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If your mortgage company goes bankrupt, you’ll still have to make your mortgage payments, but all terms should stay the same. If your loan is active or has just closed, it’ll be sold off to ...
It depends on the type of mortgage you want to get — each home loan program has a different waiting period — but also exactly how you originally declared bankruptcy. There are two main types ...
Having a bankruptcy on your record can feel financially restricting. Declaring bankruptcy can cause your credit score to drop significantly and will stick around on your credit report for up to 10...
The disadvantage of filing for personal bankruptcy is that, under the Fair Credit Reporting Act, a record of this stays on the individual's credit report for up to 7 years (up to 10 years for Chapter 7); [5] still, it is possible to obtain new debt or credit (cards, auto, or consumer loans) after only 12–24 months, and a new FHA mortgage loan just 25 months after discharge, and Fannie Mae ...
Starting loan balance. Monthly payment. Paid toward principal. Paid toward interest. New loan balance. Month 1. $20,000. $387. $287. $100. $19,713. Month 2. $19,713. $387
Mortgage payoff: If you still have a mortgage on the home, once you’ve sold it, some of the proceeds will go toward paying off the remainder of your loan. What if there’s a recession?