The Bankruptcy Discharge A bankruptcy discharge regarding a mortgage loan eliminates the borrower’s personal liability for that debt. After a mortgage debt is discharged, the borrower can’t later be held responsible for repaying the deficiency.

How long after bankruptcy discharge can I get a mortgage?

If you’ve gone through a Chapter 7 bankruptcy, you need to wait at least 4 years after a court discharges or dismisses your bankruptcy to qualify for a conventional loan. Government-backed mortgage loans are a bit more lenient. You need to wait 3 years after your bankruptcy’s dismissal or discharge to get a USDA loan.

How can I find out if my mortgage has been discharged?

You can find information on property records by contacting your local Secretary of State or county recorder of deeds. After you pay off your mortgage, your lender should also return the original note to you. You can also contact the company that paid off your loan to find out if the lien was released.

When to take out a mortgage after bankruptcy?

The waiting requirements for taking out a conventional loan after bankruptcy are as follows: 1 Chapter 7: Four years from your discharge date 2 Chapter 11: Four years from your discharge date 3 Chapter 13: Two years from your discharge date or four years from your dismissal date

What happens if I do not reaffirm my mortgage after bankruptcy?

In other words, when you reaffirm a debt, you promise to pay the debt even though you filed for bankruptcy relief. Read on to learn about the pros and cons of reaffirmation agreements and what happens if you choose not to reaffirm your mortgage after declaring bankruptcy.

What happens to my house if I file bankruptcy?

If your home is destroyed or the lender forecloses due to non-payment or other breaches of contract, you promise to pay the debt owed after insurance or a foreclosure sale. Bankruptcy laws require debtors to surrender, redeem, or reaffirm secured debts, including mortgages and car loans.

How to file a motion to reinstate a dismissed bankruptcy?

To file a motion to reinstate your case, include the reason why your case was dismissed and explain any mistake you made and how you did rectify the mistake or how you intend to do so. For example, if you missed a Chapter 13 payment, explain to the court why you missed the payment and that you can make it up.