Here is The Mortgage After Bankruptcy Process

mortgage after bankruptcy process

There are several steps in the mortgage after bankruptcy process.  Your lender must be knowledgeable enough to guide you through each one of the steps.  This process can vary between each State so make sure that whoever is guiding you through the mortgage after bankruptcy process, is knowledgeable about all State rules and regulations.

Step 1: Consultation

First off, the prospective borrowers speaks with a Mortgage Consultants.  The consultation provides the borrower with the foundation they need to pursue the appropriate loan product.

Step 2: Application

Next the borrower will complete the loan application online, over the phone, or in person. Your lender should be available to guide the borrower through the application should any questions arise.

Step 3: Credit Review

Your bankruptcy mortgage lender will run a credit review. You will need to provide verification of accounts to updating credit inaccuracies that are common with our Chapter 13 Bankruptcy clients.

Step 4: Loan Submission

With the help of your lender’s processing specialists, they will gather all the necessary information required to submit the loan request to underwriting.

Step 5: Removing Conditions

In some instances your bankruptcy mortgage lender, and the borrower will receive a list of conditions from the underwriter. These conditions will request further clarification specifically to address problems associated with your Chapter 13 Case.

Step 6: Clear to Close

From here your bankruptcy mortgage lender will collect the final documentation.  Your closing attorney or the appropriate escrow agent with arrange the final insurance and escrows.

Step 7: Closing

You’ve done it! Now we review, witness, sign and notarize the final documents.

Step 8: Staying in Touch

Lastly your bankruptcy mortgage lender needs to keep in touch with you through a yearly mortgage review.