Impact of new mortgage laws?

[Staceyt]

Does anyone know if the new mortgage laws will impact those of us in a chapter 13?

I've been renting for 2 years and want to buy but I've had a hard time getting financing. I have another 9 months in my plan.

[justbroke]

There are no new mortgage laws. If you're referring to the new Consumer Protection Bureaus promulgations of new lending "rules" related to mortgages, then my answer is as follows.

I don't think it will affect much because the new rules are really about banks actually doing their due diligence and making sure that the person qualifies for the loan. The banks are already real stingy and even people with 720 FICO scores are having issues with loans. I don't think this is going to change anything because the banks are already really tough. So I would not expect to get a loan as easily as they were back in 2005.

If a lender will not lend to you now, then that is what you should still expect after the rules are in place next year.