Tag: chapter 7

Bankruptcy and Getting A Kentucky Mortgage Loan Again for FHA, VA, USDA, and Fannie Mae

Bankruptcy and Getting A Kentucky Mortgage Loan Again for FHA, VA, USDA, and Fannie Mae


via Bankruptcy

Bankruptcy and Mortgage Loans.

Bankruptcy is a status of a person when he cannot repay his debts. Bankruptcy is initiated by the debtor but is imposed by a court order. It is not only the legal status of an insolvent person that is the reason it is not only similar to insolvency. It is applied in broader way to the procedure of formal insolvency. If you are filling the case of bankruptcy then you should be aware of all the things. That what types of bankruptcy you should fill? What is their work? What things are involved?  So you should be aware of everything before filing any type of bankruptcy it is advisable to consult a lawyer. He can judge your condition in a much better way. As the lawyers has the experience of many years and solved many cases of same type.

There are two types of bankruptcy filings:

  • Chapter 7
  • Chapter 13

Chapter 7:

Chapter 7 is a type of bankruptcy which is available for individuals. It is also known as the liquidation or straight bankruptcy. Usually a trustee is appointed by the bankruptcy court who administers the bankruptcy. The key function of the individual who is filling bankruptcy is to keep all the types of household goods and also other things can also be retain with him until the amount is not equal to the amount which he have to take from the other person. In this type of bankruptcy an individual is allowed to keep his car and the other items and also have to pay all the car insurance and the house mortgage. This type of bankruptcy lasts about four to six months. Most of the debt is extinguished at the end of the bankruptcy. The main motive of filling this type of bankruptcy is that the person is trying to free himself from the debts by keeping his house and other things as he does not have the other way to repay. And this is also the advantage because the person can be free from the debts by these types of bankruptcy.

Chapter 13:

Chapter 13 is another type of bankruptcy which is available for individuals. This type of bankruptcy is also to pay the debts but it is different from the chapter 7 as it is not repay through the liquidation of the debtor’s assets. You can keep your assets with you while working out a repayment plan. The bankruptcy court appoints a trustee who works with all i.e. the debtor, the creditor and the court itself. This type of bankruptcy usually lasts up to three to five years. During the repayment process debtor is not allowed to sell any of his assets without permission or cannot take any other debt. But the chapter 13 can be converted to chapter 7 if it is required or depend on the creditor. Read here to get more information about bankruptcy.

 

 
American Mortgage Solutions, Inc.
10602 Timberwood Circle Suite 3
Louisville, KY 40223
Company ID #1364 | MB73346
 


Text/call 502-905-3708
kentuckyloan@gmail.com

http://www.nmlsconsumeraccess.org/
If you are an individual with disabilities who needs accommodation, or you are having difficulty using our website to apply for a loan, please contact us at 502-905-3708.

Disclaimer: No statement on this site is a commitment to make a loan. Loans are subject to borrower qualifications, including income, property evaluation, sufficient equity in the home to meet Loan-to-Value requirements, and final credit approval. Approvals are subject to underwriting guidelines, interest rates, and program guidelines and are subject to change without notice based on applicant’s eligibility and market conditions. Refinancing an existing loan may result in total finance charges being higher over the life of a loan. Reduction in payments may reflect a longer loan term. Terms of any loan may be subject to payment of points and fees by the applicant  Equal Opportunity Lender. NMLS#57916http://www.nmlsconsumeraccess.org/

— Some products and services may not be available in all states. Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice. The content in this marketing advertisement has not been approved, reviewed, sponsored or endorsed by any department or government agency. Rates are subject to change and are subject to borrower(s) qualification.

Joel Lobb
Mortgage Loan Officer
Individual NMLS ID #57916
 
American Mortgage Solutions, Inc.
 

Text/call:      502-905-3708

fax:            502-327-9119
email:
          kentuckyloan@gmail.com
 
 

Getting a Mortgage loan in Kentucky again after A Chapter 7 or Chapter 13 Bankruptcy.


via Getting a Mortgage loan in Kentucky again after A Chapter 7 or Chapter 13 Bankruptcy.

Bankruptcy Guidelines for Fannie & FHA
Bankruptcy Chapter 7
FHA
  • 2 years from the discharge date for DU approval.   Case number assignment cannot be ordered until wait period has elapsed
  • Manual underwrites are allowed on a refer/eligible DU finding as long as 2 years has elapsed from the discharge date and the borrower has either re-established good credit or chosen not to incur any new credit obligations
  • Exception for 2 year wait period:
  1. An elapsed period less than 2 years but no less than 12 months may be acceptable
  2. The borrower must document the bankruptcy was caused by extenuating circumstances beyond their control such as a serious illness or death of a wage earner
  3. The borrower must document an ability to manage their financial affairs in a responsible manner
  4. Divorce, loss of a job, or inability to sell a home after relocation is not an acceptable extenuating circumstance
Bankruptcy Chapter 13
FHA
  • 2 years from the discharge date for DU approval.   Case number assignment cannot be ordered until wait period has elapsed
  • Manual underwrites are allowed 1 day after discharge date or at least 12 months of the payout period under the bankruptcy has elapsed at the time of case number assignment
  1. Must receive a refer/eligible DU finding
  2. Must have documentation of 12 months satisfactory payment history
  3. Must have written permission from trustee to enter into new mortgage transaction

Joel Lobb
Mortgage Loan Officer
Individual NMLS ID #57916
 
American Mortgage Solutions, Inc.
10602 Timberwood Circle 
Louisville, KY 40223
Company NMLS ID #1364
 

Text/call:      502-905-3708

fax:            502-327-9119
email:
          kentuckyloan@gmail.com
 
 

 

 

Getting a Mortgage loan in Kentucky again after A Chapter 7 or Chapter 13 Bankruptcy.


via SURRENDERING YOUR HOME IN BANKRUPTCY

Getting a Mortgage Again in Kentucky after a Bankruptcy. Guidelines for FHA, VA, USDA AND CONVENTIONAL LOAN PROGRAMS.

 

mortgage after bk 1

 

 

Chapter 7 Kentucky Bankruptcy Mortgage Questions

How long do I have to wait to get a mortgage after my Chapter 7 Bankruptcy?

While different programs have different waiting periods, we offers some mortgage options as soon as 2 years after a Chapter 7 Bankruptcy for some Portfolio loans and 2 years from discharge for some government loan programs like FHA, VA, and USDA.

What type of loans are available for a Kentucky mortgage after Chapter 7 Bankruptcy?

We offer a wide variety of loan programs specifically tailored to Chapter 7 Bankruptcy borrowers in all kinds of financial situations: conventional loans, Kentucky VA home loansFHA loansUSDA loans, ! While you may not qualify immediately for all the programs we offer, we will present the best available options, with the best terms, and lowest possible bottom line to you. We customize your options based on your personal goals.

 


Chapter 13 Bankruptcy Kentucky Mortgage Questions

 

How long after bankruptcy can I get a Kentucky mortgage as one year into their plan.

What types of Kentucky mortgages are available for clients with a Chapter 13 Bankruptcy?

As a Kentucky Mortgage Broker we offer programs  after bankruptcy, we offer a wide variety of mortgages for Kentucky borrowers in all kinds of financial situations. We proudly offer Conventional mortgagesVA home loansFHA loansUSDA loans,

What is your waiting period for an Kentucky FHA Loan after bankruptcy?

We are able to secure our Kentucky clients with a FHA loan or USDA loan 12 months after being in the plan for 1 year with a perfect pay history from Chapter 13 Bankruptcy.

How long does it take to refinance after Chapter 13 Bankruptcy discharge?

Mortgages after Chapter 13 Bankruptcy can take as little as 30 days to as long as 3 months. We pride ourselves on great communication and efficient service. The most common issues that slow the process down deal with credit, title, property condition and how quickly we receive requested documentation from you. We love to help our customers clear up these issues and put them on a brighter path.

How long does it take to purchase after Chapter 13 Bankruptcy discharge?

Mortgages after Chapter 13 Bankruptcy can take as little as 25 days to as long as 2 months. We pride ourselves on great communication and efficient service. The most common issues that slow the process down are credit problems, problems with the property itself, and how quickly we receive requested documentation from you. We love to help our customers clear up these issues and put them more soundly on a brighter path.

Can I purchase a home if I am still in my Chapter 13 Bankruptcy?

Yes, you can! Purchasing a home during a Chapter 13 Bankruptcy Plan does have extra steps involved though. Your trustee must approve your purchase and you must make all of your first year’s payments on time into your plan before purchasing a home. There are other challenges of obtaining a mortgage during a Chapter 13 Bankruptcy, but we are skilled at presenting a clear plan for success.

Can I refinance my mortgage with Peoples Bank if I am still in my Chapter 13 Bankruptcy?

Yes, you can! Refinancing a home during Chapter 13 Bankruptcy does have extra steps involved though. Your trustee must approve your refinance and you must make your first year’s payments into your plan before refinancing your home. Many borrowers find that waiting until after the 3rd year of on time payments is best for refinances. Some borrowers have also tapped into the equity in their home getting a cash-out refinance to pay off their Chapter 13 Bankruptcy Plan early. We have experienced great success securing trustees’ approval, especially when the refinancing option saves our borrowers a considerable amount of money.

How long does it take to get a mortgage if I am still in my Chapter 13 Bankruptcy Payment Plan?

Can I get a cash-out with my refinance after my Chapter 13 Bankruptcy?

Many clients choose to obtain a cash-out refinance after their Chapter 13 Bankruptcy. Often our clients have not been able to tap into equity in their home during bankruptcy to make home improvements or consolidate high interest rate debts. Our mortgage programs have different limits set on the amount you can take out relative to the value of your home. Don’t hesitate to call to discuss your options.

As a mortgage lender after bankruptcy, does Peoples Bank offer any options if I own my home outright?

We  have options to obtain a mortgage if you own your home outright. Although the wording is unusual, these mortgages are treated like a cash-out refinance. Cash-out options are best after the 3rd year of your Chapter 13 Bankruptcy Plan or as soon as one day after discharge.

Are there loan programs that do not require a large down payment if I had a Chapter 13 Bankruptcy?

we offer low down-payment mortgages after bankruptcy. FHA loans after bankruptcy have low down-payment options and both VA loan programs and USDA loan programs have zero down-payment options after bankruptcy. Your Mortgage Consultant will go over these options with you and determine if you qualify for one of the programs. They will present the very best options for which you qualify.

What credit score is required to obtain a mortgage after bankruptcy?

We have options for mortgages after bankruptcy with credit scores of 560 and up. .