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GET A MORTGAGE AFTER OR DURING BANKRUPTCY

If you live in Indianapolis, Indiana, having filed a bankruptcy is no bar to obtaining a mortgage. There are many lenders who offer different programs suited to borrowers who have filed for bankruptcy.

You should know that filing for bankruptcy does not exclude you from being offered a mortgage. It merely means that you are a higher risk borrower, which in turn means that the rates of interest may be higher and the mortgage fee may be somewhat more than what is charged from other borrowers - but getting a mortgage is still something you can do.  Currently, to obtain the lowest rate, debtors that have made 12 months of payments to the Chapter 13 Trustee or 2 years have passed from their Chapter 7 bankruptcy discharge to qualify for FHA financing.  Of course, you may other issues to consider to be eligible – like if you had a foreclosure.

Filing bankruptcy initially damages your credit score, but as your creditors zero out the balances reported to the credit bureau, your credit picture will improve and lenders  may be more inclined to consider your mortgage application favorably.

Financing Issues

If you are currently in a chapter 13 bankruptcy, it is possible for you to refinance or incur new secured debt for the purchase of a home. However, this requires obtaining the bankruptcy court's permission. When seeking permission, you will have to provide the court with the terms of the debt and typically show why incurring the debt is in your best interest. A qualified Indianapolis bankruptcy attorney will be able to guide you.

Lenders usually look at the type of bankruptcy you filed when deciding on the type of mortgage financing to offer. For a bankruptcy under chapter 7, the lender will look at the date of discharge; whereas in a chapter 13 bankruptcy, they will consider the date of filing when making a decision to approve your mortgage.

If you live in Indianapolis, Indiana, the fact that you have filed a bankruptcy should not deter you from applying for a mortgage. Your financial position may even be much stronger post-bankruptcy, and you will be able to secure your family's financial future.

Get Trusted, Experienced Bankruptcy Counsel Today

Applying decades of experience, Steven Taylor will assess your financial situation and hear you out on your goals. The vast majority of the costs of the bankruptcy can be paid as part of your Chapter 13 plan, over time, making Chapter 13 an affordable solution as well as a life-changing one for many people with debt problems. To discuss your immediate concerns and long-term financial challenges, request a free telephone consultation with Steven Taylor today.  He can help you find the best solution and take decisive action to regain your financial foothold.

 

Download Intake Worksheet

Download Budget and Required Document Checklist

Prior to your first meeting with my office, please complete the above downloads. They can provide me with further insight into your financial situation and allow me to determine if Chapter 13 bankruptcy is appropriate for you.

Steven P. Taylor, P.C. | Indianapolis Chapter 13 Bankruptcy Lawyer

Contact the law firm of Steven P. Taylor, P.C. today at (317) 271-1111 for a consultation about whether you should file for Chapter 13 bankruptcy in Indiana or email us your questions.  Steven P. Taylor will assist you in determining whether a Chapter 13 bankruptcy is the best path for you, and will guide you through the bankruptcy process

My practice serves individuals throughout Indiana, including Bartholomew, Boone, Brown, Carroll, Cass, Clinton., Delaware, Grant, Hamilton, Hancock, Hendricks, Howard, Johnson, Madison, Marion , Miami, Monroe, Montgomery, Morgan, Shelby, and Tipton county as well as the municipalities of Columbus,  Lebanon,  Zionsville,  Nashville, Galveston, Frankfort, Muncie, Gas City, Marion, Carmel, Cicero,  Fishers,  Noblesville, Sheridan, Westfield, Fortville, Greenfield, McCordsville, New Palestine, Avon, Brownsburg, Danville, Plainfield, Greensboro,  New Castle, Spiceland , Greentown, Hemlock, Kokomo, Russiaville, Franklin, Greenwood,  Nineveh, Trafalgar, Whiteland, Alexandria, Anderson, Elwood, Beech Grove, Camby, Castleton, Indianapolis, Lawrence, Speedway, Amboy, Bunker Hill, Converse, Miami, Peru, Bloomington, Crawfordsville Martinsville, Mooresville and Paragon.

 


We are a debt relief agency. OUR DEBT RELIEF LAWYERS help people file for bankruptcy under the united States bankruptcy code. IF YOU NEED DEBT RELIEF, OUR LAWYERS ARE READY TO HELP.

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