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CAN I GET APPROVED FOR MORTGAGE IF I GET BANKRUPTCY DELETED
Can I Qualify For Mortgage Without Meeting Waiting Period If I Get Bankruptcy Deleted?
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4 Replies
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Deleting a bankruptcy from your credit report might help you qualify for a mortgage sooner, BUT not so FAST. I know credit repair companies that can delete bankruptcies, foreclosures, deed-in-lieu of foreclosure, short sales, judgments, tax liens, student loan defaults, child support judgments, and other derogatory credit tradelines. The automated underwriting system will not pick up the deletions and render an approved/eligible per AUS. The above derogatory credit tradelines are public records. All mortgage lenders do a national third-party, public records search on each borrower during the mortgage process. However, lenders frequently keep internal records or require standard waiting periods after a bankruptcy discharge, regardless of the report status. Mortgage lenders verify financial history outside credit reports, through third-party national public search vendors such as Lexis Nexus, Data Verify, or other Public Records Search Companies. Therefore, deleted bankruptcies and other public records will be revealed during the national public records search. Borrowers with deleted public records, such as bankruptcies and foreclosures, won’t get mortgages approved without meeting wait requirements. Talking to a loan officer is the best way to determine what will work in your case.
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You can’t pull a fast one in the mortgage business.
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If you delete collection accounts, charge-off accounts, late payments, or other non-public reporting derogatory credit tradelines, those do not matter and it will not be triggered during the public records search. Only public records will get discovered even though it is not on the credit report or has been deleted.
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No. The lender will discover bankruptcy deleted from credit reports when they do a third-party national public records search because bankruptcies are considered public records.