Can You Get A Home Mortgage After Foreclosure -Bankruptcy & Judgments?

Can You Get A Home Mortgage After Foreclosure -Bankruptcy & Judgments?. Should I Pay My Mortgage After Bankruptcy?

Can You Get A Home Mortgage After Foreclosure -Bankruptcy & Judgments? video duration 31 Minute(s) 15 Second(s), published by Mike Durr on 15 03 2017 - 18:42:50.

Can You Get A Home Mortgage After Foreclosure -Bankruptcy & Judgments? Http://kingwoodmortgageguys.com Here's what we cover in this video: Can You Are you a millennial, a first-time home buyer, self-employed? Have you declared bankruptcy, had a short sale or foreclosure, or other credit issues? Have you .

If you have had a bankruptcy in the past you might be wondering if you can get home financing
This episode gives you some basic time frames of when you can VA Loans for Vets NMLS#184169 5050 North 40th Street, Ste 260 Phoenix, AZ 85018 602-908-5849 Jimmy Vercellino is one of the nation's top VA Home Loan Thoughts from a Maryland Bankruptcy Lawyer Should I pay my mortgage after bankruptcy? Well, that really depends upon if you want to keep your home.

Can You Get A Home Mortgage After Foreclosure -Bankruptcy & Judgments? Http://kingwoodmortgageguys.com
Here's what we cover in this video:
Can You get a loan & if so when ?
A Bankruptcy chapter 7 or chapter 13
A Foreclosure
A Short sale
A Judgment

Chapter 7 Bankruptcy
Ask for court protection
Not able to pay any debts

Chapter 13 Bankruptcy
Ask for court protection
Will pay most debts back over a designated time frame
You can see a mortgage Lender would have a problem with either of these issues.

FHA Waiting Periods Chapter 7
2 years
1 year with extenuating circumstances
Beyond borrower’s control
Some event – must have documentation

FHA Chapter 13
1 year with 12 months satisfactory payments to trustee. Must have court permission to incur new debt. If not fully discharged for 2 years loan must be manually u/w

Conventional Waiting Periods Ch. 7
4 years
2 years with extenuating circumstances
Beyond borrower’s control
Some event – must have documentation

Ch. 13
2 years from discharge date
4 years from dismissal date

Can You Get A Home Mortgage After Foreclosure -Bankruptcy & Judgments?

FHA Foreclosure Waiting Period
3 Years from foreclosure date to case number assignment
Credit must be established
Property must have changed hands 3 years to the day

VA Waiting Period for Foreclosure
2 years from foreclosure date
Property must have changed hands for 2 years
Credit re-established required
1-yr with current satisfactory credit

Conventional Waiting Period for Foreclosure
7 years
3 years with extenuating circumstances
Non recurring event sudden, significant and prolonged reduction in income or proof of catastrophic increase in financial obligations
Must be verified

Deed-in-lieu of foreclosure,
pre-forclosure sale, or Charge-off of Mortgage
4 years
2 years with extenuating circumstances

Can You Get A Home Mortgage After Foreclosure -Bankruptcy & Judgments?

Judgments:
Judgments indicate a borrower may have a disregard for credit obligations.
Borrower must explain what happen
Disregard or inability to manage debt?
All judgment must be paid off before the mortgage loan is eligible for approval

Exception-
May be allowed if the borrower has an agreement with the creditor to make regular and timely payments.
Borrower must provide proof payment were paid on time in accordance with the agreement and a minimum of three months of scheduled payments

Disputed Accounts
Existence of potentially inaccurate information on a borrower’s credit report must be reviewed by an underwriter.
Accounts that appear as disputed on a credit report are not considered in the credit score.
Therefore all disputes must be resolved

In summary, there are a lot of financial pitfalls a person can fall into, but with the right information and patience

Can You Get A Home Mortgage After Foreclosure -Bankruptcy & Judgments?