Mortgage After Bankruptcy And Foreclosure

My mortgage lender said I did not qualify for a mortgage because I had a debt settlement. The loan officer told me that mortgage lenders consider debt settlement the same as bankruptcy. Some mortgage lender consider debt settlement worse than bankruptcy because with bankruptcy, you cannot file another bankruptcy after seven to ten years after a discharge. However, with debt settlement, the consumer is a walking time bomb and can file bankruptcy anytime after the debt settlement. Is this true? I should have never done a debt settlement if I am treated like a dead beat. I tried to be a responsible person and pay my debts with debt settlement. How long does a debt settlement on your credit report.

We live in NC and filed a Chapter 7 bankruptcy on our business, and a Chapter 11 on the personal side after COVID closed our business. Both my husband and I had upper 700’s for credit before. Ch11 was confirmed on Feb ’21, and the final decree was issued on 11/12/21. We have a home mortgage

and HELOC, as well as our SBA loan debt repayment, which we’d like to roll into one mortgage with a refi. The SBA loan repayment will be repaid by the end of 2022, but there is no penalty to repay early if we could refinance. Are we just out of luck with a refi and have to wait 2 years or is there any option to do a refinance now with a decent rate?

WHY CONSUMERS FILE BANKRUPTCY?

Hi, we have had major credit issues. We lost our home of 23 years because we thought someone was helping us refinance, but they only took money from us. Then we had to file for bankruptcy. The bankruptcy was charged off at the beginning of 2018. Right now, we are renting a home but will have to move in June 2020. Would it be possible to buy a home at that point? What can we do to help ourselves?

I would fully qualify for FHA except for recent foreclosure. I have $15k. can you get me into a home?

We live in NC and filed a Chapter 7 bankruptcy on our personal side and a Chapter 11 Bankruptcy on the business side after COVID closed our business. Both my husband and I had upper 700’s for credit before before filing Chapter 7 and Chapter 11 Bankruptcy. Bankruptcy was confirmed in Feb ’21 and final decree was just issued on 11/12/21. We have a home mortgage and HELOC as well as our SBA loan debt repayment that we’d like to roll into one mortgage with a refi. The SBA loan repayment will be repaid by end of 2022 but there is no penalty to repay early if we could refinance. Are we just out of luck with a refi and have to wait 2 years or is there any option to do a refinance now with a decent rate?

If I have a warranty deed in lieu of foreclosure on a timeshare, will I be able to get a mortgage loan? Is a timeshare foreclosure the same as a foreclosure? Can I get a mortgage with a timeshare foreclosure? What is one disadvantage of a deed in lieu foreclosure?

Does a deed in lieu of foreclosure affect credit? What benefit would an owner get from a deed in lieu of foreclosure? What might prevent an Arizona lender from accepting a borrower’s deed in lieu of foreclosure? What is a major disadvantage to lenders of accepting a deed in lieu of foreclosure? Why do lenders prefer a deed in lieu of foreclosure to a foreclosure?

• This discussion was modified 4 months, 4 weeks ago by  Sapna Sharma.

Is 120 Day Late On Mortgage Payments Considered Foreclosure? How many late mortgage payments before foreclosure? What are the exceptions to the 120-day foreclosure rule? What does 120 days delinquent mean? What is the 120-day default period for mortgage? How far can you get behind on mortgage payments? How long can you go without paying your mortgage? What happens if you are 3 months behind on your mortgage? Can a bank foreclose if you make partial payments?

Is it possible to obtain a FHA mortgage during active Chapter 13 with another bankruptcy from years prior? How long after a Chapter 13 bankruptcy can I get an FHA loan? Can you get a mortgage after a Chapter 13 bankruptcy? Can you get a loan while in Chapter 13? Does FHA allow multiple bankruptcies?

How long after a chapter 7 discharge can I purchase a home? What mortgage loan programs do I qualify for after Chapter 7 Bankruptcy and what are the waiting period requirements? What are the eligibility requirements to qualify for a mortgage after Chapter 7 Bankruptcy?

Can I get a VA loan if My va loan was not included in my chapter 7?

Can I Qualify For Mortgage Without Meeting Waiting Period If I Get Bankruptcy Deleted?

Can a home buyer qualify for a conventional loan after short sale in 4 years from the date of the short sale with 5% down payment.?

Can I Qualify For Mortgage After Multiple Bankruptcies?

What are the guidelines to get approved for a mortgage during and after Chapter 11 Bankruptcy? What are the waiting periods after a chapter 11 bankruptcy?

Any loan officers know the agency guidelines on mortgage after Chapter 12 Bankruptcy? What type of mortgage loan can you qualify for purchase or refinance after Chapter 12 Bankruptcy discharge? Is there a waiting period to qualify for a mortgage after Chapter 12 Bankruptcy? What are the HUD, VA, USDA, and FNMA guidelines after Chapter 12 Bankruptcy?