Start Your Next Chapter Today!
Peoples Bank recognizes that purchasing or refinancing a home during, or after your Chapter 13 Plan is a goal for many clients. Unlike other banks, Peoples Bank has a department dedicated to helping borrowers get a home loan after Chapter 13. Peoples Bank Mortgage offers mortgages as soon as 12 months into your Chapter 13 plan with trustee approval and even more options as soon as 1 day after your Chapter 13 discharge without having to get trustee approval. Start your next chapter and begin your path towards owning your own home with Peoples Bank Mortgage.
Speak with one of our Mortgage Consultants about getting a mortgage after bankruptcy. Select either the Purchase or Refinance Consultation Request form below or by calling (843) 606-6058 or toll-free at (855) 406-0197.
Mortgage After Chapter 13 Bankruptcy is Possible
Peoples Bank recognizes that purchasing a home or refinancing an existing mortgage is a goal for many clients after they have completed their Chapter 13 Bankruptcy plan. Unlike other banks, Peoples Bank has a department dedicated to helping borrowers obtain a mortgage after bankruptcy. The Chapter 13 Bankruptcy Division at Peoples Bank offers mortgages as soon as one day after a completed Chapter 13 Bankruptcy plan. Start the next chapter and meet your mortgage goals today with People Bank Mortgage.
How Can Peoples Bank Offer Mortgages After a Chapter 13 Bankruptcy?
Being the only bank in the country (that we know of) with a department specifically to help borrowers with a mortgage after bankruptcy, we have tailored our products to address those specific needs. Other banks and mortgage companies do not have the experience and expertise that we have in dealing with mortgages after Chapter 13 Bankruptcy. We are adept at identifying and correcting credit reporting errors that are common to borrowers who are recently discharged from bankruptcy.
Further, for our refinance customers, we can work with title experts to clear up problems associated old liens that were not properly stripped off after discharge. This is in sharp contrast to other banks that force you to wait up to two years and just do not understand the common problems our clients face. Peoples Bank has experienced professionals that can help clients obtain a mortgage during their plan or as soon as one day after their Chapter 13 discharge.
Advantages of Buying or Refinancing After a Chapter 13 Bankruptcy Plan
- Lower payments
- Lower interest rates
- Shorter loan terms
- Low down payment options for qualified home purchases
- The ability to skip 1-2 months of payments for refinancing
- Cash-out refinance options
- Pay off your Chapter 13 Bankruptcy Plan sooner
What is the Process for Getting a Mortgage After Bankruptcy?
Applying for or refinancing a home loan can be a trying experience especially if other lenders have already told you no. In contrast, when working with Peoples Bank Mortgage you can rest easy knowing that our team has your back. Our mission is to provide an unsurpassed, consultative loan experience to borrowers from all walks of life.
Here’s a step-by-step rundown on how our loan process works:
Step 1: Consultation
Prospective borrowers speak with one of our Mortgage Consultants about their goals and what they are looking to accomplish. The consultation provides the borrower with the foundation they need to pursue the appropriate loan product. We address the most common stumbling blocks that our Chapter 13 Bankruptcy borrowers face on the front end.
Step 2: Application
The borrower completes our loan application either online, on the phone, or in person. We are available to guide the borrower through the application should any questions arise.
Step 3: Credit Review
We run a 3-in-1 credit report, and after careful review, we consult with the borrower about a range of topics from verification of accounts to updating credit inaccuracies that are common with our Chapter 13 Bankruptcy clients.
Step 4: Loan Submission
With the help of our processing specialists, we gather all the necessary information required to submit the loan request to underwriting.
Step 5: Removing Conditions
In some instances, Peoples Bank Mortgage and the borrower will receive a list of conditions from the underwriter that request further clarification specifically to address problems associated with our Chapter 13 Bankruptcy clients.
Step 6: Clear to Close
From here, final documentation is collected, final insurance and escrows are arranged, and a closing date is set with the closing attorney or the appropriate escrow agent.
Step 7: Closing
You’ve done it! All final documents are reviewed, signed, witnessed, and notarized.
Step 8: Staying in Touch
Peoples Bank Mortgage keeps in touch with the borrower through a yearly mortgage review, quarterly newsletters, and personalized updates about mortgage trends.
Frequently Asked Questions for the Chapter 13 Bankruptcy Division
Why is Peoples Bank able to help when I have been turned down by other lenders?
First of all, different banks have different regulations for their lending criteria. At Peoples Bank, we have a division specifically for clients who have filed Chapter 13 Bankruptcy. We provide products and options to fit the needs of our clients. Our team is willing and able to put in the time, and effort that most institutions are not willing to devote. We truly understand the guidelines that relate to Chapter 13 Bankruptcy borrowers. Furthermore, Peoples Bank is proud to be the leading mortgage lender after bankruptcy.
What kind of rate should I expect after a Chapter 13 Bankruptcy plan?
Secondly, many clients who are currently completing or are coming out of a Chapter 13 Bankruptcy plan have been stuck with high rates for years during their Chapter 13 Bankruptcy plan. Interest rates are determined by the market and a borrower’s unique qualifying criteria. Our clients are often pleasantly surprised when they are presented with the rate for which they qualify. Peoples Bank takes pride in offering highly competitive rates to all its clientele including those interested in obtaining a mortgage after bankruptcy.
What happens if I don’t quite qualify for your Chapter 13 Bankruptcy Division program?
Mortgage after bankruptcy is an obtainable goal and Peoples Bank is dedicated to helping our client’s purchase or refinance. If we can’t help a client immediately, we will provide a path to success by working tirelessly with our borrowers in order to address the areas that are holding them back. Consequently helping them reach their home ownership and mortgage goals.
Are there extra fees associated with the Chapter 13 Bankruptcy Division?
Completing a Chapter 13 Bankruptcy plan is an impressive feat that demonstrates a borrower’s commitment to fiscal discipline and personal responsibility. There are no extra fees associated with the Chapter 13 Bankruptcy Division to obtain a mortgage after bankruptcy. Peoples Bank treats all borrowers, regardless of if they filed Chapter 13 Bankruptcy, fairly and with respect.
What type of loans are available for a mortgage after bankruptcy?
Peoples Bank Mortgage offers a wide variety of loan programs specifically for Chapter 13 Bankruptcy borrowers, in all kinds of financial situations: conventional mortgages, VA home loans, FHA loans, USDA loans, portfolio loans, jumbo loans, and more!
We will present the best available options, with the best terms, and lowest possible bottom line to you.