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Company Loan Type APR Est. Pmt.

After Chapter 7

Posted on: 17th Oct, 2009 08:20 am
Hello, I know that the time line for getting a mortgage after bankruptcy is 1 year for 13 and 2 for chapter 7. I heard that the feds will be changing ch. 7 to one year this December. Is anyone aware of that? Thanks for your time - Rob
Not heard o any such news

But even though the fed can come up with its rule, at the end it will be up to the lender to decide, what they want to do
Posted on: 17th Oct, 2009 09:16 am
good point, sunny. i had a deal earlier this year that my underwriter was unimpressed with, even though my borrower was out of chapter 13 for over a year, had re-established credit, good job and income, and a modicum of savings. we had a wonderfully well-written explanation too.

she "didn't like it."
Posted on: 17th Oct, 2009 09:30 am
oh...and yes i had a "refer/eligible" finding from du, but that was only due to the bankruptcy to begin with.
Posted on: 17th Oct, 2009 09:31 am
Especially with what happned in the last year and this year, it will be difficult
Posted on: 17th Oct, 2009 09:32 am
I've heard they're going to be changing it to 3 years for chapter 7, not 1.

By the way, it's one years for chapter 7 right now if the bankruptcy occurred because of a one time event you had no control over, you've completely recovered, and the event is highly unlikely to happen again. Examples of such events are loss of job or medical, and the event has to be throughly documented with supporting paperwork.

You'll still have to meet the other criteria - no lates on anything since the discharge - and your file will have be manually Underwritten.

The same is true for somebody with a foreclosure. The seasoning can be 12 months instead of 36.
Posted on: 19th Oct, 2009 01:23 am
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