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Mortgage after chapter 13

Posted on: 25th Mar, 2008 10:17 am
I'm going through chapter 13 right now, I'll be finished with the payment plan in one year. Does the discharge start in a year, when I'm done with the payment plan to the trustee or when I started the payment plan and entered in to chapter 13. I kept my house and make the mortage payments on time. My fiance and I want to sell my house after where done with chpt 13, and purchase another home, will we be able to get a fha loan? What are my options, if any? I've been at my job for 13 years and my fiance has been at hers for 5 years, are combined income is about 90k a year, after where done with chapter 13 the only debt we will have is the mortage on our current home. Thanks, Pete
I think you might be a bale to qualify for one.
Posted on: 25th Mar, 2008 10:47 am
Hi landcrsr,

Welcome to the forum.

I think you can be able to get approved for an FHA loan after 2 years from the time of discharging from BK. But you can get approved for Sub-prime loans just after discharging from BK although you may have to pay higher interest rate.

Feel free to ask if you have any further questions.

Best of luck,
Posted on: 25th Mar, 2008 11:22 am
Hi landcrsr,

Once you complete the payments as stated in the plan, you will get a discharge asap. Usually the discharge occurs within 3-5 years of filing the bankruptcy.

It's good that you want to move on with your life but I suggest you wait for a year till you seek a mortgage. You don't weant to be in financial mess again right. So give yourself some time because you won't be able to get loans at better rates right at the moment.

As for an FHA loan, you'll have to start loan shopping 1 year after the discharge. For conventional loans, you'll have to wait till 2 years after discharge till you get reasonable rates of interest and favorable terms and conditions.

Good luck
Posted on: 26th Mar, 2008 12:19 am
i am about to close a loan on monday for a borrower who received her discharge from chapter 13 in october - 5 months ago. it is not an fha loan, but a conforming loan product.

if you've completed your chapter 13 (and you will, as you say), you will have shown both a willingness and ability to repay your debts. there is no reason to wait for any specified period of time before you can begin shopping for a new home.

guidelines i follow here show that for chapter 13, to qualify for a new fha mortgage, you must have "at least 12 months satisfactory plan payments and court approval obtained."

i trust this all helps.
Posted on: 26th Mar, 2008 11:38 am
After Chapter 13. What advantage does one have oppose to chapter 7 -8. Will i be able to get a credit card with out paying high intrest? :roll: :roll:
Posted on: 07th Mar, 2011 05:42 pm
Hi moncr!

Welcome to forums!

Immediately after the bankruptcy filing, you may not be able to get a credit card with low interest rate. You will be able to get a secured credit card but once you improve the credit card, then you can apply for an unsecured credit card.


Posted on: 08th Mar, 2011 01:14 am
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