bankruptcy chapter 7 mortgage loans

Chapter 7 Bankruptcy Options Chapter 7 often is what people have in mind when they consider ‘bankruptcy’. It is liquidation bankruptcy, the intended result of which is a discharge and forgiveness of debt.

Chapter 7 bankruptcy eliminates your personal responsibility on the mortgage loan. As a practical matter, this means bankruptcy can eliminate any potential for the lender to collect a deficiency.

Learn how long it takes to get an FHA, VA, USDA, or conventional mortgage loan after Chapter 7 or Chapter 13 bankruptcy. Updated By Cara O’Neill , Attorney Filing for bankruptcy doesn’t have to put a damper on your home buying dream-at least not for long.

For example, the waiting period to qualify for a FHA Loan After Chapter 7 bankruptcy is two years from the bankruptcy discharge date. Whereas to qualify for a conventional loan after Chapter 7 Bankruptcy, the waiting period is 4 years. Waiting period can be longer with lenders that have overlays on conventional loans.

A Bankruptcy is a legal proceeding designed to give the debtor a “fresh start” either by extinguishing personal liability for their debts (Chapter 7) or creating a reorganization plan to pay some and extinguish the rest (Chapter 13).

Learn about how mortgage debts are treated in Chapter 7 and Chapter 13 Bankruptcy. By Kathleen Michon , Attorney A major concern for most homeowners who are contemplating Chapter 7 or Chapter 13 bankruptcy is how the bankruptcy will affect their mortgage.

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For example, the waiting period to qualify for a FHA Loan After Chapter 7 bankruptcy is two years from the bankruptcy discharge date. Whereas to qualify for a conventional loan after Chapter 7 Bankruptcy, the waiting period is 4 years. Waiting period can be longer with lenders that have overlays on conventional loans.

You must declare Chapter 7 or Chapter 13 bankruptcy and demonstrate that repayment would impose undue hardship on you and your dependents.. You can get information about all of the federal student loans you have received and find the loan servicer for your loans by logging in to "My Federal.