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Chapter 7 bankruptcy. Leslie Tayne, attorney and founder of Tayne Law Group in Melville, New York, says you’re eligible for a mortgage a few years after a Chapter 7 discharge of debt.
Type of bankruptcy. What it means for you. Chapter 7. Often referred to as liquidation, this type of bankruptcy means selling off your non-exempt assets to repay your debt.
Sometimes, you can apply for a mortgage right after your bankruptcy is discharged or dismissed. But in most cases, you’ll need to wait. Chapter 7 is the most common form of bankruptcy, allowing ...
Non-qualified mortgage (0 years) – With a non-qualified mortgage (non-QM), or a loan that doesn’t meet government standards, you could possibly get another loan right after your foreclosure ...
The highest bidder at a trustee's sale gets title to the property; if no one bids, the title to the property keeps with the foreclosing mortgage lender. A valid foreclosure requires the following documents to be successful: Record vesting current owner; Encumbrances, liens, and judgments bankruptcy information; Foreclosing mortgage priority
Seasoning requirements can also apply to getting a loan after bankruptcy or foreclosure, and to mortgage refinances. For mortgages, money becomes "seasoned" after it's been in an established ...
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