There was a time when it was possible to acquire a mortgage shortly after filing for Chapter 7 bankruptcy, but with the shifts in the financial sector, the timeline on such a mortgage approval has changed in recent years. If you’re currently undergoing a Chapter 7 bankruptcy and are wondering how this will impact home ownership, here are the basics on this type of bankruptcy and what it may mean for you.
What Is Chapter 7?
While a Chapter 13 bankruptcy is the kind of financial situation that requires debt repayment, Chapter 7 is different in that it involves the liquidation of an individual’s personal assets to pay back the debt that is owed. A trustee will be designated to take care of the bankruptcy process, but a Chapter 7 bankruptcy will remain on your credit report for 10 years and have a negative impact on your credit score, which can mean increased interest rates on a mortgage down the road.
Re-Building Your Credit Score
The most important step to obtaining a mortgage following a Chapter 7 bankruptcy is keeping on top of your credit. Because your credit score will be lowered and bankruptcy will remain on your report for a long time, paying all of your bills on time in full and ensuring every aspect of your financial health is in check is of primary importance. Since most lenders will not even consider your application if you’re delinquent with payments, impeccable form is necessary in this case.
The Timeline On A Mortgage
According to the Federal Housing Administration (FHA), anyone applying for a mortgage must wait a minimum of two years after the discharge date of their Chapter 7 bankruptcy, which is the date they are cleared of obligation to their debt. While this is good news for those who want to apply for a mortgage in the near future, it’s important that a good credit history is developed and all FHA requirements are met to ensure approval.
Filing for Chapter 7 bankruptcy can be a hard financial pill to swallow, but by keeping your credit history in check for the duration of the 2-year period, you can be well on your way to a mortgage approval. If you’re planning on being in the market for a home in the near future, contact me to get on the track to home ownership – J.P. Cook – 602-320-4253.
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1495 N Casa Grande Avenue
Casa Grande, AZ 85122
$475,000
5
Beds
3
Baths
3,100
SqFt
Status
Active
MLS #
6655657
Property Type
Single Family Residence
Price Type
--
RARE FIND! Fully Remodeled - 5 Bedroom, 3 Bathroom - with FINISHED BASEMENT. This ONE-OF-A-KIND Casa Grande home features an OVER-SIZED LOT with WORKSHOP and RV GATE ACCESS/PARKING. Bring your Trucks, Toys, and Trailers - this Property has NO HOA! This unique Property has been fully updated - including: NEW FLOORING, NEW KITCHEN, NEW & UPDATED CABINETS, NEW BUTCHER BLOCK COUNTER-TOPS, NEW APPLIANCES, UPDATED WINDOWS & NEW SUN SCREENS, NEW DOORS, UPDATED PEX/PLUMBING, NEW TOILETS, FRESH INTERIOR/EXTERIOR PAINT, AND MORE! Call for your tour today!
3401 N 70th Avenue
Phoenix, AZ 85033
$475,000
4
Beds
2
Baths
2,072
SqFt
Status
Active
MLS #
6655663
Property Type
Single Family Residence
Price Type
--
This charming residence featuring a convenient RV gate & a 2-car garage in the Solar One Community is the one you've been waiting for! Prepare to be impressed by a spacious interior showcasing gleaming wood-look floor, designer color palette throughout, plantation shutters, striking vaulted ceilings, & a lovely fireplace perfect for spending cozy nights at home. The well-appointed kitchen boasts built-in appliances, pendant lighting, & wood cabinetry providing ample storage for your kitchen utensils. The primary bedroom offers a generously sized closet & a private bathroom complete with dual sinks. Discover the fabulous backyard including a full-length covered patio, a gazebo, built-in BBQ, & a relaxing fireplace! Don't miss out on this one!
19832 N 95th Avenue
Peoria, AZ 85382
$475,000
2
Beds
2.5
Baths
2,147
SqFt
Status
Active
MLS #
6658696
Property Type
Single Family Residence
Price Type
--
Welcome to the vibrant Westbrook Village lifestyle where you can enjoy all the amenities offered within the community! This home sits on an oversized corner-lot, where you can enjoy the tranquil backyard with a golf course view & orange trees. Enjoy sitting outside with an extended covered patio & plenty of seating areas. Inside, discover vaulted ceilings, archways, plantation shutters & a mix of tile & carpet flooring. Entertain in the spacious living and dining areas or unwind in the cozy family room with a fireplace & wet bar. The bright kitchen offers built-in appliances, a breakfast bar & an eating area overlooking the backyard. Retreat to the main bedroom featuring patio access, dual sinks, a large walk-in shower & a walk-in closet. This house is ready to be made into your home!
25919 W Lone Cactus Drive
Buckeye, AZ 85396
$475,000
4
Beds
3.5
Baths
2,821
SqFt
Status
Active
MLS #
6658499
Property Type
Single Family Residence
Price Type
--
Beautiful spacious home now available in the Festival Foothills community! This gorgeous community welcomes you with its charming family feel. With an onsite K-8 school and endless amenities including parks, soccer fields, playgrounds, and splash pads, this is a place you and your family can call home. This home includes a 3-car tandem garage, an amazing open floorpan, TWO master bedrooms both with walk-in closets and full bathrooms, high ceilings & tons of natural light. The impressive kitchen has granite countertops, lots of cabinetry, recessed lighting, a pantry, and an island w/breakfast bar. Upstairs you will find a large loft for a TV area and a double-door den for an office. Out the back, you have a covered patio & so much potential for your creative touch.
5231 E Red Bird Lane
San Tan Valley, AZ 85140
$475,000
4
Beds
2.5
Baths
2,135
SqFt
Status
Active
MLS #
6685418
Property Type
Single Family Residence
Price Type
--
Welcome to your dream home nestled just moments away from the vibrant heart of San Tan Valley. This exquisite custom residence radiates sophistication and meticulous craftsmanship, evident from the moment you set eyes on its captivating curb appeal. The front yard, ensconced within a charming fence and gated entry, sets the tone for the luxury that awaits within. Step inside to discover a modern oasis adorned with tasteful accents and premium finishes. The interior exudes elegance with its contemporary and neutral palette, complemented by sleek ceramic tile flooring that seamlessly flows throughout the home. As you enter the living room, your gaze is drawn upward to the enchanting tray ceiling, equipped with pre-wired surround sound, perfect for immersive entertainment experience The heart of the home, the spacious kitchen, beckons with its seamless integration into the living space. Custom kitchen cabinets, adorned with white quartz countertops, provide both functionality and style, while state-of-the-art Samsung appliances, including a refrigerator, dishwasher, microwave, washer, and dryer, elevate the culinary experience. Plantation shutters adorn every window, adding a touch of elegance and privacy to each space. Elevated ceilings grace the main living areas, soaring to 10 feet, enhancing the feeling of openness and grandeur. Retreat to the master en suite, where relaxation awaits in the luxurious soaking tub, surrounded by pristine white quartz countertops and custom mirrors. Outside, the delights continue with an RV gate and ample space for recreational vehicles and toys, ensuring endless outdoor adventures. A sprawling covered patio, adorned with cooling fans, invites al fresco dining and leisurely gatherings, while a meticulously crafted pavered area awaits your grill for memorable barbecue nights under the stars. With attention to detail evident at every turn, this stunning home offers a lifestyle of unparalleled luxury and comfort. Don't miss the opportunity to make this exquisite sanctuary your own.
9455 E Raintree Drive
Scottsdale, AZ 85260
$475,000
3
Beds
2
Baths
1,509
SqFt
Status
Active
MLS #
6671237
Property Type
Apartment
Price Type
--
HUGE PRICE REDUCTION! Great Opportunity !! Ground Floor End Unit in Ladera Vista Condos. Remodeled Kitchen: Quartz Countertops, Marble Backsplash, Cherry Wood Cabinets, 20''x20'' Tile Floors, Pantry with Pull-Out Drawers, SS Appliances. Remodeled Master & Hall Baths. Enjoy the Rain Shower Head in Master! 3rd Bed used as a Den., no closet. Newer HVAC & Hot Water Heater. NO Carpet - all Hard Floor Surfaces. Natural Lighting from Many Windows and Sliders. Two patios for Easy Relaxing Times. Appliances Stay. Cute Ceiling Fans, too. Assigned Covered Parking is located directly by the Front Door. Gated Community with Heated Community Pool & Spa. Ladera Vista is close to AJ's, Starbucks, restaurants, golf, hiking, Westworld, 101 & so much more.
18712 W Georgia Avenue
Litchfield Park, AZ 85340
$475,000
3
Beds
2.5
Baths
2,140
SqFt
Status
Active
MLS #
6678570
Property Type
Single Family Residence
Price Type
--
Welcome to the beautiful community of Zanjero Trails, featuring real grass, parks and trees, top schools zoning, with easy access to the I-10 or 303. Close to Grocery, gas, dining, coffee shops and more. As you step inside, the spacious entryway with tray ceilings and Luxury Vinyl Plank Flooring are sure to impress. Enjoy the open concept living with grand living room, dining off kitchen where you'll love the massive 10' Island, custom tile backsplash, and quartz counters. A custom accent wall adds charm, while the nearby office with French doors offers a quiet workspace. The owner's suite boasts dual square sinks, a garden tub, and a large shower. Every bedroom includes a walk-in closet for ample storage and ceiling fans. Step out into your finished backyard, north facing for ample shade with an oversized covered patio, completed with custom turf and pavers, gazebo, firepit, mountain views and a 4' side gate creating extra space between your only neighbor as you are on the coveted corner lot. You'll love the 3-car tandem garage for all your toys, bikes and golf cart, plus overhear storage for seasonal items and luggage in between your worldly travels .
14827 N 29th Drive
Phoenix, AZ 85053
$475,000
3
Beds
2
Baths
1,825
SqFt
Status
Active
MLS #
6662561
Property Type
Single Family Residence
Price Type
--
This desert-landscaped, corner property is an oasis with style, location & value! Featuring 2 RV gates, 2 car tandem garage w/attached shelves & extra storage/work space. The charming interior boasts spacious living areas w/natural & recessed lighting, cozy fireplace, both tile & laminate flooring. The kitchen includes an electric cooktop, wall oven, granite counters, track lighting, & breakfast bar. Main bedroom offers private backyard access & mirrored door closets. Both baths flaunt travertine tile throughout. The home's elegance extends outdoors to the remarkable 60 ft travertine covered patio, outdoor kitchen, RV parking, doggie door to fenced side yard, & refreshing pool & fountain. Quiet neighborhood yet close to I-17 access, shopping, dining & 15 mins from downtown. Make it yours!
17626 W Calistoga Drive
Surprise, AZ 85387
$475,000
2
Beds
2
Baths
2,019
SqFt
Status
Active
MLS #
6668023
Property Type
Single Family Residence
Price Type
--
Beautiful Sierra, boasts private covered patio with N/S exposure, GUTERS ON FRONT, Neutrally decorated, newer HVAC,Large MBR, 2 sinks in master bath, tile & carpet in all the right places, extended breakfast nook w/bay window. DEN HAS A BUILT IN CLOSET. Could be considered a 3rd bedroom, Extended garage with SEPARATE MITSUBISI HEATING & COOLING SYSTEM , newer HVAC,. This is a must see property!
5743 W Illini Street
Phoenix, AZ 85043
$475,000
3
Beds
2.5
Baths
2,277
SqFt
Status
Active
MLS #
6667151
Property Type
Single Family Residence
Price Type
--
MUST SEE! Highly upgraded 2021 home with spacious 2,277 sf floor plan has 3 bedrooms, a loft and a front den/office space. Kitchen has highly upgraded quartz countertops, gas range, touch sensor faucet, walk-in pantry, pull-out garbage and some cabinets have pull out drawers. Master suite is split from other bedrooms and has a large walk in closet, bathroom with separate tub/shower and water closet. All bedrooms have walk in closets. The backyard is low maintenance synthetic grass with pavers ready for a grill or firepit area and a covered patio. Wood look blinds downstairs and shades upstairs. Water softener loop and hot water heater located in extended area of the garage. Easy access to the 202 and I-10. Community pool, playground and walking paths. Don't miss this one!
7790 W Emerson Drive
Kirkland, AZ 86332
$475,000
3
Beds
3
Baths
2,593
SqFt
Status
Active
MLS #
6668827
Property Type
Single Family Residence
Price Type
--
This ranch-style hilltop home has million dollar, panoramic views for miles, nearly 7 acres of fenced and gated land, outbuildings, and potential guest house! You will love your full views of both sunrise and sunset, as well as the vast and powerful mountain ranges that fill the horizon. The peace and privacy you will find while listening to the abundant wildlife is unmatched. All your toys and hobbies will find a home on this perfectly situated property on the paved county road. The home is nearly 2600 sqft - with 3 large bedrooms, 2 bonus rooms, 3 full baths, an open kitchen with pantry, plenty of cabinet space, dining room, living room, and huge climate controlled laundry room that can double as an office, media room, or bonus space. Add to that a large attached 2-car Garage that has tons of extra space with shelves and built-in counters, well house and well equipment, detached exterior 16x12 shed (included with full-price offer only), and 600 sqft storage building with the potential to become a guest house or rental. New roof, updated flooring, and more! see attached docs for a breakdown of upgrades/updates. This town is a well-kept Prescott area secret! This peaceful location will allow you to take a deep breath and reset! 25 minutes (17 miles) from downtown Prescott and less than an hour from Wickenburg. If you are looking for rural yet convenient, don't overlook Wilhoit!
20725 W Colter Street
Buckeye, AZ 85396
$475,000
2
Beds
2
Baths
1,581
SqFt
Status
Active
MLS #
6673074
Property Type
Single Family Residence
Price Type
--
Tenant Occupied until May 20th. This Villa is a great full-time residence, or lock and leave, or an investment property generating $20K NET income per year. Villa is situated on an elevated lot with charming tree-lined walking pathway. Mountainside is the only gated community in Victory (55+), featuring private pool and social areas for residents. Enjoy the gourmet kitchen complete with designer-selected features from top to bottom including stainless appliances. You'll appreciate the 10' ceilings and abundant natural light. The family room has large dual pane low E 3 energy efficient picture windows looking out onto your private outdoor paver patio. An oversized super shower and upgraded surfaces highlight the spa-like owners bath. Two bedrooms AND office/den w French doors.
