Key word:  Bankruptcy  Mortgage

 

1, Definition


Bankruptcy is a legal process where you're declared unable to pay your debts. It can release you from most debts, provide relief and allow you to make a fresh start. ... It's also possible that someone you owe money to (a creditor) can make you bankrupt through a court process. We refer to this as a sequestration order.


2, Requirement for Mortgage if you have Bankruptcy record on the public record of your credit report

 

If a bankruptcy is reported in the public record:

 

Derogatory Event

Standard Recovery Time

Bankruptcy Chapter 7 or 11

4 years from the discharge or dismissal date

Bankruptcy Chapter 13

2 years from the discharge date, or

4 years from the dismissal date

Multiple Bankruptcy Filings

5 year waiting period is required from the most recent dismissal/discharge date if multiple bankruptcies within the

last 7 years.

 

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