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Question for the Money Doctors

Question submitted on Jul 4, 2014.


I had to file chapter 13 bankruptcy in 2011. I was trying to hold onto my condo. I am nearing the end of my case. I will have to move out of my condo. I have applied for a home loan and was approved under certain requirements. How do I find a lender who under stands bankruptcy. I have a down payment saved. I have also increased my credit score. I need a lender who understands that under the bankruptcy I will have to give my condo back to the bank.


Chapter 13 temporarily halts any foreclosure proceedings and, provided that you continue making your mortgage payments, you won’t lose your home.  However, if during the bankruptcy process, you are unable to make the payments, then the bank can request permission to foreclose.

If you obtained a home loan under “certain requirements” then you were most likely approved for mortgage modification.  The lender is willing to lower your interest rate or lower your monthly payment to assist you in fulfilling your debt.  Don’t pass up this opportunity – you will have a difficult time finding another lender who will offer these arrangements.

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