Bankruptcy & Real Estate

Life with Bankruptcy - Can I Obtain a Mortgage?

Your on-line resource for Metro Atlanta Mortgage Bankruptcy specialist, Atlanta Bankruptcy Attorneys, Atlanta Certified Financial Planners, Atlanta CPA's and Atlanta Real Estate Professionals working for you. Filing for bankruptcy can be an exhausting and financially difficult decision. Trying to determine which industry related professional to work with can be confusing. We are specialist in addressing the mortgage needs that are associated with bankruptcy petition and credit recovery.

There are programs available for people who have filed for a chapter 7 or 13 bankruptcy.

Providing you did not close out all your accounts in the bankruptcy, your change will increase for obtaining a home loan. One of the primary factors in qualifying for a mortgage after a bankruptcy are established trade lines, if you closed all your accounts in the bankruptcy you may not be able to qualify for 100% financing. You may still be eligible for a lower loan-to-value ranging from 80% to 95%.

Even though you have filed and finalized on a Chapter 7 or Chapter 13 Bankruptcy you can still be considered and may qualify for a mortgage. Consulting with your Mortgage Planner will help you find the best deal available for you depending on your exact situation (type of bankruptcy filed, your current credit scores, have you been delinquent on any payments on revolving or installment accounts, if you are in a Chapter 13 repayment have you been current with payments, how long has it been discharged, have you reestablished credit, and other pertinent factors). The chance of obtaining a mortgage at your locale bank is slim to none. At Mortgage Master Inc. we are able to work as the direct lender or as a mortgage broker, depending on your particular needs, as your Mortgage Planner I will search hundreds of lenders to locate the best program for your situation, whereas your local bank has one set of guidelines that you will most likely not fit into after a bankruptcy.

A bankruptcy does not exclude you from getting a mortgage. It simply means you are a higher risk to the lender.

There are two schools of thought when it comes to evaluating mortgage loan risk for a borrower who has had a bankruptcy. The traditional thought is that because the borrower showed a record of complete mismanagement of their obligations and had to be relieved of them through bankruptcy, they are a very high risk. A newer school of thought says that very few consumers will file two bankruptcies within a ten year period, so a borrower with a recent bankruptcy is a very low risk to go bankrupt again any time soon.

On a Chapter 13 Bankruptcy, it is possible to refinance while you are in a chapter 13. You will have to get permission from the bankruptcy court and show that you have made payments on time for the last 12 months.

Bankruptcy discharge date: On a chapter 7 bankruptcy lenders usually look at the discharge date and not the file date. On a chapter 13, the lender will look at the file date unless the bankruptcy has been dismissed.

Mortgage Master Inc. - 285 Parkway 575 Suite 221 - Woodstock, GA 30188
Office: (678) 818-4800 Direct: (678) 935-0594 Mobile: (770) 355-8351
Toll Free: (800) 205-9424 Fax: (404) 393-1138
Email: BPhillips@MortgageMasterInc.com

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Mortgage Master Inc.