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Getting a mortgage after filing for bankruptcy

Published: Wednesday, October 03 2012

Getting a mortgage after filing for bankruptcy

James from Daytona, Florida called Robert Palmer to get advice on refinancing his private home loan. James got himself in a situation over the past year that ended in filing for bankruptcy and since then has repurchased a home with a private lender. He now has a healthy income and no other debt. James would like to know how to go about refinancing his home and how the bankruptcy will effect the process?

The normal bankruptcy waiting period is twenty four months. When a mortgage is included in that bankruptcy it is looked at like a foreclosure and a thirty six month waiting period is applied. After thirty six months from the date of the bankruptcy there are options that will become available for someone in this kind of situation. There are other conditions that can affect these terms. For example, if you are a veteran and are VA eligible VA loans are available after a shorter amount of time. They do not have the extra waiting period. Once the twelve month mark is met you can start to explore VA loan options. A lender such as RP Funding will take a look at the circumstances surrounding the bankruptcy and try to help. The VA program gives the lenders more flexibility for veterans. One of the many great benefits of serving our country.

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