Is it possible to take out another mortgage after bankruptcy? 17 Answers as of February 22, 2012
I would like to take out a mortgage for my home if necessary. I plan on filing for bankruptcy, but I'm not sure if this is possible. Can I take out a mortgage if I filed for bankruptcy? How long would I have to wait before I could do this?Free Case Evaluation by a Local Lawyer!
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Ipson Law Firm, PLLC | Michael Ipson
If you file for bankruptcy then yes you can take out a second mortgage if someone is willing to lend you the money. Keep in mind that you are not going to be able to file for bankruptcy again for a number years. The purpose of filing is to free you from debt not enable you to incur more.
Answer Applies to: Utah
Replied: 2/22/2012
Philip R. Boardman, Attorney at Law | Phil Boardman
In today's market, the mortgage companies are pretty strict. Legally it is allowed. Practically speaking it may be pretty tough.
Answer Applies to: Virginia
Replied: 2/21/2012
Law Office of Susan G. Taylor | Susan G. Taylor
Underwriting constantly changes, but you should be able to reestablish a credit rating sufficient to obtain financing within 2 years.
Answer Applies to: Texas
Replied: 2/20/2012
McCallum & McCallum | Donald G. McCallum
If you have a good source of income, you will be able to get a mortgage; but because of your "bad" credit you will probably pay a high interest rate..The question that comes to my mind is how much equity do you have in your house? If you have to much equity, then bankruptcy may not be the answer.
Answer Applies to: California
Replied: 2/20/2012
The Barrister Firm | Christopher Benjamin
The chances are going to be little-to-none that a lender will give you a loan with a pending or newly discharged bankruptcy because of the credit impact.
Answer Applies to: Florida
Replied: 2/20/2012
The Law Office of Darren Aronow, PC | Darren Aronow
Generally under todays mortgage guidelines, you can get a mortgage about 2 years after your chapter 7 discharge.
Answer Applies to: New York
Replied: 2/20/2012
Law Office of Robert Sisson | Robert Sisson
Certainly. However typically creditors want to see you rebuild your credit for approximately. A year before they will consider a mortgage. Yet each situation is different.
Answer Applies to: Wisconsin
Replied: 2/20/2012
Ashman Law Office | Glen Edward Ashman
You are about to commit financial and legal suicide. Do not ruin your life and file pro se. Exemptions and keeping (or losing) vehicles is something that you will mess up without legal help. Save yourself from disaster. Abandon your pro se plans, and get a lawyer. It will save you money. Some bankruptcy filings will make it impossible to get a mortgage for 5 years. Some merely make it difficult. Get a lawyer and do it right.
Answer Applies to: Georgia
Replied: 2/20/2012
J.M. Cook, P.A. | J.M. Cook
It is up to the lender whether they will lend to you after bankruptcy. There is no provision against it.
Answer Applies to: North Carolina
Replied: 2/20/2012
Janet A. Lawson Bankruptcy Attorney | Janet Lawson
No one can answer that question. It depends on how much you make, if the house has any equity, what interest rate you are willing to pay.....what is going on with the economy.
Answer Applies to: California
Replied: 2/20/2012
Carballo Law Offices | Tony E. Carballo
Most likely two or three years after you rebuild your credit assuming you have enough equity and income to demonstrate ability to pay the mortgage. The minimum is two years to qualify for a regular mortgage (a conventional mortgage).
Answer Applies to: California
Replied: 2/20/2012
The Schreiber Law Firm | Jeffrey D. Schreiber
Probably four to five years.
Answer Applies to: California
Replied: 2/20/2012
Bankruptcy Law office of Bill Rubendall | William M. Rubendall
Although there is no specific rule, it will take about 2 years after bankruptcy to qualify for a mortgage loan.
Answer Applies to: California
Replied: 2/17/2012
CONSUMER PROTECTION ASSISTANCE COALITION, INC. (DE). | Gary Lee Lane
Yes but possibly after 6-12 months
Answer Applies to: California
Replied: 2/17/2012
Judith A. Runyon, Esq. Attorney at Law | Judith A. Runyon
It is up to the lender
Answer Applies to: California
Replied: 2/17/2012
Diefer Law Group, P.C. | Abel Fernandez
I believe that after you file a bankruptcy you will have a difficult time getting credit. Thus, if you file for bankruptcy and then apply for a home loan you will find it hard to get approved. You should really meet with lenders to see what your options are.
Answer Applies to: California
Replied: 2/17/2012
Anthony Saunders Esq., PLLC | Anthony M. Saunders
After your case is closed and your debt is discharged, you can seek new credit. However, credit companies and lenders have guidelines that you have to meet and follow in order to qualify for their services. It is really up to your lender.
Answer Applies to: Utah
Replied: 2/17/2012
