bankruptcy and 2nd liens on property

hi s,

if you've reaffirmed your second mortgage after your chapter 7 bankruptcy is discharged, then you are liable to pay the second mortgage dues. once you reaffirm the second mortgage, you become personally liable to pay off the mortgage.

after a foreclosure, you'll have to wait for at least 3-4 years in order to get a mortgage. as far as short sale is concerned, you will have to wait for around 2 years to get a home loan. in case of chapter 7 bankruptcy, you'll have to wait for 2 years to get a fha loan and 4 years in order to get a conventional loan. if you file chapter 13 bankruptcy, then you'll have to wait for 1 year to get fha loan and 2 years to get conventional loans.

thanks

After Bankruptcy you have to take new mortage loan. But before that you have to clear all payment and your credit acore will be good.Because you can expect your credit score to drop significantly as a result of the bankruptcy.I suppose there are some lenders/consultant who will make mortgage loans to folks with a bankruptcy not yet discharged. But this will be very risky. this will put you in other problem and you might be banned.

The best way to determine whether or not you are eligible for mortgage financing is to consult with a good mortgage broker who is experienced in these matters.
If your bankruptcy discharge then no issue you can apply for mortage.

Feel free to ask..

Thanks
Aksh

are thier lender who will give you a loan as you are going though your bankruptcy I am a home owner

If you are presently in bankruptcy, then the lenders would never consider giving you a loan. You'll have to wait till your bankruptcy is discharged and then check out if you can get personal loans.