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09

Mar 2014

Can I get a mortgage after filing bankruptcy?

Posted by / in After Bankruptcy / 8 comments

Can I get a mortgage after filing bankruptcy?

Every week I assure five or six nervous couples that, yes, it is possible to buy a house and get a mortgage after filing bankruptcy. Current government regs say you can qualify for a mortgage and buy a house two years after a chapter 7 discharge.

Some people, just don’t believe that.  “If we’d known that,” they tell me, we’d should have filed bankruptcy when we first got into trouble.”  Right!

(Obviously just being two years after bankruptcy by itself doesn’t qualify you.  You need to have carefully rebuilt your credit.  And you need to be making enough money.) Just want to let you know, I’m not making this up.

I should mention one person who talked to me about wanting to lend to people after bankruptcy.  Her name is Bette Moose, and she works for Primary Residential Mortgage, which has an office in Fredericksburg.  Her contact is bettem@primeres.com.  If your are in the market for a mortgage, especially with somewhat damaged credit, a like bankruptcy, it’s important that you shop.  The first offer that you get might not be your best one, so you should get two. So apply at your own bank, too.

P.S.   A client told me here in April 2014 that he got an after-bankruptcy refinance from Quicken Loans, after a couple local mortgage brokers, and then Bank of America, both told him it was impossible.    So I’m passing along Quicken Loans as another recommendation.

Betty Moose

Bette Moose, with Primary Residential Mortgage

PPS.  Quicken Loans has started sending me copies of letters to some of my after-bankruptcy clients, offering to refinance their mortgages. Quicken Loans

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Robert Weed has helped twelve thousand people file bankruptcy in Northern Virginia. Robert Weed is a frequent panelist and speaker at the meetings of the National Association of Consumer Bankruptcy Attorneys. He is one of Northern Virginia’s most experienced personal bankruptcy lawyers. As an expert on changing consumer bankruptcy laws, Robert Weed has been interviewed on local and national TV and quoted in newspapers across the country.

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8 comments
  • steffiej

    June 30, 2014, am30 11:50 AM
    01

    I wonder if me and my fiance can get a mortgage. She filed bankruptcy three years ago. We are trying to get a bigger house for me and her and the kids. We are frustrated because we have tried one mortgage com

    • Robert Weed

      June 30, 2014, pm30 1:00 PM
      02

      Steffiej:

      You didn’t tell me whether she gave up her house in the bankruptcy. (I’m assuming it was a Chapter 7.) Or are you still in her house?

  • anne

    July 29, 2014, pm31 6:24 PM
    03

    I have a question, I filed chaper 7 three years ago, when I recieve a foreclosure notice, a default letter and a notice of sale. The sale date was cancelled. The foreclosure was never followed thru, now three yrs later BOA has turned in the loss to HUD and gotten paid and they have sold the loan to Bayview Loan Servicing. Now Bayview is starting to send me the same things as well as paperwork for a modification. Now they are asking for me to sign off on a letter of authorization to do a title search on the deed. Why are they asking for this? They are very persistant, and here is the kicker, myself and a coworker both had BOA and are recieving identical documents from Bayview. I have read a lot of bad reviews about Bayview. Does this mean they will be taking our homes soon? Not sure how long I have until they tell me I have to leave. Thanks for your help! Anne

  • Andrew Barnes

    August 26, 2014, pm31 4:25 PM
    05

    I am thinking about reaffirming my mortgage loan because I have a balloon payment due in 2017. My bankruptcy was in 2002 in Texas. I am current on my mortgage payments, but during the recession,my wife had health issues and I got behind a few months. My home is worth more than I owe by 80,000 easily,but my question is if I get the bank to begin reporting, how far back will they be able to go on the credit report? I need my credit score to improve for the refinance.

    • Robert Weed

      August 26, 2014, pm31 5:02 PM
      06

      Andrews!

      Most judges agree you can’t reaffirm once the bankruptcy is over. I don’t know if the judge where you are think differently. I know the mortgage companies continue to insist it’s possible, but I think the law is clear that it isn’t.

  • Stephie

    October 12, 2014, am31 2:41 AM
    07

    Suntrust broke into my house and had in winterize after bancruptcy. Me and my kids still lives there, what do I do. I live in Woodbridge Va

    • Robert Weed

      October 12, 2014, am31 10:26 AM
      08

      Stephie:

      I’ve wondered what to do about that; and I’ve never been able to figure it out. Who was your bankruptcy lawyer?

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