Leading Financial and Family Law Attorneys
Bankruptcy Foreclosures and Timing
It May Be In Your Best Financial Interest To Sell Your Home!
Foreclosures And Buying Another Home
Many times, Private Mortgage Insurance (PMI) companies won’t insure people who’ve been bankrupt or foreclosed on. A larger down payment (20%) will eliminate the need for mortgage insurance. And, depending on the lender, you may be able to buy a home sooner than two years after your troubles. It’s likely you’ll pay a higher interest rate but later you can refinance, once you establish a good financial track record.
FHA Eligibility with Bankruptcy and Foreclosure
In the event of a foreclosure, the borrower has three years from the date the claim was paid until he/she is eligible for another FHA loan, unless the foreclosure was the result of extenuating circumstances beyond the borrower’s control and the borrower has since established good credit.
Chapter 7 bankruptcy requires the borrower to wait at least two years from the date of discharge.
Chapter 13 bankruptcy requires the borrower to have been paying on the bankruptcy for at least one year, performance must have been satisfactory and the borrower must also receive court approval to enter into the mortgage transaction.
Should You Keep the House?
New Mexico Financial and Family Law is an Albuquerque, New Mexico based bankruptcy law firm which provides United States Bankruptcy legal services and advice throughout the state. The majority of its clients reside in the Albuquerque, New Mexico, area, i.e., Albuquerque, Bernalillo, Rio Rancho, Los Lunas and Belen. But the firm can also represent clients statewide in Hobbs, Las Cruces, Clovis, Farmington and other New Mexico cities. Our firm represents clients who reside in New Mexico and also New Mexico residents residing in out-of-state jurisdictions. Bankruptcy law, as practiced by New Mexico Financial and Family Law addresses all of a client’s concerns; legal, financial, and emotional. We attempt to settle bankruptcy cases through negotiation. If negotiation is unsuccessful then the trial skills of our attorneys at New Mexico Financial and Family Law are brought into play. Don Harris is a well-known and respected Albuquerque, New Mexico, lawyer. New Mexico Financial and Family Law not only provides the legal bankruptcy advice and guidance expected of an experienced lawyer, we also work with other professionals such as financial advisors, CPAs and mental health counselors to provide the firm’s clients with many of the services needed to get through their financial and personal challenging times.
The hiring of a lawyer is an important decision that cannot be based solely upon advertisements. Before you decide, ask us to send you free written information about our qualifications and experience.
Contact New Mexico Financial and Family Law Today for a Free Initial Bankruptcy Consultation!
Pursuant to 11 U.S.C. §528(A)(4) We are required to state the following: We are a debt relief agency. We help people file for Bankruptcy relief under the Bankruptcy Code.