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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