NLIC.org

Clifford Said:

Can i get a mortgage after i have been discharged from my bankruptcy?

We Answered:

There are mortgage companies who are willing to grant home loan approvals for those who filed for bankruptcy in the past. Tough competition among lending companies in the market drives these lenders to give special home loan packages for those who have been through bankruptcy. As long you have been discharged from your debts, you can go right ahead and submit that home loan application.

Lenders are not merely taking chances. After all, your home property will be used as a security for your loan so there's really not much risk involved. If you're done filing Chapter 11 or Chapter 7 of bankruptcy, you can call a lending company and ask about your chances of getting an approval.

While other lenders require 2 years of interval after your bankruptcy has been discharged, other lenders also grant home loan approvals after just one day of discharge. If you have been submitting your payments religiously and all your payments are reported to the major credit bureaus, you should have no problem getting a loan approval.

You might also be required to give at least 3 to 5% of down payment in order to get an approval. If you do not have the money to use as down payment perhaps you can borrow from a friend or a relative. However, if the money you will put down is borrowed, you should disclose this to your lender before closing. It is important to declare to your lender where the money is coming from since not doing so can be counted as defrauding your lender.

Once your home loan is granted, don't forget that you'll be paying monthly payments for your mortgage. This is your chance to rebuild your credit history.

All the best.............!

Glen Said:

Can I eliminate my 2nd mortgage debt filing bankruptcy?

We Answered:

Yes.

Probably -- but consult a bankruptcy attorney to be sure.

No, not if the bankruptcy court approves your plan.

Ignore them and send them a "drop dead" letter under the fair debt collection practices act. The "good news" is that they cannot get blood from a stone. The fact that your HELOC lender sold your loan to a debt collection agency means that they (the experts on your loan) put the collection by all legal and usual methods as unlikely. When a lender sells debt to collection agencies they generally do so for 10 cents on the dollar or less. Thinking about that logically, you should guess that a bank would only do that if they thought they had no chance in hell of collecting 10 cents on the dollar from you in a reasonable amount of time.

In theory, without bankruptcy protection, the debt collector could get a judgment against you and petition the court to garnish your wages to pay for the judgment. It does sometimes happen with second mortgages...but your lenders action (selling to a debt collector) tells me that in your area you might get a judgment, but the judge isn't going to order a garnishment. Thus...all the debt collector can do is call and call and call.

Douglas Said:

Mortgage Possibilites after foreclosure and bankruptcy?

We Answered:

I am Alex Robert from Australia. Some years back, i was so poor that my car was riding me and not me riding it. My case was so hopeless that nobody thought anything good could come from me, suddenly something happened, God blessed me through Mr. Brown Mclain.
When i saw an email in the internet, i contacted him for loan of $250,000 USD, he then send me an application form, i took it like a joke but reluctantly i filled the form thereafter he called me and we discussed on phone and the loan of $250,000 USD was sent to my account.
I just want to use this medium to say a big thank you to Mr. Brown Mclain and i pray God bless him and enlarge his firm. for he has changed my story to glory. I am now a brand new man that has nothing formally but with the help of Mr. Brown Mclain i can stand up as a real man to take care of everything worth taking care of financially.
You can reach him at brownmclainloanfirm55@yahoo.com.and you can also contact me on my email:alexrobert1960@hotmail.com

Martin Said:

surrender home while in chapter 13 bankruptcy?

We Answered:

Go on-line to the "IRS" . Gov and look up forms and publication, these will get you thru the task.

Raul Said:

Can a foreclosure happen after bankruptcy discharged the debt?

We Answered:

If you mortgage was included in your bankruptcy and the debt was discharged your credit report should read "Included in bankruptcy" and show a $0 balance.

You can either dispute this account with the credit bureaus or have your lawyer fire off a strongly worded letter to your ex mortgage company.

Allan Said:

Does anyone have an experience with getting a mortgage between 1 and 2 years after a chapter 7 bankruptcy?

We Answered:

here are so many issues here that they can't be answered just from a debt advice point of view, and I'd suggest that it probably even reaches a step well beyond CAB where you'd be best advised to get advice from a solicitor. I realise that this would cost money, but this is a very important matter that has to be got right as it puts your grandmother at a lot of risk.

As well as the risk your grandmother is exposed to if things were to go wrong for your husband's work, there are also potential tax and care home fees implications (no matter how spritely she may feel!).

In the short term, however, I fear that the only people willing to give either of you a mortgage would be looking to charge so much that it just wouldn't be worthwhile...

Roberta Said:

When can a person qualify for a mortgage after they've had a bankruptcy discharge and a foreclosure?

We Answered:

Federal law prohibits anyone who has filed bankruptcy from buying a home for 2 years. Your bankruptcy attorney told you this...they HAVE to. After the 2 years you have to qualify for a mortgage like everyone else.