Written by Canterbury Law Group

Four Tips to Help When You Want to Ask for a Divorce

No matter how much work you put into a marriage, some ultimately will end in divorce. You’ve done everything you can. The two of you have sought out help and done what is asked. In the end though, no matter what you do, the two of you can’t seem to get along.

If the word divorce is going through your mind, it can be a scary topic to discuss. How do you bring it up to your partner without causing a war? There’s no easy way to ask someone for a divorce. With a little bit of preparation and empathy, however, you can bring up the topic without causing too much stress on your partner.

Your divorce attorney in Scottsdale is here to help you with all of your legal matters when ending a marriage.

Prepare Yourself

The first thing you want to do is prepare yourself for the conversation. It would help if you were confident in your decision and that it is the best option for both of you.

Ask yourself why you want a divorce in the first place. Use this reason as a way to explain it to your partner. Then, try and put yourself in his or her shoes and come up with different questions he or she may have. The more answers you have, the better you can explain the situation clearly to your partner.

Talk in an Appropriate Environment

There are a time and a place for having a conversation about divorce. Timing is crucial when delivering this type of news. Of course, there is no perfect time for having a conversation about divorce. There are though, times that are more appropriate than others.

You wouldn’t’ want to bring up a divorce if your partner recently underwent a stressful situation or had some kind of trauma. That could make an already stressful situation even worse.

Choose a place that is private and where there are minimal distractions and stressors. The more calming and comfortable the environment is, the better chance you have for the discussion to go more smoothly.

Own Your Decision

Unless this isn’t the first time the word divorce has come up, your spouse is likely to feel caught off guard. How you deliver the message will determine the rest of the conversation.

You want to own your decision. Be clear that you have made up your mind and that this is what you want. Be firm as you talk, yet gentle and empathetic towards your partner. Being rude and getting upset will only make things worse.

Get Professional Help

After the divorce conversation, there will be many emotions between the two of you. The best way to handle them is for each of you to seek out professional help. Speaking with a divorce coach or a counselor will help you deal with your emotions and heartbreak so that you can move forward with the process in a healthy way.

There is no easy way to ask your spouse for a divorce. However, they cannot force you to remain married if you want out.  Either spouse can seek divorce at any time.  However, you can prepare yourself for the conversation. Keep your partner’s emotions in mind when delivering the news. Try and put yourself in his or her shoes so you can understand how they might react. The more peaceful the conversation, the better off everyone will be.  They deserve care and respect, they were once your life partner.

Written by Canterbury Law Group

3 Reasons You Should Get a Prenuptial

While prenuptial agreements are largely popular amongst the rich and famous, average people really ought to consider prenups as well.

Depending on your financial status and ongoing relationship, signing a prenup might be a very, very good decision. Divorce lawyers in Scottsdale recommend the following three reasons to sign a prenup before your wedding day.

CHILDREN

If either you or your spouse has children from a different relationship, it’s critical to sign a prenup to ensure that they will be taken care of in the event of divorce or death. As of 2013, 4 out of 10 marriages included at least one person who had been in a previous marriage.

With a prenup, assets are protected, and an estate plan is carefully laid out for children. Ultimately, you need to consider whether you’d want your assets going to the surviving spouse or directly to your children from a previous marriage. A will is not enough. You want a prenup to solidify the terms of the will.

DEBT

While prenups oftentimes protect wealth, they can also keep you free from your spouse’s debt. If one or both of you are entering the marriage carrying debt, a prenup will specify who is responsible for paying off the debt both during and after the marriage.

STAY-AT-HOME-PARENT

When one of the parents stays home with children, he/she is saving the family, on average, over $100,000 per year. This is a significant amount of money, considering that with the stay-at-home parent, the work would likely have to be contracted out, which can be costly.

If/when a marriage ends in divorce, there is no real way to identify those savings. This can put the stay-at-home parent in a tough situation. With a prenup, both parties are protected.

As a final note, take time to ensure that your prenup is mutually beneficial. Ultimately, it should be a way to show that you and your spouse truly care about each other.  For more contact our law firm at [email protected]

Written by Canterbury Law Group

Rebuilding Credit After Bankruptcy

Your life doesn’t end when you file for bankruptcy. There are many positives to this, such as having unsecured credit card debt discharged. There are also some negatives, mainly a major blow to your credit score. It’s not impossible to improve a bad credit score once your bankruptcy lawsuit is final.

Here is the good news.  Once your bankruptcy case concludes, you should take a hard look at the current state of your finances. Even if the court discharged some debt, you may have to still repay secured loans under a new payment plan. There may be tax issues to discuss with your bankruptcy lawyer in Scottsdale. More importantly, you should focus on your current credit score. Here are several tips for bringing it back up to what it once was:

Don’t Make the Mistake of Avoiding Credit Cards

Once you have undergone one bankruptcy, it’s easy to think that you will never use another credit card again. But this is usually noted feasible. You will likely need a credit card to improve your credit score. Not having a credit card is similar to having bad credit. A credit score reflects your reliability as a borrower. You can earn it back by proving that you are a responsible borrower to the bank. Therefore, you should keep your credit card or open a new account. However, do make payments on time. Once you keep making payments over time, your credit score would naturally improve.

Focus on Your Credit Utilization Ratio

Credit utilization ratio (CUR) is sometimes called the balance-to-limit ratio. It refers to how much credit you use as opposed to how much is left unused at the end of the month. This little number plays a major role in how fast and effectively your credit score improves. If you have a high utilization rate, this would negatively affect your credit score. If you have a $1,000 limit on your credit card, and if you use all $1,000 to buy things each month, then your CUR would be extremely high, reflected in a bad credit score. Ideally, you should keep your CRU in the 50 to 60 percent range. For the aforementioned credit card, if you were to spend only $500 or $600 a month, you would have a roughly balanced ratio that would work to your advantage.

Pay Off Majority of Credit Card Balances Each Month

Pay at least 75 percent of credit card balances each month. Ideally, you should repay it all back. Maintain your CUR with payments on time. Keep in mind to never max out the credit limit.

Use a Secured Credit Card

A secured credit card is similar to a regular credit card, but there’s a cash collateral required to obtain one. You will receive one of these after making a security deposit. These cards are designed to help those with bad credit gain positive credit scores. Unlike with regular credit cards, banks typically make payment information about secured credit cards available to credit agencies without delay. Therefore, you can rebuild your credit faster with a secured credit card.

It’s also advisable not to borrow money, such as for a loan, until your credit score is at an ideal level. And don’t rush to increase your credit score either, as it can bac-kfire. Develop an actionable strategy that works best for you to gradually improve your credit score after bankruptcy.

Bankruptcy is a bridge to your new future.  Let Canterbury Law Group take you there and create your future!

Written by Canterbury Law Group

Divorce and Taxes in Arizona

The tax season for 2018 starts on January 29. It can be a particularly stressful time, especially now that the national tax laws have changed. If you are in the middle of a divorce or have recently filed for a divorce, this season’s filings can be quite overwhelming. Here is what you should know about divorce and filing taxes in Arizona so that you don’t make a penalty-incurring mistake:

Divorce Attorney Fees are Not Tax Deductible in General

Clients in divorce cases often want to know if attorney fees are tax deductible. Typically, the answer is no. The IRS does allow a minor exception for divorce attorney fees paid during “collection or production of gross income.” This clause doesn’t cover a majority of fees you would pay a divorce attorney. But you can ask your divorce attorney in Scottsdale whether the fees you pay are tax deductible.

Your Filing Status Determines Tax Liabilities

When you file your IRS form, you are given three options to choose from as your civil status: married, single, or head of household. Tax liabilities for each category slightly differs, so the box you check matters a great deal for your individual tax obligations. If the divorce is not yet final, it can be difficult to determine whether to file as a single person or jointly with your soon-to-be-ex. You can consult with a lawyer to decide what to do. Or you could calculate what you owe under all three categories and determine which is most advantageous to you.

Spousal Support and Child Support are Distinct Categories

When filing your taxes, do not confuse alimony or spousal support with child support. Spousal support, which is sometimes referred to as alimony, is paid by one former spouse to another, for the benefit of the recipient. Child support, on the other hand, is paid to an adult who oversees the well-being of a child, but for the direct benefit of the child.

If you are a custodial parent recipient of child support, you don’t have to list it as taxable income. If you are the parent paying child support, you cannot obtain a tax deduction for the amount paid.

Spousal support works the other way. The individual who receives alimony payment must list it as taxable income. The paying spouse can obtain a tax deduction on the alimony payment. Note that the new GOP tax bill made an important change to this provision that will take effect on December 31, 2018. So it won’t affect this tax season but will start next year. Under the new law, alimony tax deduction is eliminated. The tax obligation is reversed. The spouse that pays the alimony will not be able to report a deduction, while the spouse that receives alimony no longer has to report it as taxable income.

Property Division may be Subject to Tax When Sold

When spouses divide property during a divorce, it is not a taxable act under the IRS Code. However, there’s a hidden clause called “tax basis” that might result in a tax payment. Tax basis is the purchase price of a property that is used to determine capital gains tax. Not all properties, such as a residence, incur capital gains tax following a divorce. However, certain property, such as investments, may incur capital gains tax when sold after a divorce.

For the most part, your divorce decree would determine how taxes should be paid for some property categories, such as IRAs.

Written by Canterbury Law Group

Holidays and Parenting Time in Arizona

The end-of- the-year holiday season is typically the biggest time of the year for many families to get together. If the parents are divorced, the Christmas season could bring forth new disputes. It’s very important to protect children from any sort of drama during the holiday weeks, especially when they expect to spend their school vacation enjoying themselves. In Arizona, the divorce decree usually also includes a separate parenting time plan that lays out who time is shared over the holidays.

Holiday Parenting Time Under Arizona Law

The family courts in Arizona have a statutory requirement for divorcing couples with children to provide a holiday schedule. Under A.R.S. §25-403.02 (C), this plan must include a “practical schedule” for how parenting time is allocated during the holidays. There should be specifications for with whom the child would reside, how the child should be transported, and a reconciliation method in case disputes arise.

Parents should specifically arrange a parenting time plan for the year-end holidays. Unlike other vacation times, the November-December period involves many public holidays, seasonal celebrations, and family gatherings. The child might require transportation more so than during other long holidays like the summer vacation. It’s highly recommended that divorcing parents get family law help in Scottsdale to come up with a reasonable plan.

Organizing a Parenting Time Plan for the Holidays

Very generally speaking, parenting plans during the holidays can be developed in three primary ways. First, some parents agree to have the children for Christmas every other year. For example, mom could have the kids for Christmas and Thanksgiving during even years, and dad during the odd years. Some parents divide holiday time evenly during the day. For example, the kids would spend Christmas mornings with mom and the evenings with dad. Other parents designate certain holidays for themselves. For example, the kids may spend every Thanksgiving with mom and Christmas with dad.

Of course, parenting plans can be adjusted according to different religions and cultures. Adjustments can also be made depending on the vacation time the parent gets. However, it’s very important to have the holiday season planned ahead and in writing. The arrangements are ideally made months in advance unless it’s already specified during the finalization of the divorce. But practical concerns do arise every year, so ex-spouse’s with children should make arrangements early.

Be Specific with the Details

More importantly, divorcing parents must make sure the parenting plan is highly specific. For example, separating parents may decide to give mom the kids for Christmas during even years. But that’s a very basic provision. Is “Christmas” limited to just Christmas day? Will the children require transportation from parent to parent? On which day and at what time will the kids be dropped off and picked up again? These specifics should be handled in the parenting plan.

Written by Canterbury Law Group

The Truth about Holiday Season “Bad Credit” Loans

The holiday season is finally over. Among the flurry of deals and discounts consumers typically get when shopping, there are also seemingly lucrative deals for borrowing money. Most consumers use credit cards or otherwise borrow money to spend during the holidays, hoping to pay it all off next year. Not everyone gets their yearly bonus in advance. Arizonians and Americans, in general, have a very complicated relationship with debt. Consumers can be highly unrestrained when it comes to borrowing money. This is why most people still end up with so-called “bad credit” loans that they can’t pay off. Borrowing money when your credit score is already low can send you spiraling straight into a debt trap. Therefore, when you see advertisements for payday loans or bad credit loans, keep the following information in mind:

“Bad Credit” Loans May Come with Sky High-Interest Rates

These bad credit loans are a form of payday loans. Lenders that offer loans like this target borrowers who are ineligible for conventional loans because of existing debt. If a person’s credit score is low, it indicates prior debt problems, and possibly even personal bankruptcy. Legitimate lenders, like banks, do not typically allow people with bad credit to borrow more. Additionally, people with bad credit may have been maxed out of credit cards. So this group of borrowers is desperate and ripe for exploitation.

Loans for borrowers with bad credit are easy to get, but not so easy to pay off. These loans do not typically require collateral but come associated with sky-high interest rates akin to typical payday loans. Unless you pay off one of these loans right away, you may end up with serious debt next year.

What to Do When You Have Too Much Unsecured Debt

If you are nose-deep in debt because of unsecured loans, there are still positives to look forward to. These loans have no associated collateral, so you don’t have to worry about losing a house or a car. If the debt has piled up high and you can no longer afford to pay it all back, then you can consider filing for bankruptcy. Under Chapter 7 bankruptcy law, unsecured debt, including payday loans, can be discharged. Consult a bankruptcy attorney in Scottsdale to know if you are eligible for a Chapter 7 filing.

Bankruptcy is not the only option to consider. Debtors can negotiate with creditors to bring down the interest rate or pay only a part of the loan. If a creditor is verbally abusive towards you demanding payment, you can file a creditor harassment complaint. There are new protections for consumers against loan sharks who mislead borrowers about financial tools like bad credit or payday loans. In these situations, you can find debt relief with legal assistance.

Avoiding Bad Credit Loans in the New Year

You don’t have to file for bankruptcy or hire a lawyer if you are not in debt. Therefore, the best way to avoid being burdened by personal loans in 2018 is not to borrow them in the first place.

If the debt is an issue, don’t borrow more to finance more shopping or vacations. Save money instead. If you are in dire need of credit, consider obtaining a legitimate loan where the interest rate is not so high.

Written by Canterbury Law Group

Do I Become Ineligible for a Home Loan After Filing for Bankruptcy?

Filing for bankruptcy could affect your life in both positive and negative ways. The main negative in declaring bankruptcy is that the debtor’s credit score will take a major hit. While it’s very much possible to restore a bad credit score, many consumers do wonder what it means for immediate financial assistance requirements. For example, if you don’t own a home and have filed for bankruptcy, does that mean you are ineligible for a mortgage now and for how long?

The question is not easy to answer. Personal circumstances and specific situations can matter. It’s best to first get advice from a qualified bankruptcy lawyer in Scottsdale. However, consumers can also get a general idea of obtaining a home loan following bankruptcy by reading this article.

Qualifying for a Home Loan Following Bankruptcy

There are no legal barriers to qualifying for a home loan following a bankruptcy declaration. A lender cannot deny you a mortgage based solely on the fact that you have filed for bankruptcy once. Lenders will use other underwriting factors to determine your eligibility.

A consumer’s ability to get a home loan following bankruptcy is determined largely by the credit score, monthly income, down payment levels and the remaining savings. Keep in mind that mortgage lenders require a down payment on the loan. If you have no trouble paying for the down payment, then you can quite often also qualify for the loan. If not, you should at least be able to pay 20 percent of the down payment right away. The higher the down-payment one can offer a lender, the higher the chance that your mortgage loan will close and fund on the date of purchase.

How Bankruptcy Affects Credit Scores and Eligibility for Home Loans

You should expect your credit to plummet by at least 120 points if you file for bankruptcy. All of the credit monitoring companies scan the bankruptcy dockets every day to watch consumers.  After you are discharged from your bankruptcy case, you will need to soon start rebuilding credit to prevent going into the negatives. If you start repaying remaining debts that survived your bankruptcy, your credit score will rise without a problem. Rehabilitating credit in this manner is the best option you have for being qualified for a subsequent home loan. Even if your credit score is low, if you can show the lenders that it has been improving, then your mortgage application may receive more favorable treatment during the loan application process.

How to Improve Your Chances of Obtaining a Home Loan Following Bankruptcy

First of all, you should take steps to get your credit score back up. If you filed for Chapter 13 bankruptcy, sticking to the monthly court-approved payment plan should do it. Otherwise, you can get a credit card and make timely payments without missing a single payment due.  Pay on time, each and every month.

Start saving. You should certainly expect to spend some time-saving money before you can apply for a mortgage. Let your savings accumulate so you have enough to at least partially cover a down payment. The more savings you have, the better your application will look.   You can get friends or family to help you accumulate down payment funds as well, so long as they are willing to sign off and release those funds to you in writing.

Don’t forget to repay existing loans such as student loans, taxes owned, or child support. Always continue to timely pay your regular bills on time as well.

What matters is that you maintain a good financial profile by not falling back into the previous circumstances that caused you to file for bankruptcy.  Time is your friend.  After a bankruptcy, the longer you have come through and demonstrated a strong credit history and ability to pay—the mortgage lenders will start to consider you again for home mortgage loan qualifications.

Written by Canterbury Law Group

Bankruptcy Exemptions Allowed Under Arizona Law

Arizona bankruptcy law allows for a set of exemptions for assets when filing for personal bankruptcy under any chapter. Exemptions are property the debtor, that is you, can keep when you file for bankruptcy and are later discharged therefrom.

You can only exempt assets specified under the law. There are some debts that are non-dischargeable, or cannot be erased by a judge. Examples of non-dischargeable debt include income taxes owed, student loans, and child support and domestic support obligations. There are much more.

Exemptions apply to single persons or married couples filing for bankruptcy. Married couples who file jointly can claim typically claim all exemptions unless a judge specifies otherwise. Here is a list of notable exemptions under Arizona law:

  • Homestead—Real Property, like a home, where the debtor lives that is worth up to $150,000. Exemptions for sale last 18 months after or until a new property is purchased. A married couple cannot double the exemption up to $300,000 however.
  • Personal property like furniture, vehicles worth less than $6,000, family portraits, electronic gadgets, rugs, bank deposits up to $150, books, and so on that are worth up to $4,000. A married couple can double personal property exemptions.
  • Insurance proceedings such as group life insurance policies, fraternal benefit society proceeds, disability benefits, health insurance claims, and life insurance cash value up of total $25,000 (up to $1,000 per person, or $2,000 per dependent). A married couple can double life insurance value exemptions.
  • Earnings of a minor child.
  • Business or partnership property.
  • Various types of pensions, such as ERISA, 401ks, the board of regents members, IRAs, government worker pensions such as those for firefighters and state employees.
  • Public benefits received such as unemployment benefits, worker’s compensation, and welfare.
  • Value of tools of the trade such as arms, farm machinery, uniforms, teaching aids, and seeds, animal feeds, and so on.
  • Unearned wages for about 75 percent, payment pensions, and other forms of wage income.

The above is just a summary of exemptions. You can ask your bankruptcy attorney in Scottsdale for detailed clarifications. Some exemptions have value limits that you need to get clarified. Married couples can double on some exemptions, but not others.

Exemption limits also apply to equity debtors may have on their real property. Equity is defined as the difference between what the debtor owes on the real property and the actual value of the real property. For example, if you took out a $200,000 mortgage on a house worth $300,000 you would have $100,000 equity in the home.

Some equity is covered by exemptions, so the debtor can repay a previous loan. If the exemption doesn’t cover all of the property, then the appointed trustee can liquidate the asset and distribute the profits. However, remember that not all properties are exempt. You can still keep property without exemption by paying the trustee value of the property.

In addition to the above, there could be federal exemptions for which you are eligible. The federal exemptions are in addition to your Arizona exemptions. In the end, you should contact a lawyer to check out your eligibility for federal exemptions.

Written by Canterbury Law Group

How to Obtain a Divorce When Your Spouse Won’t Agree

The Scottsdale divorce lawyers at Canterbury Law Group have represented hundreds of clients in Scottsdale divorce cases. Although every case is unique, often we see one spouse refusing divorce. No one can stop you from getting a divorce if you want one, with the possible exception of the court. If you don’t follow proper legal procedure, a judge can deny your divorce, forcing you to start over. However, your spouse can’t stop you, but she or he can complicate the process.

Here are steps in getting a divorce, even when your spouse will not agree:

  • 1. Any reason is sufficient to file for divorce. Contrary to popular belief, neither spouse needs an reason or grounds for seeking to terminate the marriage. As a “no fault” state, Arizona courts and judges are actually prohibited from inquiring into the romantic issues of either spouse during the trial or otherwise. Put another way, it does not matter how you got here, you have a legal right to divorce if and when you are ready.
  • 2. Research the rules for service of process in your state. Make sure you understand exactly what you have to do to ensure that your spouse legally receives a copy of your divorce petition after you file it. If you err, your spouse can say they were not properly served and block your divorce proceedings. You could still get a divorce, but you’d have to start the process all over again. Do it right the first time and have them served by a licensed process server.
  • 3. Wait out the period of time your spouse has to answer your divorce petition. If he/she files a response with the court, you’ll probably have to resolve your divorce by trial or mutual consent; some spouses won’t agree to a settlement if they don’t want the divorce in which case you are forced to trial and the judge makes all final decisions of equitable distribution.
  • 4. Prepare for a Default Judgment Hearing if your spouse does answer your divorce petition. Even assuming your spouse “no-shows” on the case, after a certain number of days have elapsed, and assuming you properly served your opponents, you can petition the Court in writing to procure a Default Judgment of Divorce wherein all items requested in your original petition and can and typically is granted by the Court assuming no defense or response is ever tendered by your opponent. In the end you’ll be divorced and he or she will have never set foot in a court of law.

The Scottsdale divorce attorneys at Canterbury Law Group have represented women and men, young and old, in their complicated divorce cases. To discuss your options in a Scottsdale divorce, call today to schedule a consultation. 480-240-0040

Written by Canterbury Law Group

Mortgage Financing After a Life Changing Event

Bankruptcy, foreclosure and other life events are bumps on the road to sustainable homeownership. With the recent events of the housing bubble and subsequent crash, many people may want a second chance to be homeowners. These “Boomerang Buyers” (a term often used to describe people who had to rent post-2008 but are returning to the homebuying market now that the economy has improved) may not know all the specifics of required waiting periods after their foreclosure, short sale or bankruptcy.The below chart covers the typical waiting periods associated with these types of events. Of course, as an experienced Loan Officer and Sales Manager at Academy Mortgage, I have seen exceptions occur. Working with the best mortgage team can help you get back into a home faster than you may have thought was possible.

Give me a call today so we can cover the specifics of your life event and set a plan to make you a homeowner again.

MichaelHeader

Conventional
Foreclosure 7 years from date completed to the disbursement date of the new loan
Deed-in-Lieu of ForeclosurePre-Foreclosure or Short Sale 4 years from either the date of sale or from the completion date to the disbursement date of the new loan
Prior Loan Modification 2 years eligible with Fannie Mae DU approval
Chapter 13 Bankruptcy 2 years from discharge date
4 years from dismissal date
Chapter 7 Bankruptcy 4 years from discharge or dismissal date
Multiple Bankruptcy Filings in the Last 7 Years 5 years from last discharge or dismissal date
Jumbo Loan Follow requirements specific to the proposed loan product

 

VA
Foreclosure
Deed-in-Lieu of Foreclosure 
2 years from date completed and title transferred back to lender
Pre-Foreclosure or Short Sale 2 years from credit approval date to date sale closed and title transferred to new owner
Prior Loan Modification Must have a 12-month satisfactory credit history after the event
Chapter 13 Bankruptcy 1-year payout has elapsed with all payments made on time and permission obtained from court for new mortgage
No wait time if discharged or dismissed
Chapter 7 Bankruptcy 2 years from discharge or dismissal date
Consumer Credit Counseling 1-year payout has elapsed, payments made on time, and agency permission for a new mortgage

 

FHA
ForeclosureDeed-in-Lieu of Foreclosure 3 years from date completed and title transferred back to lender
Pre-Foreclosure or Short Sale 3 years from the date of title transfer to FHA case number assignment
Prior Loan Modification No wait period, but past 12 months’ credit history must have no late payments
Chapter 13 Bankruptcy 1-year payout has elapsed with all payments made on time and permission obtained from court for new mortgage
No wait time if discharged or dismissed
Chapter 7 Bankruptcy 2 years from discharge or dismissal date
Consumer Credit Counseling 1-year payout has elapsed, payments made on time, and agency permission for a new mortgage

 

USDA
ForeclosureDeed-in-Lieu of Foreclosure 3 years from date completed and title transferred back to lender
Pre-Foreclosure or Short Sale 3 years from credit approval date to date sale closed and title transferred to new owner
Less than 3 years may be eligible if all mortgage and installment debt paid on time within the 12 months prior to the sale
Prior Loan Modification 3 years from modification completion date
Chapter 13 Bankruptcy 1-year payout has elapsed with all payments made on time and permission obtained from court for new mortgage
No wait time if discharged or dismissed
Chapter 7 Bankruptcy 3 years from discharge or dismissal date
Consumer Credit Counseling 1-year payout has elapsed, payments made on time, and agency permission for a new mortgage

 

Please Note: Shorter wait periods may be available under certain circumstances and depend on the reason for the derogatory credit event. Please refer to your Loan Officer for details.

 

All Loan Types: If a mortgage loan has gone through a previous modification, or the lender offered a short payoff, it is NOT eligible for a refinance.

All mortgage products are subject to credit and property approval. Rates, program terms, and conditions are subject to change without notice. Not all products are available in all states or for all amounts. Additional conditions, qualifications, and restrictions may apply. This is not an offer for extension of credit or a commitment to lend. MAC01215-1021324909

 

Sincerely,

Michael
Michael Burkes
Sales Manager Producing | NMLS #1427401
15333 N Pima RD 205
Scottsdale, AZ 85260
(602) 908-9484 – Cell Phone
(480) 696-3026 – Office
[email protected]
www.AcademyMortgage.com/michaelburkes
LO State Lic: 0933965
Corp NMLS: 3113 |
Academy Mortgage – 15333 N Pima RD 205, Scottsdale, AZ 85260

For state licensing information, please visit:

http://www.academymortgage.com/StateLicense

EHO

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