Home Finance After Bankruptcy

If you file (and qualify) for Chapter 7 bankruptcy and your home is exempt, you can continue to make your mortgage payments if you want to keep your home. Although the bankruptcy will discharge your personal liability for the home loan at the end of the case, the lender’s security interest in the property remains in force.

Before the BAPCPA, student loans could be discharged under bankruptcy after seven years from the first payments. a local petition preparer who would divide up a home among a group of people, giving.

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The likelihood of qualifying for a "no money down" loan for a home after bankruptcy is very slim. It is standard to place 10-20% of the mobile home cost as a down payment. With a bankruptcy, you may need more like 25-50% of the total cost. The more money you can put down, the more likely you are to get financed.

It’s possible for some prospective borrowers to continue living in the home after the bankruptcy discharge. In cases like these, some lenders may require a Verification of Rent (VOR) to verify borrowers have continued to make timely mortgage payments.

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