How to Buy a House After Filing Chapter 7 & Chapter 13 Bankruptcy (THINGS YOU NEED TO KNOW)

[@bayoumortgage]

Want to talk about getting a mortgage after bankruptcy? Go to workwithchanning.com.

[@nleativa]

Your explanation is a lot better. Thank you

[@bayoumortgage]

You are welcome!

[@raindroph5120]

Great information for bankruptcy Chapter 7 - discharged - 2021. I have been waiting patiently to buy my mothers home.

[@bayoumortgage]

Glad it was helpful! Thank you for watching

[@Zan_zelee]

Very thorough! Thank You!

[@bayoumortgage]

Thanks for watching!

[@mushuarts6195]

Great job! Informational and to the point!

[@bayoumortgage]

Thank you

[@grandmashands5219]

I was just told VA , you can get a mortgage after your bankruptcy has been dismissed. No waiting period chapter 13

[@bayoumortgage]

It’s true, it will be a downgrade to a manual underwrite but you don’t have to wait if you qualify for that

[@melindahintz6713]

I was told That it’s a two year wait for Chapter 7 . I’ve had three different lenders tell me This.

[@bayoumortgage]

For FHA that is correct.

[@cpluse2]

This was very helpful ty

[@bayoumortgage]

You are welcome

[@heatmizer9172]

Very informative and and a breath of fresh air thank you for the info

[@bayoumortgage]

Thank you for watching.

[@Hoppy1571]

My Chapter 7 was Discharged in April or May 2022; been homeless and have no new credit.

[@bayoumortgage]

Sorry to hear that. Hopefully you can find some affordable housing while you work on rebuilding.

[@ronnyarvelo7999]

I had to go into bankruptcy because do to covide shutdown i had to close my bussiness during the pandemic

[@mark_jacobs6970]

Could someone clarify the part where it's mentioned that if you've filed for bankruptcy multiple times, you need to wait 5 years to qualify for a conventional loan? I filed for Chapter 7 bankruptcy in 2018 and I'm currently undergoing Chapter 13, with a discharge expected in April 2026. I'm hoping to apply for a conventional loan, so how long do I need to wait before I can qualify?

[@bayoumortgage]

Conventional loans have the longest waiting requirements to purchase a home. You will have a shorter waiting period if you utilize an FHA Loan.

[@redbhdfw104]

60% of people that file bankruptcy do it because of medical debt in the richest country in the world... that is so wrong.

[@dmw1280]

I’ve said get a good job that offers good insurance.

[@sirblack1619]

@@dmw1280 Even with a good job with good insurance you can still end up in debt with medical bills.

[@chrisSandersASX]

I just did because of medical debt

[@muffdacowboy828]

@@dmw1280I’ve got both, and still got screwed

[@Hperdomo]

How hard is tot the permission am In the process waiting for court an don’t y know if I get it I have heard of your mortgage is high they might deny but this data everything is expensive

[@GOLDRUSH817]

What about if you never followed through with the BK filed but within 30 days it was dismissed because I couldn't follow through as The state court didn't accept it and evicted us out of my home of 27yrs.

[@bayoumortgage]

It would depend on which type of BK it was that was dismissed.

[@laneproductions3749]

Once discharge date is reached chapter 7 four years for conventional are you technically clear to apply the next day

[@bayoumortgage]

Typcially yes your official discharge date.

[@trudyletson1264]

great video! i am fileing chapter 7

[@sameriastatham7949]

How was your process??

[@soniabarrientos645]

Do you do land loans?

[@bayoumortgage]

I don’t

[@Jayee9999]

I would like to contact you to ask you about a refinance/cash-out after I finish my Chapter 13 next month. How can I reach you?

[@bayoumortgage]

Check out my details in the video description.

[@Jayee9999]

@@bayoumortgage is there a number that I can call you at because I have some questions?

[@TerryGreen-jf1km]

So failed bankruptcy ch13 how long do i have to wait to rent or buy a home?

[@bayoumortgage]

FHA and USDA don't have a minimum time period for dismissed Bankruptcies.

[@ronnyarvelo7999]

Will the banks reconsider this as a reasonable excuse

[@chelclanne]

Do all of these apply to a construction loan the same way?

[@bayoumortgage]

No, construction loans are a different ball game and have stricter requirements most of the time.

[@desthegreat3949]

Will the automated approval engine decline the application for FHA loan if I apply couple of weeks before the 2 years anniversary? Did I have to wait the two years anniversary to apply? Please help answer this question. Thank you

[@bayoumortgage]

Hi Des, typically yes there will be a discharge month and year on your credit report and you'll need to be beyond the two year mark for it to not autmatically drop you to a manual.

[@dan43213]

@@bayoumortgage but you can get a manual approval.....

[@trudyletson1264]

i have a question i have a rent to own furniture i pay 145 per month do i have to tell them this

[@bayoumortgage]

It’s possibly already on your credit report

[@lisagardner3329]

If 13. You can file during after first year.

[@bayoumortgage]

When in a 13 you’ll need 12 months of on time payment history, plus approval from your trustee to enter into a purchase

[@Hperdomo]

My lender told me I need to have court permission an j been in chapter 13 for 3 years payment plan is that’s correct oh I can get automatic approver I ask my lawyer an want to charge me 500 $ for permission in court

[@bayoumortgage]

You do have to have permission from the trustee to obtain a mortgage while still in bk. I am unsure of the cost associated with as none of my clients have ever mentioned having to pay

[@theandersons777]

So how do we get ahold of you?

[@bayoumortgage]

Hi you can call the office at 337.476.2623 or visit bayou-mortgage.com

[@dan43213]

On FHA a discharged 13 has no waiting period

[@bayoumortgage]

Correct but it will be a manual underwrite if it's been discharged less than 1 year.

[@carriemunnick9980]

Is covid considered extenuating circumstances?

[@bayoumortgage]

Not usually...

[@valerierivas1619]

Are you guys licensed in Texas? I've got a client who I'd like to connect you with!

[@bayoumortgage]

I am not currently licensed in Texas only Louisiana. Thank you for considering me though!

[@JamesValentineBaja1000]

Link to your website?

[@bayoumortgage]

You can find us at bayou-mortgage.com

[@BeeNaturalMe]

Can you help someone in New York?

[@bayoumortgage]

I am not licensed in New York at the moment.

[@michellewilliams5587]

Why do a person have to wait two yrs after Ch 13 discharge but a person can get a loan while in a bankruptcy?

[@bayoumortgage]

Hi Michelle, that sounds like an overlay. Each program is going to have different requirements. However, you don't need to wait two years for FHA or USDA. However, there is a good chance it will be a manual underwrite. I have videos on my channel that discuss what that is.

[@STACIPOINDEXTER-zp3ng]

10:17pm /Great question!

[@ASpaulding123]

Hello... How do I contact you? I filed chapter 7 bankruptcy over a year ago.. my credit score is over 660. I just need a home loan of about 50,000. How and where can I do this? Do you have a number I can call. And is it possible for someone to help with this loan? Thank you.

[@bayoumortgage]

Hi Bella, you setup a time to talk with me here calendly.com/channingmoore/home-financing-options

[@ninadeevine]

Where are you located? I just filed due to me taking out a 80,000 for an X that never paid me back. I had an 820 credit score and now it went all the way down. My dream was to always want to buy a home before 40. I don’t want to wait 2 years. What can i do?

[@bayoumortgage]

Hello, I am in Louisiana and will be rolling in Texas and Florida shortly

[@chrisSandersASX]

Are you single.. baby if you giving out 80k to an ex, I'm available and I'll tret you better lol.

[@warriorrose1982]

How do I contact you guys . I need help with a mortgage I started buying during pandemic

[@bayoumortgage]

Hi! You can call or text 337-476-2623 or book a call calendly.com/channingmoore/home-financing-options

[@vinnieglez1994]

How do I reach out to you ?

[@bayoumortgage]

Contact details are in the video description

[@tiffanynguyen343]

I’m on my 58th month of chapter 13. My last payment will be on 1/4/23. After that, I don’t know how long will I b getting the discharge letter. I have a condo, I’m planning to sell and buy a different house (this condo mortgage is not in the chapter 13). I’ve been asking some loan officers and they all are said I have to wait 2 years after the discharge. I am so sad, I thought I could do it right away. Is that right?? I’m in CA. If anyone have any ideas how to qualify for the loan sooner, please let me know. Thanks

[@bayoumortgage]

They are giving you bad advice. You can do it now if you want with permission from trustee and 12 months of on time payments.

[@mark_jacobs6970]

Could someone clarify the part where it's mentioned that if you've filed for bankruptcy multiple times, you need to wait 5 years to qualify for a conventional loan? I had a Chapter 7 bankruptcy discharged in 2018 and I'm currently undergoing Chapter 13, with a discharge expected in April 2026. I'm hoping to apply for a conventional loan, so how long do I need to wait before I can qualify?

[@MirandaN407]

My chapter 7 bankruptcy has been discharged for 4 yrs My mortgage was also included in the bankruptcy ( I never reaffirm it) I just continue to pay the mortgage however on my CR it's showing zero owe can I still buy a home?

[@bayoumortgage]

That's a complicated answer. I would recommend having a conversation with a loan officer who can walk you through it.

[@patienceankrah4219]

thanks for sharing, can I pls have your contact to chat with you pls?

[@bayoumortgage]

You can reach me here: bayou-mortgage.com/channingmoore