Can I get a mortgage after a converted chapter 13 bankruptcy to a 7?
I’ve been renting for 3 years now after filing Chapter 13 in 2007. I’m converting to a 7. Will I be able to get a mortgage once the 7 is filed very soon after? My lease is up in May. I don’t have anything for a down payment or closing costs.
Posted February 15th, 2010 in Bankruptcy Q And A. Tagged: 3 years, chapter 13, closing costs, mortgage.
There is a wait after discharge of the chapter 7. The government has regs, and then the lending institution can make them loans requirements stricter. At present, the only 100% financing are government loans: USDA and VA loans. If you have any late payments after the discharge of the bankruptcy, that will most likely disqualify you from loan.
February 15th, 2010 at 7:06 ami;m not certain what the laws are now, there have been a lot of changes in bankruptcy laws in the past couple years. juet a few years back you could get a mortgage after just two years, the idea being they could always repossess your house if you didn’t pay up. after all, it wasn’t going anywhere.
February 15th, 2010 at 7:06 amSure…..in about 7-10 years.
Also, the days of the no money down home purchase are long behind us.
February 15th, 2010 at 7:06 amhaha you’re bankrupt
February 15th, 2010 at 7:06 am