Posted on: 31st May, 2009 04:53 pm
I have alot of credit card debt and Have lost alot money in my investments and am living of disability because of stroke.,I really want to keep my house and I cannot make the credit card payment., so can I get my loan and then file for Chap 7 bankruptcy
hi guest,
you'll have to contact your lender and check out if you qualify for a home affordable refinance program or not. if you meet the eligibility criteria, then you would be able to take advantage of the plan.
in my opinion, you do not need to take a loan and then apply for chapter 7. if you wish, you can file chapter 7 bankruptcy now. you need to contact a good bankruptcy lawyer and discuss your options with him.
thanks
you'll have to contact your lender and check out if you qualify for a home affordable refinance program or not. if you meet the eligibility criteria, then you would be able to take advantage of the plan.
in my opinion, you do not need to take a loan and then apply for chapter 7. if you wish, you can file chapter 7 bankruptcy now. you need to contact a good bankruptcy lawyer and discuss your options with him.
thanks
I was told by Bros International service that I wouldnt qualify for a loan if I did CHAP 7 bankruptcy. I am working with a bankruptcy attorney and he didn't know if I could qualify either., and I am working with the home affodable refinance, it is a long process., I was just concerned that if I would do bankruptcy that I wouldnt get a loan., so can you tell me that if I do bankruptcy can I get a loan.,??? thanks Rayl
Hi RAY!
Welcome to forums!
Though you file bankruptcy, you would still be able to get a loan. After your Chapter 7 bankruptcy is discharged, you will have to wait for 2 years in order to get a FHA mortgage whereas to get a conventional mortgage, you will have to wait for 4 years.
Feel free to ask if you have further queries.
Sussane
Welcome to forums!
Though you file bankruptcy, you would still be able to get a loan. After your Chapter 7 bankruptcy is discharged, you will have to wait for 2 years in order to get a FHA mortgage whereas to get a conventional mortgage, you will have to wait for 4 years.
Feel free to ask if you have further queries.
Sussane