have their consequences, but we’re a Christian family and hope that through the right network, education and of course prayer there may be some chance of purchasing our first home so my husband comes home from Iraq feeling accomplished and secure.

  50. Alix March 19, 2014 at 5:22 am Reply

    I am considering filing Chapter 7 bankruptcy and was hoping to get some advice from people who have been there. I have about $18000 worth of debt, my boyfriend was laid off in August of last year and still can’t find work and, I was in a car accident in which I did not have any gap insurance and sustained a back injury and can’t tolerate working as much as I used to anymore. I am also a full-time nursing student…..

    How long does the process take and can you give me a general description of it?
    In what ways am I able to rebuild me credit afterwards?
    I own a car but drive 15mi one way to go to school and 25mi the other way for work, will I be able to keep it?

    Not sure what to ask…. young and very confused…. please help!

  51. Julia March 19, 2014 at 5:22 am Reply

    I am recently divorced and left with two mortgages, credit card debt, student loans, a son to take care of, and no child support. If I can sell my house, I will be lucky to break even. I am considering bankruptcy and including my house to simply walk away and let the bank have the keys. I have a good job, but am so buried by debt right now I am living off credit cards. Currently all of my payments are current on the house and credit cards, but I can’t keep that up.

    Understanding that bankruptcy does not include student loans, can anyone give me some advice on if this is the right thing to do? Additionally, would I then be able to purchase a small townhouse to move into with my son if my parents are willing to cosign the new mortgage with me?

    Thanks for any suggestions!!!!
    Please note:
    -there is no equity in my home between the two mortgages. Zero.
    – I have a child support order, but am not getting a dime
    – I have just deferred my student loans for 6 months

  52. Jestine March 20, 2014 at 2:13 am Reply

    Is bankruptcy a good idea if you have bad credit and trying to straighten out you credit.

  53. Isabel March 26, 2014 at 3:13 am Reply

    Does that mean we don’t need Spector to stop Obama’s outrageous legislation??? Are the moderate Dems scared of aligning themselves with Obama?(they want to be re-elected) Gotta love those Blue Dog Dems !!!!!!!
    http://www.msnbc.msn.com/id/30503750/
    how do you like those tea-baggers now
    San Jose, that was just a little sarcasm on my part. They can call us what they want, we made a difference !!!!
    The bill would encourage abuse of the judicial system. It would make matters worse by keeping people in houses they can’t afford. That is what started this whole mess in the first place

  54. Karleen March 27, 2014 at 4:01 am Reply

    if i file for bankruptcy, (not sure if it’ll be a 7 or a 13, probably a 13) and live in california… can i include my second mortgage? i owe about 370k on the 1st and @ 100k on the second. i’m also wondering, if i have a boat i’m making payments on, will that have to go back to the bank even if i don’t want it to? if it matters, i owe more on it than it’s worth by @ 3-6k… pay off is @ 16k.

  55. Ngoc March 28, 2014 at 8:28 pm Reply

    i declared myself bankrupt 31st august 2010 my debts were very low but bankruptcy was my only option. the court sent me a letter saying my bankruptcy was ended on 11th april 2011. can i get a mortgage??
    forgot to say i have sorted myself out now and have a good well paid job so i can afford a mortgage .

  56. Charlott March 30, 2014 at 4:30 pm Reply

    we own a house that we pay $1500 a month for and that is interest only. in 8 years it will go up because then we have to start paying principal plus interest. we are in to the house for 203,000 and it is only worth 186,000. My lawyer said that if we include it – we can just sock away our payments and by the time we phyiscally have to leave the house we could have enough for a good down payment and FHA has to ignore the bankruptcy after two years and he thinks that we wont have to leave for like 18 months. and our payment takes up 50% of our income anyway. it all sounds too good to be true? does anyone have any similar experiences? and we will really be free of the house and all of our bills with chapter 7?

  57. Maria March 30, 2014 at 11:38 pm Reply

    PLEASE HELP!

    My parents filed CH 7 in 2005. They included their property in this bankruptcy and left the property shortly after they filed because their full intent was to have the property discharged in the proceedings.

    The bankruptcy was discharged in 2007. My parents continue to receive notices from their mortgage company, Ocwen, to collect on the loan. they have been sought after by the county and city for taxes and property maintenance. They have not understood why, because they thought that the property was discharged in the bankruptcy. AND their attorney continually told them that they should just ignore the letters and demands (she even told me this..)

    I was told that they are having a sheriff sale for the foreclosure soon on this property. They have been brought to court by the city to collect on property maintenance (the case was dismissed due to the bankruptcy). I finally got a hold of the bankruptcy papers on this case. Through the petition the house was to be surrendered, but the lender filed a Motion and was granted a relief from stay and abandonment. The attorney didn’t contest this (and then failed to tell my parents this- which would have explained why they continued to get harassed by the lender and now subsequent foreclosure 3 YEARS LATER!).

    My question is: was the debt/house/mortgage amount in the original petition discharged when the bankruptcy was discharged? There were no additional liens on the property, only the original loan (that was in the claim). I’ve been reading things online but I can’t get this answer clearly enough to know. I know that the lender got relief from the stay and with that they could attempt to rid themselves of the property (albeit 3 years later..), but is the original debt and property no longer the responsibility of my parents? what is their liability, if any? Are any expenses still remaining that are associated with the property no longer any responsibility to my parents because of the discharge?

    Help!! (and thanks!!)
    ok, this is probably the same question- but simply put.. because the relief of stay and abanodment was granted, does that mean that it removed the house from the bankruptcy discharge? which would be awful!!
    I love how this is a story about predatory lending you still have jerks trying to make some easy money. go rot someplace!
    Thanks for all of you with real answers!

  58. Billi April 1, 2014 at 2:38 am Reply

    Currently, I have a family member in bankruptcy. This person is also going thru a divorce. The house that his soon to be ex-wife and his kids stay in is in his name and he pay it thru his bankruptcy. He only pays it because his kids need a roof over their head. His only concern is his children, not his lunatic soon to be exwife. The problem is the divorce is not final, and the soon to be exwife moved a man into the house that he is paying for. The soon to be exwife, didn’t even discuss this with him. Considering some strange man is now living with his kids. Now, he has made it clear that he doesn’t want the ex wife backn but he is pissed that he is paying for some freeloader to live there on his tab. The exwife told my family member to mind his business and stay out of hers. So, now he wants her out of the house and is thinking of dropping the house from the bankruptcy. But his concern is his children. If they move out, I am sure that she could stay with her momma. What can he do? If he drops the house, will this lower his bankruptcy payments because he will still have to compensate for child support. If the payments are not lowered and he pays support for the rugrats, that will leave him with nothing to live himself. Currently, the exwife is in bankruptcy but hers will probably be drop for nonpayment. My family member currently pays a 1000 mortage in his bankruptcy and also give his ass of an exwife extra for the kids. I agree with him that if she want to live with this man, this man need to find her a place to stay cause it can’t be on his tab. The only ones on his tab his the kiddos. Any advice

  59. Mary April 1, 2014 at 1:07 pm Reply

    I have spoken to many different mortgage brokers and I seem to be getting no where. Im hoping someone out there cares and can help me.

    Grandma passed away – house was left to my mother and aunt. We are keeping the house but have to buy my aunts half out. We settled on 250k for the house. There is a total of 60k mortgages on the house now that will be split in half by the two sisters. Total loan needed will be about 160-180k.

    Heres the tough part – my mother filed for bankruptcy. It will be two years in July. The house would not qualify for an FHA loan due to the condition. Very old house and it is in need of some major repairs. The house is in a trust right now. What are our options? I was told we can refinance and I could co-sign for her because of my salary and credit. I was also told we would have to take a regular conventional mortgage and come in as if we were buying the house from outside.

    Im hoping someone can please give me some clarification here. My mother is not old enough to qualify for the reverse mortgage..im pretty sure thats what they are called.

  60. Alfonso April 2, 2014 at 8:33 am Reply

    I would like to obtain a mortgage as early as February or March of 2009. We (me and my husband) filed for Chapter 7 and it was discharged on July 21, 2008. We immediately started to re-build our credit via various methods. We heard that there are companies out there that will work with us in terms of getting a mortgage so soon after bankruptcy, but we are also finding out that some of the larger banks want us to wait 4 years, we simply do not want to do this.

    Can anyone recommend any companies that will work with us so soon after being discharged from a bankruptcy? We can do about 10 percent down for a down payment. Thanks In Advance

  61. Hellen April 22, 2014 at 1:28 am Reply

    My boyfriend and I purchased a home in July 2007. We broke up in Oct 2007 and by March 2008, I had signed a quitclaim deed to remove my interest in the property. I am however, still on the mortgage since the housing marketing crashed and we do not have the equity to refinance. I am considering filing Chapter 7 bankruptcy and wonder if his property will be in danger (even though I have no rights home anymore). Will this affect HIS credit as well?

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