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Re-financing after Chapter 7 Bankruptcy?

Re-financing after Chapter 7 Bankruptcy? Topic: Re-financing after Chapter 7 Bankruptcy?
July 19, 2019 / By Kasper
Question: How long will It take to be able to qualify for a FHA - (Fannie Mae) loan after a chaper 7 bankruptcy. I am being told so many different things - I have no idea who to believe.
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Best Answers: Re-financing after Chapter 7 Bankruptcy?

Hayden Hayden | 5 days ago
Some people have qualified for loans after they receive their final decree. Every lender is different. Some will not let you finance for a certain period of time, and some will work with you, but will require extra paperwork (like copies of your bankruptcy papers) to make sure that all of the unsecured debt that you listed was discharged in the bankruptcy. Once they clear that up, and everything else checks out, they will usually approve you for a loan. It may not be for the exact terms you want, but it's also a good idea to research lenders to see what they can do for you in your particular situation.
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Hayden Originally Answered: Can you do your own Chapter 7 bankruptcy? (CA)?
Yes you can do it on your own. Research your local laws on google and you will be able to obtain all the papers you need. Im pretty sure there is a BK package you can order that has all the needed papers in it.

Elifelet Elifelet
In your case this site can be very helpful PROTECTIONQUOTING.NET- RE Re-financing after Chapter 7 Bankruptcy? How long will It take to be able to qualify for a FHA - (Fannie Mae) loan after a chaper 7 bankruptcy. I am being told so many different things - I have no idea who to believe.
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Charles Charles
Fannie Mae guidelines say 4 years from date of discharge and borrowers must have restablished and maintained excellent credit. FHA guidelines say 1 year from discharge with the same caveat.
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Alton Alton
Who knows supposedly 7 years but it remains on your record. With the upcoming mortgage problem, who knows. Start small pay the high % and reestablish yourself. good Luck
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Alton Originally Answered: Bankruptcy, Filling chapter 7. HELP!?
Your friend's first mistake was a blantant one that most American do not understand. If you are going to borrow money to invest in a project/business/whatever, any return that you receive from such enterprise will be offset by the interest that you pay on that loan. Even with excellent credit, I would expect your friend's credit card rates to be around 13%+. Unless he expected this new enterpise to be returning 13% (after all expenses, including paying himself), it was an incredibly foolish decision. As for your question: Before filing for bankruptcy, have your "friend" call his creditors personally and see if they are willing to write down some of the debt. It may hurt his credit score, but no more so than chapter 7. I also think that you cannot discharge student loans under a chapter 7 bankruptcy, expect in special occasions (you would have to consult an accountant to confirm that). In the future, you should advise your friend to read a few books on the pitfalls of starting your own business.

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