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Successful mortgage right after discharge?

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  • #16
    A mortgage broker shops for a mortgage on your behalf and processes the application.
    LadyInTheRed is in the black!
    Filed Chap 13 April 2010. Discharged May 2015.
    $143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!

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    • #17
      Thanks for the info. It's encouraging to hear that you were able to successfully get approved and funded. The broker did say he would have to do a manual underwrite.

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      • #18
        I am not sure the post about 2 years after discharge is correct either. I applied for a mortgage with about 6 months left in my ch 13 plan. My pre-approval was based on my either having 1) permission from the trustee or 2) discharge papers. I paid off the bankruptcy early to either make it easy to get permission or quicker to get discharge papers. But anyway my lender was fine with fresh discharge papers.

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        • #19
          Most Chapter 13 or post-Chapter 13 mortgages (or refinances) depend upon the lender themselves. Different lenders have different seasoning requirements, even under FHA (as FHA allows the lender to impose additional seasoning). Some lenders treat the words "post-bankruptcy" discharge literally and will only grant an FHA loan if that is met (Chapter 13 or Chapter 7). Others look to how FHA is less strict under Chapter 13s allowing FHA loans if you merely have been in a Chapter 13 for at least 1 year and have had on-time payments and Trustee approval.

          It is always best to shop around. It is definitely easier to obtain an FHA loan while in a Chapter 13 since the rules are quite clear.
          Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
          Status: (Auto) Discharged and Closed! 5/10
          Visit My BKForum Blog: justbroke's Blog


          I am not an attorney. Any advice provided is not legal advice.

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          • #20
            My chapter 13 was discharged in May, local mortgage companies say 2 year wait from time of discharge. I got a letter in mail from Peoples Bank out of South Carolina,they are offering mortgage without the 2 year wait but foreclosures require the 3 year wait. FHA or the US rural one.

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            • #21
              i was talking to a mortgage broker on friday and asked about getting a refinance. I am done with my chapter 13 in may and waiting for the judges signature. He said the they now start the clock of waiting from the time you filed and not from the date you received discharge papers. As it was not really fair for chapter 13 people to be punished when they made 5 years of good payments.

              any way, he is with Churchill mortgage. the one dave ramsey says is good. their minimum FICO is 640. But said FHA loans and refinances were totally doable.

              just sharing.

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              • #22
                Thanks. I hadn't heard that. Everything I can find online about conventional, non-portfolio loans are that it requires 2 years post discharge. I'll look into it some more. Thanks again and good luck with the discharge.

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                • #23
                  I posted the note below a while back. So I know for sure you can get a refi done right out of Ch13. Not sure about Ch7

                  Haven't had the chance to look around too much on here but I got an FHA mortgage 4.5 months out of Ch13. I received a letter from a small bank saying that they could do post13 mortgages and after they helped me clean up a couple credit issues. The rate I got was pretty good considering my credit and they really seemed to know their stuff. Not sure how they got it done but they said they do these nationwide. It was with Peoples Bank Mortgage and Frank (forgot his last name) was the guy that helped me his number was 843-606-6057.

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                  • #24
                    Doing a HARP refi now. Still have over 2 yr's on the ch13 to go. It's not done ,But we are getting there.

                    YES you can get a HARP refi while still in a CH 13

                    Using Quicken Loans. Hope this help's.

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                    • #25
                      We were discharged (Chapter 13) in April of 2014 and were just approved for an FHA refinance today. I really didn't think it would be possible to do it this soon, but it will feel good to go from a 30 year 7% mortgage down to a 15 year 4%. Payment won't change, but will have more of the payment going toward principle. We didn't try for a full conventional, but the lender thought it might be a stretch given it hadn't even been a year after discharge. (Other purpose of refinancing was to reinstate my VA eligiblity to hopefully buy a different house in a few years.) Good luck!
                      Chapter 13 - 100% Payback - Filed 2/2010 - Discharged 4/2014

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