Home Purchasing Options Before, During, and After Bankruptcy
Purchasing a Home before Bankruptcy Filing
Many borrowers incorrectly assume that if they file for bankruptcy protection they will either lose their home, not be able to purchase or new home, or will be forever prevented from purchasing a home. However these incorrect assumptions prevent borrowers from taking advantage of the financial reorganization that bankruptcy allows. Most times filing for bankruptcy protection puts borrowers in a better financial position to qualify for a home purchase.
Purchasing a Home during a Chapter 13 Bankruptcy Filing
A Chapter 13 bankruptcy does not disqualify a Borrower from obtaining an FHA- insured Mortgage during their bankruptcy. If at the time of case number assignment at least 12 months of the pay-out period under the bankruptcy have elapsed. To qualify, the Borrower’s payment performance must be satisfactory, all payments have been made on time, and the Borrower has received written permission from bankruptcy court to enter into the mortgage transaction.
Purchasing a Home after a Bankruptcy Filing
Generally, two years must have passed since the discharge date of any bankruptcy filing prior to a borrower qualifying for a FHA mortgage loan. A borrower must prove that this time has lapsed. However, this is accomplished by providing the mortgage company with a credit report. If the credit report does not verify the discharge date or additional documentation is necessary to determine if any liabilities were discharged in the bankruptcy, borrowers must obtain the bankruptcy and discharge documents and provide it to the mortgage lender.
A Chapter 7 bankruptcy (liquidation) DOES NOT disqualify a Borrower from obtaining an FHA-insured Mortgage if, at the time of case number assignment, at least two years have elapsed since the date of the bankruptcy discharge. During this time, the Borrower must have: re-established good credit; or chosen not to incur new credit obligations.
An elapsed period of less than two years, but not less than 12 months, may be acceptable if: 1. The Borrower shows that the bankruptcy was caused by extenuating circumstances beyond their control. 2. The borrower has exhibited a documented ability to manage their financial affairs in a responsible manner.
Purchasing a home and navigating through a bankruptcy filing can be confusing to people unfamiliar with the subject. It often involves multiple statutes, rules, and procedures. You should seek legal assistance from a knowledgeable bankruptcy attorney, mortgage lender, and real estate agent.
Areas of Service
We serve people throughout Georgia, including but not limited to Metro Atlanta, Georgia; Marrietta, Smyrna, Dallas Georgia, Douglasville, Riverdale, Clayton County, Alpharetta, DeKalb County, East Point, College Park, Conyers, Athens, and Macon, Georgia. We provide trustworthy and prudent legal advice, keeping your interests foremost in our mind. To schedule a free initial consultation, call us at 1 (844) Ga-Buddy, 1 (404) 474-2970 or contact us online. There is no cost to you, and you are under no obligation to pursue a filing with us. We look forward to serving as your Counsel!
Don’t risk attempting to file your petition alone in an attempt to save money. You face a high risk of having your petition rejected if you are unsure how to navigate the Bankruptcy Code. We offer free consultations for both Ch. 7 & Ch. 13 Bankruptcies!
Miss Abena is the best, they are working on my case now ,I just love them always kept it 100000000 and I feel like family
I had an excellent experience with Holston and Huntley. My case/medical expenses were treated with the upmost care and efficiency. I recommend anyone with any type of accident injury to visit Holston and Huntley. Abena Campbell was extremely helpful and made everything convenient and comprehendible about the my case. She was made everything easy as possible. I definitely recommend Ms.Campbell to take of you.
You can count on Buddy and Abena they are awesome. Abena was wonderful, she showed concern for me through my case. Abena walked me through this process like she knew me a long time. I promise you I felt good knowing I was being guided by someone who really cared their staff is awesome. I give them a 10+. Thank you guys, Especially, Abena
My experience with Holston & Huntley attorneys was nothing short of excellent. I worked directly with Abena. She worked hard to get the settlement that I deserved. Continued to stay in contact and keep me updated throughout the long process. Would recommend and work with them again. Thanks Holston & Huntley!
Attorney Huntley and his entire staff was instrumental in getting me everything I deserved. Their patience, kindness, and loyalty to fight for my needs at a critical time proves why they are such a fantastic firm. I would highly recommend them for any of your needs. I personally, will call Mr Huntley if I’m ever in another accident.
I was never anxious despite being in this situation for the first time and all the credit goes to you and your firm because you care and know what you are doing.Thanks.
I don’t usually leave reviews on anything but I thought I needed to share my experience with Holston & Huntley. It was great! Very quick and efficient. Buddy and his staff were awesome. I personally worked with Abena and she was always available to answer any question I had. I highly recommend this firm to anyone who needs a professional lawyer that would fight to get you the best settlement you deserve. I promise you won’t be disappointed!! Thank you, Buddy, Abena and staff for all of your help.
Holston & Huntley entire team was great to work with!!! Thank you so much
Thank God For Experience Help When I Needed It The Most.
Effective Service, So Far I’m 6 Month’s Into It And CONFIDENT It Is Well, I’m So Grateful.
Thank You All..
Atty. Huntley and his Staff, were very patient and understanding of my situation. They took the time to explain to me all of my options and helped me consider this best possible course of action. I am a Retired Senior and I felt very comfortable with the recommendations. After an initial and lengthy consultation, I followed all of his recommendations and I haven’t look back since! It was truly a joy to have him in my corner and no more phone calls from Creditors!!!. Thanks Me. Huntley!
- Holston & Huntley LLC @HolstandHuntLLC The boss stopped by to make sure we weren’t goofing off today. I had to reassure her that we are still providing 5… https://t.co/MNbCcTnJgPHolston & Huntley LLC @HolstandHuntLLC Flashback Friday. When you welcome the new Bankruptcy Paralegal (Janice Williams) but you don’t get the memo that i… https://t.co/sQhW2pjj1n