Securing a mortgage can be a daunting task, and it becomes even more challenging when you’re in the midst of a Chapter 13 bankruptcy. Yet, don’t lose hope, as there are professionals who specialize in helping individuals through these tricky financial waters. In Las Vegas, two key players stand out in this regard: Aquino Capital Group LLC, powered by NEXA Mortgage, and the Law Office of Erik Severino. In this blog post, we will discuss the intricacies of obtaining a mortgage during Chapter 13 bankruptcy in Las Vegas and how these two entities can help you achieve your homeownership dreams.

One of the pressing questions that arise after declaring bankruptcy is about homeownership. Can one get a mortgage after a Chapter 13 bankruptcy? The answer, in short, is yes, but it comes with caveats and requires an understanding of the entire process.

1. Understanding Chapter 13 Bankruptcy

Before diving into the nuances of securing a mortgage post-bankruptcy, it’s vital to understand Chapter 13 bankruptcy itself.

Chapter 13, unlike Chapter 7, allows debtors to retain their property and pay off their debts over an extended period. This type of bankruptcy can be especially beneficial for those trying to prevent foreclosure on their homes, as it halts the foreclosure process, and the debtor can make mortgage payments during the repayment plan.

2. The Waiting Period

For most mortgages, there’s a mandatory waiting period after a bankruptcy. The length of this period can vary based on the type of loan and lender. Here’s a brief overview:

3. Rebuilding Credit

After bankruptcy, rebuilding credit becomes paramount. Mortgage lenders will be scrutinizing your credit report and score to determine your creditworthiness. Here are some steps to consider:

4. Loan Pre-Approval

Once your waiting period is over and you’ve worked on rebuilding your credit, it’s wise to seek pre-approval for a mortgage. This will give you a clear picture of what you can afford and shows sellers that you’re a serious buyer.

5. Down Payment and Terms of Loan

Post-bankruptcy, you might find that mortgage lenders expect a larger down payment or may offer less favorable loan terms. This is because, from the lender’s perspective, lending to someone with a bankruptcy history carries a higher risk. Be prepared to shop around and negotiate terms.

6. Consider Working with a Mortgage Broker

Mortgage brokers have extensive networks and can connect you with lenders more open to working with post-bankruptcy clients. They can also provide guidance on improving your application to increase your chances of approval.

Aquino Capital Group LLC: Your Trusted Mortgage Partner

When it comes to navigating the complex landscape of obtaining a mortgage during a Chapter 13 bankruptcy in Las Vegas, Aquino Capital Group LLC, powered by NEXA Mortgage, shines as a beacon of hope for those looking to secure financing.

7. Understand the Market

The housing market can be volatile, with prices fluctuating based on a myriad of factors. It’s crucial to have a clear understanding of the market conditions when you’re ready to buy. This will ensure that you’re making a sound investment and not overpaying for a property.

8. Consult with Professionals

It might be beneficial to consult with financial advisors or bankruptcy attorneys such as Erik Severino, who can provide insights and advice tailored to your specific situation. They can offer strategies that might not be immediately apparent to someone not immersed in the field.

Why Aquino Capital Group?

Aquino Capital Group LLC is a reputable mortgage broker in Las Vegas, with a strong track record of assisting clients in unique financial situations, including those undergoing Chapter 13 bankruptcy. They understand the intricacies of bankruptcy proceedings and have the expertise needed to guide you through the mortgage application process.

Here are some of the key reasons why Aquino Capital Group LLC is the ideal partner during your journey towards homeownership in Las Vegas:

The Law Office of Erik Severino: Your Legal Ally

The legal expertise of the Law Office of Erik Severino is invaluable for individuals navigating Chapter 13 bankruptcy in Las Vegas. Erik Severino is a bankruptcy attorney who specializes in helping clients emerge from their financial troubles, and his guidance can significantly enhance your prospects of securing a mortgage.

Here’s why the Law Office of Erik Severino is a vital ally during your Chapter 13 bankruptcy journey:

The Mortgage Application Process During Chapter 13 Bankruptcy

Obtaining a mortgage during Chapter 13 bankruptcy involves several critical steps. Aquino Capital Group LLC and the Law Office of Erik Severino can guide you through this complex process:

Emerging from a Chapter 13 bankruptcy can be daunting, especially when considering big financial steps like securing a mortgage. However, with patience, diligence, and the right strategies, it’s entirely possible to navigate the post-bankruptcy waters and achieve homeownership once again.

Remember that every individual’s financial situation is unique, so it’s essential to approach this journey equipped with knowledge, professional advice, and a clear understanding of your personal and financial goals. With time and effort, the dream of owning a home after bankruptcy can become a reality.

Aquino Capital Group
The Aquino Capital Group empowered by NEXA Mortgage LLC founded by brothers Nick and Michael Aquino, has a goal and mission to provide a level of service that is second to none.
Company NMLS: 1877202
Equal Housing Lender
Contact Us
9805 W. Post Rd
Suite 220
Las Vegas, NV 89148
(800) 846-0729
Helpful Links
Freddie MacFannie Mae
Aquino Capital Group LLC empowered by NEXA Mortgage LLC, NMLS # 1660690
Corporate Address 3100 Ray Rd Suite 201 Office # 209| Chandler, Arizona 85226
Company NMLS 1660690| Branch NMLS 1877202| Company State License # AZMB-0944059, Branch 8905 W. Post Rd, Suite 220 Las Vegas, Nevada 89148

The content provided within this website is presented for information purposes only. This is not a commitment to lend or extend credit. Information and/or dates are subject to change without notice. All loans are subject to credit approval. Other restrictions may apply. Mortgage loans may be arranged through third party providers.