Home Loans 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 Peoples 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 Mortgage has experienced professionals that can help clients obtain a mortgage during their plan or as soon as one day after their Chapter 13 discharge.
Start Your Next Chapter Today!
Speak with one of our Mortgage Consultants about obtaining a mortgage after Chapter 13 Bankruptcy. Select either the Purchase or Refinance Consultation Request form below or by calling us (843) 606-6058.
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 Obtaining a Mortgage After Chapter 13 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:
- 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.
- 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.
- 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.
- Loan submission. With the help of our processing specialists, we gather all the necessary information required to submit the loan request to underwriting.
- 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.
- 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.
- Closing. You’ve done it! All final documents are reviewed, signed, witnessed, and notarized.
- 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 Mortgage able to help when I have been turned down by other lenders?
Different banks have different regulations for their lending criteria. At Peoples Bank Mortgage, we have developed a division specifically for clients who have filed Chapter 13 Bankruptcy. We have created products and options customized 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 and understand the guidelines that relate to Chapter 13 Bankruptcy borrowers. Peoples Bank Mortgage is proud to be the leading mortgage lender after bankruptcy.
What kind of rate should I expect after a Chapter 13 Bankruptcy plan?
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 Mortgage 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 Mortgage is dedicated to helping our client’s purchase or refinance. If we can’t help a client immediately, we provide a path to success by working tirelessly with our borrowers to address the areas that are holding them back so they can 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 Mortgage 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?
We offer a wide variety of loan programs specifically tailored to 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.
Testimonials from Clients of the Chapter 13 Bankruptcy Division
“We had just finished paying off our Chapter 13 Bankruptcy and no one would work with us. Peoples Bank said, “No problem!” We were able to drop our interest rate 2 points and are now saving about $400/month. Thanks, guys!” — Mike E. | Little Canada, MN
“We tried to refinance our home loan for a couple of months after our Chapter 13 Bankruptcy had been discharged. No one would give us a chance. Then out of nowhere, we received a letter in the mail and Peoples Bank came into our lives. Their team went above and beyond to get us the loan we very much needed.” — Larry and Kathryn H. | Palmdale, CA
“Thank you, Peoples Bank, for your willingness to give individuals coming out of bankruptcy a chance to succeed. Tom Del Monaco was so helpful throughout the loan process. The entire experience has meant so much to me and I will be recommending you to as many folks as possible.” — Marc T. | Saratoga, CA
“Thank you, Peoples Bank, for all of your help. I really appreciate all of the hard work. This refinance will be a big help for us. This was the final piece in getting back on our feet and out from underneath all the burdens and stress of the Chapter 13 Bankruptcy.” — John C. | Freehold, NJ
“I am very grateful that Peoples Bank worked with me on successfully getting a mortgage. I filed bankruptcy in 2010 and no other bank would consider me as a candidate for a loan. Peoples Bank took the time to understand my circumstances for filing bankruptcy and gave me the opportunity to re-establish my credit rating. Peoples Bank believed in me and I am more than thankful to everyone who was involved in the process.” — Cheryl T. | Morriston, FL
“This all began with a flyer from Peoples Bank in the mail. Normally, I discard solicitation letters, but for some reason I decided to read this particular one. The result of reading the letter is more than I could have asked for. In addition to obtaining a refinance, I’ve replaced my old lender, restored my credit, and most importantly; I have restored my good name. They never gave up even though there were many hoops to jump through with the challenge of bankruptcy.” — Arthur C. | Vacaville, CA
“I can truly testify that Peoples Bank is blessing from above. I am so grateful for the wonderful experience I had with them. After countless denials from other banks due to a fairly new Chapter 13 Bankruptcy Discharge, I pretty much gave up. Every bank indicated it would be two years before I would be considered to refinance. But one day, I received an advertisement in the mail from Peoples Bank. Something in my head said contact them, and truly that was the best call I have ever made. Every individual from their team was professional, pleasant, and polite. Best of all, they made the impossible happen. My interest rate and monthly payment was lowered substantially. Without a doubt, I would recommend them to everyone. Thank you kindly, Peoples Bank.” — Sharon W. | La Palma, CA
Our mortgage specialists offer free consultations to all potential borrowers. Get started by selecting either the Purchase or Refinance Consultation Request form below or by calling (843) 606-6058.