How Bankruptcy affects mortgage?

Bankruptcy Options and How it Affects Your Mortgage

When it comes to Fanie mae and Freddie Mac backed loans. Since 2008 the guidelines have only got tough. It used to be 4 years waiting period from the date of Discharge of filing CH 7 Bankruptcy and now the time has only got stretched a bit higher as for Ch 13 from the date of discharge is somewhat less.

What Happens to Mortgages in Bankruptcy

CH 13 is still sparing than CH 7 because CH 13 shows that the Borrower did go into hardship but has the willingness to repay so the time frame is a bit less where the borrower has to wait before being eligible to apply for a mortgage.

There are other smart ways too of doing mortgage but not necessarily can every one arrange for such methods. Like having someone trusted to apply for a mortgage in his name who has clean credit while the person who actually filed for bankruptcy making the payments to the borrower who applied for a mortgage in his name and borrower making the payment to the bank.