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SpinDistribute.com Article Directory

The following article was published in our article directory on May 22, 2012.
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Albuquerque Home Loans and Bankruptcy Mortgage Relief

Article Category: Real Estate

Author Name: Wes Moore

Bankruptcy mortgage relief is actually not the most appealing resolution to settling Albuquerque home loans. This is simply due to the fact that it only offers a very small amount of protection to the borrower. It would be as if the borrower is going to face all the possible ramifications of bankruptcy without aid to cushion its effects on his credit score.

Of course, we can only do so much to persuade people not to opt for Bankruptcy mortgage relief. There are two ways in order to proceed with this. A homeowner or borrower can file either a Chapter 13 debt repayment plan or a Chapter 7. Whether you choose one option or the other will depend on your state's bankruptcy laws.

When a borrower files a Chapter 7 under the state's bankruptcy laws, it will generally oblige the individual to surrender the property in question to one of the agencies that is responsible for such cases. Well, most of the time a borrower will have to surrender the said property to a bankruptcy court.

Conversely, when one files a Chapter 13 debt repayment plan, the borrower will have to commit to spreading out all delinquent payments over a number of months until the entire debt amount and all other necessary fees have been paid in full. Now, do take note that this is the equivalent of a short walk in the park - it will take a few months at least up to a number of years into the future.

Now, if you're actually looking for a way to change the proceedings or few stipulations in the mortgage agreement or contract then this is not the way to do it. You'll be better off with a loan modification program instead. Always remember that bankruptcy mortgage relief currently has no extant proceedings that will modify any of the agreed upon terms in anyone's home loans in the United States.

When to Get the Next Home after Filing Bankruptcy

According to the current guidelines provided by Fannie Mae & Freddie Mac, there is a stipulated waiting period before anyone who has filed a Chapter 7 bankruptcy. This waiting period will last a total of four years starting from either one's discharge date or the dismissal date. In case one files for bankruptcy due to extenuating circumstances then the waiting period is only two years.

Take note that filing a Chapter 13 bankruptcy will require a totally different waiting time for the borrower who filed it. A Chapter 13 bankruptcy will have a waiting time of four years from the dismissal date or a couple of years from the discharge date. Unfortunately, Chapter 13 bankruptcy stipulations do not have any exceptions for extenuating circumstances.

Now, take note that the rules say that there is a waiting period of five years from the closest discharge date for anyone who has experienced multiple bankruptcies. In such cases the allowance for extenuating circumstances is three years from the stated dismissal date. Remember these details in case you opt to file for bankruptcy with Albuquerque home loans.

Keywords: albuquerque home loans, albuquerque first time home buyers, albuquerque mortgage loans

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