There is not a rule in place that excludes you from getting a certain type of loan because you’ve gone through a bankruptcy or are in process of paying into a bankruptcy. As long as you meet the appropriate waiting period based on your other qualifying factors, you’re free to apply for any type of loan after or during a bankruptcy.

Check with a knowledgeable loan advisor today to explore options with the type of bankruptcy you experienced.


What is mortgage forbearance?

Mortgage forbearance is a process of temporarily pausing or lowering payments on an outstanding mortgage. It occurs when your mortgage servicer or lender allows you to pause or reduce your payments for a limited and prespecified period of time. A forbearance agreement with the lender, they are instead given the opportunity to pay back the paused amount in full after the forbearance period ends.

A homeowner has the option to apply for a refinance only after completing their forbearance and only if they can make a certain number of on-time monthly payments first. As long as you have made the necessary number of required payments though, you may be eligible to apply to refinance with your lender.


Unexpected events can lead to late mortgage payments.  Whether you have a 1×30, 1×60 or 1×90 you are still eligible to apply for a mortgage.  Your loan officer can work with you to determine the best loan solution for you.


Collections over two years do not need to be paid.


A land contract records the terms of a sale between and seller and buyer as an alternative to traditional financing. This option is typically elected when a buyer is not able or unwilling to qualify for a traditional mortgage option. Land contracts are usually recorded in the county where the property is located, this is not always the case. Some jurisdictions do not require land contracts to be recorded. If your land contract is not recorded it is still an enforceable contract and can be used to refinance the property into your name.

A lease option is different from a land contract. A lease option is a lease or rental agreement with the option to purchase the property for a fixed price or a price to be determined at the time the option is exercised. Lease payments are made to the landlord. It is always important whenever you are renting to ensure you can document your lease payments by cashed check or via your bank statements.

A contract for deed is when the seller transfers possession of the property to a buyer. The two parties agree on a purchase price, the down payment, the interest rate and the amount of each monthly payment, and the length of time within which the purchase will be completed. The buyer then takes possession of the property, but the seller retains the home’s title until the final payment has been made and the sale is fully executed.

More Nontraditional Loans

See How We Can Help!