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Can I get a mortgage loan after filing for Chapter 13?

Life is filled with myths that are passed off as common knowledge. And bankruptcy is a topic of which there are many misconceptions that need debunking. For example, perhaps you have been led to believe that if you file for Chapter 13 bankruptcy, you may never be able to get a mortgage loan. This is not only a falsehood but in some cases, it is 180 degrees opposite of the truth.

You see, a standard qualification for Chapter 13 bankruptcy is that you agree to set up a repayment plan for at least a portion of your debts. In other words, you are making a good faith effort to meet your financial obligations.

Mortgage lenders can regard your willingness to pay your debts as a sign of fiscal responsibility. Moreover, many creditors are well aware that people can wind up filing bankruptcy due to extenuating circumstances. For example, Freddie Mac may determine that yours is a "good" Chapter 13 if the following applies to your situation:

  • You have resolved the problem that caused the filing.
  • It is not likely that the problem will reoccur.
  • The problem was caused by events beyond your control.

So, if you have considered filing for Chapter 13 bankruptcy to help you solve a personal financial crisis, but have resisted due to fear of being unable to get a mortgage loan in the future, you may wish to speak with an attorney. An experienced bankruptcy attorney can thoroughly explain all the ins and outs of Chapter 13 and help you set up a plan that will put you on the road to financial stability.

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