Posted on: 13th Feb, 2013 01:09 am
My bankruptcy filing has just been discharged. Can I qualify for a mortgage now?
Hi Charles,
Immediately after a bankruptcy discharge, you won't be able to qualify for a mortgage. You will have to wait for 2-4 years, depending upon the type of bankruptcy you filed in order to get qualified for a mortgage. Meanwhile, you can take steps to improve your credit scores.
Take care
Immediately after a bankruptcy discharge, you won't be able to qualify for a mortgage. You will have to wait for 2-4 years, depending upon the type of bankruptcy you filed in order to get qualified for a mortgage. Meanwhile, you can take steps to improve your credit scores.
Take care
Hi Charles!
Welcome to forums!
Sara is right in saying that after a bankruptcy discharge you won't be able to qualify for a mortgage. You can check out our credit repair tool in order to know more in this regard.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
Sara is right in saying that after a bankruptcy discharge you won't be able to qualify for a mortgage. You can check out our credit repair tool in order to know more in this regard.
Feel free to ask if you've further queries.
Sussane
Bankruptcy discharge is issued by the bankruptcy court. It releases the debtors from the personal liability to pay off debts. You can't qualify for a mortgage loan immediately after bankruptcy discharge. You have to wait around 3 years.
hi,
as what i have know, you can qualify for at least two years must have elapsed since the discharge date of the borrower and / or spouse's see chapter 7 bankruptcy.
as what i have know, you can qualify for at least two years must have elapsed since the discharge date of the borrower and / or spouse's see chapter 7 bankruptcy.
Charles,
You can get a mortgage less than two years after discharge. We qualified for a mortgage in one year of ours being discharged. You will have to pay a much higher interest rate but you can definitely refinance that after one to two years with proof of paying on time. We paid our mortgage early each month and added an additional 10% to each payment. We had mortgage companies contacting us left & right to refinance us. We were able to drop our interest rate from 10.9% down to 6.7%. Do not lose hope. One thing that helped us was right after our discharge we purchased a vehicle on a high interest rate. We paid that on time which helped reestablish credit which is VERY important to show you can be trusted to lend to again. Do not pay it off early. I suggest getting a car that won't stretch your budget too much. You have to get some kind of loan to show you can pay on time. Once you show you can keep payments on time they will lend to you. We had an even tougher row to hoe because my husband was a private contractor at the time which is self employment. Had he been regular employed it would have been even easier to get a home loan after one year of discharge. So hold your head up, work on getting that credit reestablished, and try to get a home loan after one year. Trust me, that year flies by!!!
You can get a mortgage less than two years after discharge. We qualified for a mortgage in one year of ours being discharged. You will have to pay a much higher interest rate but you can definitely refinance that after one to two years with proof of paying on time. We paid our mortgage early each month and added an additional 10% to each payment. We had mortgage companies contacting us left & right to refinance us. We were able to drop our interest rate from 10.9% down to 6.7%. Do not lose hope. One thing that helped us was right after our discharge we purchased a vehicle on a high interest rate. We paid that on time which helped reestablish credit which is VERY important to show you can be trusted to lend to again. Do not pay it off early. I suggest getting a car that won't stretch your budget too much. You have to get some kind of loan to show you can pay on time. Once you show you can keep payments on time they will lend to you. We had an even tougher row to hoe because my husband was a private contractor at the time which is self employment. Had he been regular employed it would have been even easier to get a home loan after one year of discharge. So hold your head up, work on getting that credit reestablished, and try to get a home loan after one year. Trust me, that year flies by!!!