CHAPTER 13 BANKRUPTCY
Contrary to popular belief, filing for Chapter 7 or Chapter 13 bankruptcy is not the end of the world. If you’re presently tied up in a Chapter 13 bankruptcy, you can use your on-time payments and the equity in your home to do a Chapter 13 bankruptcy buyout mortgage. If you’ve filed for Chapter 7 bankruptcy in the past, and you are a Home Buyer, you could still get financed for a mortgage under our FHA Home Buyer loan program. Use our Quick Quote to have someone contact you at a later time.
The bankruptcy buyout program is designed to help you reestablish your life and get your finances in order. One of the biggest benefits of a Chapter 13 bankruptcy Refinance Loan is the fact you can finally get out from underneath the trustee and creditors by using the equity in your home.
With a Chapter 13 bankruptcy buyout, special attention will be given to showing that you have the income qualifications to meet the new mortgage program, demonstrating there’s sufficient equity to meet the program guidelines, and showing that you have paid your Chapter 13 in accordance to plan requirements. Learn more about the Chapter 13 buyout program. We offer VERY competitive rates! Not available to speak with someone right now? Just use our Quick Quote and someone will contact you at the time you specify.
Under a Chapter Seven bankruptcy program, standard FHA requirements specify at least 2 years must pass from the time of the bankruptcy discharge before becoming eligible for financing. Initiating a mortgage application for a given program prior to two years by using the FHA loan product is likely to result in a negative underwriting result. Without extenuating circumstances, most borrowers will not be approved until after the 2 years are over, with all other factors being acceptable.
In some instances, underwriters will make exceptions prior to this period; however, these exceptions are made by underwriters who must manually verify and accept your circumstances as being compatible with FHA guidelines. Give a bankruptcy mortgage professional to see if your circumstances apply to these types of underwriting exceptions.
Whether you are looking for a Chapter 13 bankruptcy buyout, or your Chapter 7 bankruptcy has been discharged, a mortgage professional will be more than happy to review your circumstances to see if you qualify for a bankruptcy mortgage program.