If the mortgage lender has completed the foreclosure sale prior to the bankruptcy being filed, then the house can still go into foreclosure auction. The automatic stay also doesn’t protect you from the consequences of missing new mortgage payments during the Chapter 13 repayment period.
But despite more options, many borrowers are afraid to go outside what they know to be a simple, sure bet — the 30-year fixed-rate mortgage, which represents upwards of 80 to 90 percent of home loans.
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Getting a mortgage after bankruptcy can be a challenge, but it’s not impossible. Many lenders have established guidelines for underwriting home loans for borrowers who’ve emerged from bankruptcy, completed a waiting period, and otherwise met certain eligibility requirements.
Many thousands of Americans who lost their homes in the housing bust, but have since begun to rebuild their finances, are suddenly facing a new foreclosure nightmare. the home was foreclosed and.
Filing for bankruptcy doesn’t have to put a damper on your home buying dream-at least not for long. Lenders have eased requirements, opening the door for bankruptcy filers to get back into a home sooner than in the past. Currently, the average waiting period is two years.
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Under New York bankruptcy law (In re Boodrow) a debtor does not have to sign a Reaffirmation Agreement for a mortgage on real estate. This is a good thing (especially when dealing with second or third mortgages), since a signed Reaffirmation Agreement causes you to remain personally liable for the mortgage debt after bankruptcy, and for any resulting deficiency judgment determined to be due after.
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You can usually qualify for a new mortgage within two years of bankruptcy and three years of a foreclosure discharge date. After discharge, work diligently to rebuild your credit, which can.
Federal tax law allows you to deduct mortgage interest on up to $100,000 in home equity debt ($50,000 apiece for married persons filing. Bad Credit? Many lenders require good to excellent credit.
· ** If the mortgage debt that was foreclosed, was included in a Bankruptcy – then the USDA Home Loan waiting periods after foreclosure “waiting period” of 3 years, starts from the date of the discharge of the Bankruptcy. Because it can take 6 months or more for Banks to process the Foreclosure, and transfer title, this is a tremendous plus.
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