Getting a Mortgage After Chapter 7 Bankruptcy
Peoples Bank recognizes that purchasing a home, or refinancing an existing mortgage is a goal for many clients after they have completed their Chapter 7 Bankruptcy plan. Compared to other banks we have a department dedicated to helping borrowers obtain a mortgage after chapter 7 bankruptcy. We can offer you a home loan after Chapter 7 Bankruptcy as soon as 24 months after your discharge date. Other banks make you wait up to 4 years. Start your next chapter, and meet your mortgage goals today by connecting with us.
Speak with one of our Mortgage Consultants about getting a mortgage after Chapter 7 Bankruptcy. Select either the Purchase or Refinance Consultation Request form below.
You can also call (843) 606-6058 or toll-free at (855) 406-0197
What is the Process for Getting a Mortgage After Chapter 7 Bankruptcy?
To emphasize, here is a step-by-step rundown on how our home loan process works:
1) Consultation
First off, you will speak with one of our Mortgage Consultants about your financial goals. Subsequently they will identify what you are looking to accomplish. The consultation provides you with the foundation you need, in order to pursue the appropriate home loan product. We address the most common stumbling blocks that our Chapter 7 Bankruptcy borrowers face on the front end.
2) Application
At this point, you will complete the home loan application either online, on the phone, or in person. We are available to guide you through the application should any questions arise.
3) Credit review
Following the application, we run a 3-in-1 credit report, and after careful review, we consult with you about a range of topics. This consultation will help us to verify accounts, as well as update any credit inaccuracies. This step is necessary to help identify common oversights that we see with our Chapter 7 Bankruptcy clients.
4) Loan submission
Afterward with the help of our processing specialists, we gather all the necessary information required to submit your home loan request to underwriting. As a result you have a partner during the information gathering process.
5) Removing conditions
Additionally, our team will receive a list of conditions from the underwriter that request further clarification. In order to specifically address problems associated with your Chapter 7 case.
6) Clear to Close
From here, the final documentation is collected, and final insurance and escrows are arranged. Meanwhile a closing date is set, with your closing attorney or the appropriate escrow agent.
7) Closing
Lastly, you’ve done it! All final documents are reviewed, signed, witnessed, and notarized.
8) Staying in touch
In any case, Peoples Bank Mortgage keeps in touch with the borrower through a yearly mortgage review. With this purpose in mind we will be sending quarterly newsletters, and personalized updates about mortgage trends.