{"id":1203,"date":"2019-10-30T16:04:44","date_gmt":"2019-10-30T21:04:44","guid":{"rendered":"http:\/\/www.mankatobankruptcy.com\/blog\/?p=1203"},"modified":"2019-09-26T16:16:13","modified_gmt":"2019-09-26T21:16:13","slug":"mortgage-options-after-bankruptcy-luverne-mn","status":"publish","type":"post","link":"https:\/\/www.mankatobankruptcy.com\/blog\/mortgage-options-after-bankruptcy-luverne-mn\/","title":{"rendered":"Mortgage Options and Rebuilding after Bankruptcy in Luverne, MN"},"content":{"rendered":"

Owning\u00a0a home is a big goal for individuals and families alike. In today\u2019s world, however, buying a home is a difficult process that requires both good credit and a steady income. Unfortunately, those are conditions that many U.S. citizens don\u2019t have in their lives. For many, the prospect of a mortgage isn\u2019t even on the table. Those struggling with severe debts in addition to having a low income don\u2019t have the option to buy a house unless they seek debt relief and take positive action to turn around their finances. Filing for bankruptcy is one option available to anyone qualifying, and with the help of Behm Law Group Ltd., you can file a successful case and begin rebuilding after bankruptcy in Luverne, MN.<\/p>\n

 <\/p>\n

Bankruptcy filing is generally offered to most individuals as a Chapter 7<\/a> liquidation or Chapter 13<\/a>\u00a0reorganization process. This means your debts will either be discharged in exchange for asset liquidation of your non-exempt assets or reorganized into a repayment plan lasting three to five years and suited to your income. No matter which type of bankruptcy you file for, you\u2019ll receive the benefits of debt relief and likely have long-term stability if you are wise with your finances.<\/p>\n

 <\/p>\n

While one effect of bankruptcy is debt relief, the other is a hit to your credit. The benefits of bankruptcy are not<\/u><\/em><\/strong> outweighed by the negative effects on your credit, but it is something you will have to deal with after you file. When it comes to buying a home, for example, you will face varying waiting periods before you can be approved for a mortgage<\/a>.<\/p>\n

 <\/p>\n

Chapter 7 Bankruptcy<\/strong><\/p>\n

After you file for Chapter 7 bankruptcy, you will have to wait two years until you can be considered for Federal Housing Authority (FHA<\/a>) loans. Any other private, conventional mortgage company requires a four-year wait period until it will consider you as a borrower. An FHA loan is offered through a system designed to help consumers struggling to get loans because of poor credit, bankruptcy filings, or other financial problems. FHA mortgages have lower down payments and lower credit score requirements.<\/p>\n

 <\/p>\n

Chapter 13 Bankruptcy<\/strong><\/p>\n

If you file for Chapter 13 bankruptcy, you will have a two-year waiting period for FHA loans if you have made consistent payments on your chapter 13 plan. However, if you have made consistent payments on your chapter 13 plan for one full year, you may apply for an FHA mortgage consideration with the added recommendation and explanation of your case from your bankruptcy trustee.<\/p>\n

 <\/p>\n

For conventional loans, that waiting period is two years after the chapter 13 repayment plan is finished and the case is officially closed. If your case is dismissed for any reason, that waiting period is extended to four years.<\/p>\n

 <\/p>\n

Rebuilding after Bankruptcy<\/strong><\/p>\n

No matter which type of bankruptcy you file for, getting a mortgage afterward requires patience and intelligent planning\/management of your finances. To learn more about filing for and rebuilding your credit after bankruptcy in Luverne, MN, contact Behm Law Group Ltd. at (507) 387-7200<\/a> today.<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

Owning\u00a0a home is a big goal for individuals and families alike. In today\u2019s world, however, buying a home is a difficult process that requires both good credit and a steady income. Unfortunately, those are conditions that many U.S. citizens don\u2019t have in their lives. For many, the prospect of a mortgage isn\u2019t even on the […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[37,3],"tags":[],"aioseo_notices":[],"yoast_head":"\nMortgage Options and Rebuilding after Bankruptcy<\/title>\n<meta name=\"description\" content=\"After filing for bankruptcy in Luverne, MN, learn how that can impact your mortgage options & how Behm Law Group Ltd can help you!\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.mankatobankruptcy.com\/blog\/mortgage-options-after-bankruptcy-luverne-mn\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Mortgage Options and Rebuilding after Bankruptcy\" \/>\n<meta property=\"og:description\" content=\"After filing for bankruptcy in Luverne, MN, learn how that can impact your mortgage options & how Behm Law Group Ltd can help you!\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.mankatobankruptcy.com\/blog\/mortgage-options-after-bankruptcy-luverne-mn\/\" \/>\n<meta property=\"og:site_name\" content=\"Behm Law Group, Bankruptcy Attorneys\" \/>\n<meta property=\"article:published_time\" content=\"2019-10-30T21:04:44+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-09-26T21:16:13+00:00\" \/>\n<meta name=\"author\" content=\"admin\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.mankatobankruptcy.com\/blog\/mortgage-options-after-bankruptcy-luverne-mn\/\",\"url\":\"https:\/\/www.mankatobankruptcy.com\/blog\/mortgage-options-after-bankruptcy-luverne-mn\/\",\"name\":\"Mortgage Options and Rebuilding after Bankruptcy\",\"isPartOf\":{\"@id\":\"https:\/\/www.mankatobankruptcy.com\/blog\/#website\"},\"datePublished\":\"2019-10-30T21:04:44+00:00\",\"dateModified\":\"2019-09-26T21:16:13+00:00\",\"author\":{\"@id\":\"https:\/\/www.mankatobankruptcy.com\/blog\/#\/schema\/person\/27775d5cd5fffe036851c367ff1f054b\"},\"description\":\"After filing for bankruptcy in Luverne, MN, learn how that can impact your mortgage options & how Behm Law Group Ltd can help you!\",\"breadcrumb\":{\"@id\":\"https:\/\/www.mankatobankruptcy.com\/blog\/mortgage-options-after-bankruptcy-luverne-mn\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.mankatobankruptcy.com\/blog\/mortgage-options-after-bankruptcy-luverne-mn\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.mankatobankruptcy.com\/blog\/mortgage-options-after-bankruptcy-luverne-mn\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.mankatobankruptcy.com\/blog\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Mortgage Options and Rebuilding after Bankruptcy in Luverne, MN\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.mankatobankruptcy.com\/blog\/#website\",\"url\":\"https:\/\/www.mankatobankruptcy.com\/blog\/\",\"name\":\"Behm Law Group, Bankruptcy Attorneys\",\"description\":\"Bankruptcy News & Recent Cases\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.mankatobankruptcy.com\/blog\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.mankatobankruptcy.com\/blog\/#\/schema\/person\/27775d5cd5fffe036851c367ff1f054b\",\"name\":\"admin\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.mankatobankruptcy.com\/blog\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/ee885af9f484d90892aa7c3a7b9de0ce?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/ee885af9f484d90892aa7c3a7b9de0ce?s=96&d=mm&r=g\",\"caption\":\"admin\"},\"url\":\"https:\/\/www.mankatobankruptcy.com\/blog\/author\/admin\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Mortgage Options and Rebuilding after Bankruptcy","description":"After filing for bankruptcy in Luverne, MN, learn how that can impact your mortgage options & how Behm Law Group Ltd can help you!","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.mankatobankruptcy.com\/blog\/mortgage-options-after-bankruptcy-luverne-mn\/","og_locale":"en_US","og_type":"article","og_title":"Mortgage Options and Rebuilding after Bankruptcy","og_description":"After filing for bankruptcy in Luverne, MN, learn how that can impact your mortgage options & how Behm Law Group Ltd can help you!","og_url":"https:\/\/www.mankatobankruptcy.com\/blog\/mortgage-options-after-bankruptcy-luverne-mn\/","og_site_name":"Behm Law Group, Bankruptcy Attorneys","article_published_time":"2019-10-30T21:04:44+00:00","article_modified_time":"2019-09-26T21:16:13+00:00","author":"admin","twitter_misc":{"Written by":"admin","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.mankatobankruptcy.com\/blog\/mortgage-options-after-bankruptcy-luverne-mn\/","url":"https:\/\/www.mankatobankruptcy.com\/blog\/mortgage-options-after-bankruptcy-luverne-mn\/","name":"Mortgage Options and Rebuilding after Bankruptcy","isPartOf":{"@id":"https:\/\/www.mankatobankruptcy.com\/blog\/#website"},"datePublished":"2019-10-30T21:04:44+00:00","dateModified":"2019-09-26T21:16:13+00:00","author":{"@id":"https:\/\/www.mankatobankruptcy.com\/blog\/#\/schema\/person\/27775d5cd5fffe036851c367ff1f054b"},"description":"After filing for bankruptcy in Luverne, MN, learn how that can impact your mortgage options & how Behm Law Group Ltd can help you!","breadcrumb":{"@id":"https:\/\/www.mankatobankruptcy.com\/blog\/mortgage-options-after-bankruptcy-luverne-mn\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.mankatobankruptcy.com\/blog\/mortgage-options-after-bankruptcy-luverne-mn\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.mankatobankruptcy.com\/blog\/mortgage-options-after-bankruptcy-luverne-mn\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.mankatobankruptcy.com\/blog\/"},{"@type":"ListItem","position":2,"name":"Mortgage Options and Rebuilding after Bankruptcy in Luverne, MN"}]},{"@type":"WebSite","@id":"https:\/\/www.mankatobankruptcy.com\/blog\/#website","url":"https:\/\/www.mankatobankruptcy.com\/blog\/","name":"Behm Law Group, Bankruptcy Attorneys","description":"Bankruptcy News & Recent Cases","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.mankatobankruptcy.com\/blog\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.mankatobankruptcy.com\/blog\/#\/schema\/person\/27775d5cd5fffe036851c367ff1f054b","name":"admin","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.mankatobankruptcy.com\/blog\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/ee885af9f484d90892aa7c3a7b9de0ce?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/ee885af9f484d90892aa7c3a7b9de0ce?s=96&d=mm&r=g","caption":"admin"},"url":"https:\/\/www.mankatobankruptcy.com\/blog\/author\/admin\/"}]}},"_links":{"self":[{"href":"https:\/\/www.mankatobankruptcy.com\/blog\/wp-json\/wp\/v2\/posts\/1203"}],"collection":[{"href":"https:\/\/www.mankatobankruptcy.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.mankatobankruptcy.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.mankatobankruptcy.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.mankatobankruptcy.com\/blog\/wp-json\/wp\/v2\/comments?post=1203"}],"version-history":[{"count":1,"href":"https:\/\/www.mankatobankruptcy.com\/blog\/wp-json\/wp\/v2\/posts\/1203\/revisions"}],"predecessor-version":[{"id":1204,"href":"https:\/\/www.mankatobankruptcy.com\/blog\/wp-json\/wp\/v2\/posts\/1203\/revisions\/1204"}],"wp:attachment":[{"href":"https:\/\/www.mankatobankruptcy.com\/blog\/wp-json\/wp\/v2\/media?parent=1203"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.mankatobankruptcy.com\/blog\/wp-json\/wp\/v2\/categories?post=1203"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.mankatobankruptcy.com\/blog\/wp-json\/wp\/v2\/tags?post=1203"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}