FAQ’s

Other banks have different lending criteria and try to fit you in one small box. At Peoples Bank Mortgage, we have developed a division specifically to help clients obtain a mortgage after Chapter 13 Bankruptcy, the Mortgage After Bankruptcy division. We have created products and options customized to fit the needs of our clients. Our team is willing and able to put in the time and effort that most institutions are not willing to devote to understand the specific issues faced by Chapter 13 Bankruptcy borrowers. Peoples Bank Mortgage is proud to be the leading Chapter 13 mortgage lender.

We offer mortgages to our Chapter 13 Bankruptcy clients as soon as one day after discharge, where other lenders make you wait up to two years. Clients during Chapter 13 Bankruptcy can get a mortgage as soon as one year into their plan.  Read more about buying a house after bankruptcy.

As the leading mortgage lender after bankruptcy, we offer a wide variety of mortgages for borrowers in all kinds of financial situations. We proudly offer Conventional mortgages, VA home loans, FHA loans, USDA loans, portfolio loans and more! While you may not qualify for all the programs we offer, we will present the best available options, with the best terms, and lowest possible bottom line to you. We customize your options based on your personal goals.

At Peoples Bank, we able to secure our clients with a FHA loan one day after being discharged from Chapter 13 Bankruptcy. We know that there is information elsewhere stating that you can’t do it, but we can! Because the Mortgage After Bankruptcy division is specifically to help Chapter 13 borrowers, we are able to devote the time and resources needed to help you accomplish your goals.

Many clients with a Chapter 13 Bankruptcy have been stuck with high interest rates for years. Interest rates are determined by the market and a borrower’s unique qualifying criteria (credit score, loan to value ratio, and debt to income ratio). Our clients are often pleasantly surprised when they are presented with the lowest rate for which they qualify. Peoples Bank Mortgage takes pride in offering highly competitive rates to all its clientele, including those interested in obtaining a mortgage after bankruptcy.

There are no extra fees charged by Peoples Bank to obtain a mortgage after bankruptcy. Your bankruptcy plan may affect the type of loan you qualify for and could affect your rate slightly. There are often errors on credit and title as a result of your bankruptcy that may require small fees paid to other parties to clear them up. We will explain and address any possible fees to other parties and have full approval from you before proceeding.

Getting a mortgage after bankruptcy is obtainable, but there is no such thing as an easy mortgage these days. If you haven’t gotten a mortgage before or if it has been many years ago, then expect a detailed process. Getting a mortgage after bankruptcy does add some steps to the process. We must document your good standing with current obligations and establish that the problems causing your Chapter 13 Bankruptcy aren’t likely to reoccur. There are often errors on your title (if you currently own a home) and/ or errors on your credit that we will work to clear up with your help. Many of our customers save hundreds of dollars a month, so the work will pay off!

Mortgages after Chapter 13 Bankruptcy can take as little as 30 days to as long as 3 months. We pride ourselves on great communication and efficient service. The most common issues that slow the process down deal with credit, title, property condition and how quickly we receive requested documentation from you. We love to help our customers clear up these issues and put them on a brighter path.

Mortgages after Chapter 13 Bankruptcy can take as little as 25 days to as long as 2 months. We pride ourselves on great communication and efficient service. The most common issues that slow the process down are credit problems, problems with the property itself, and how quickly we receive requested documentation from you. We love to help our customers clear up these issues and put them more soundly on a brighter path.

Yes, you can! Purchasing a home during a Chapter 13 Bankruptcy Plan does have extra steps involved though. Your trustee must approve your purchase and you must make all of your first year’s payments on time into your plan before purchasing a home. There are other challenges of obtaining a mortgage during a Chapter 13 Bankruptcy, but we are skilled at presenting a clear plan for success.

Yes, you can! Refinancing a home during Chapter 13 Bankruptcy does have extra steps involved though. Your trustee must approve your refinance and you must make your first year’s payments into your plan before refinancing your home. Many borrowers find that waiting until after the 3rd year of on time payments is best for refinances. Some borrowers have also tapped into the equity in their home getting a cash-out refinance to pay off their Chapter 13 Bankruptcy Plan early. We have experienced great success securing trustees’ approval, especially when the refinancing option saves our borrowers a considerable amount of money.

Mortgages during Chapter 13 Bankruptcy Plan can take as little as 45 days to as long as 3 months. We pride ourselves on great communication and efficient service. The most important hurdle is approval from the bankruptcy trustee. Common issues that slow the process down deal with credit, title, property condition, and how quickly we receive requested documentation from you. We love to help our customers clear up these issues and put them on a brighter path.

Many clients choose to obtain a cash-out refinance after their Chapter 13 Bankruptcy. Often our clients have not been able to tap into equity in their home during bankruptcy to make home improvements or consolidate high interest rate debts. Our mortgage programs have different limits set on the amount you can take out relative to the value of your home. Don’t hesitate to call to discuss your options.

Peoples Bank does have options to obtain a mortgage if you own your home outright. Although the wording is unusual, these mortgages are treated like a cash-out refinance. Cash-out options are best after the 3rd year of your Chapter 13 Bankruptcy Plan or as soon as one day after discharge.

Peoples Bank does offer low down-payment mortgages after bankruptcy. FHA loans after bankruptcy have low down-payment options and both VA loan programs and USDA loan programs have zero down-payment options after bankruptcy. Your Mortgage Consultant will go over these options with you and determine if you qualify for one of the programs. They will present the very best options for which you qualify.

Peoples Bank has options for mortgages after bankruptcy with credit scores of 620 and up. If your score is lower than that, please give us a call anyway. There are common errors on customer’s credit after bankruptcy that we can help address. Our Mortgage Consultants can guide you on the best ways to quickly improve your credit score after bankruptcy.

A mortgage after bankruptcy is an obtainable goal and Peoples Bank Mortgage is dedicated to helping our clients purchase or refinance. If we can’t help a client immediately, we provide a path to success by working tirelessly with our borrowers to address the areas that are holding them back, so they can reach their home ownership and mortgage loan goals.

As a Member FDIC bank, Peoples Bank is able to offer mortgages during and after bankruptcy in all 50 states.

Student loans will fall under the category of a “non-dis-chargeable debt” 99% of the time. You will most likely have to pay back your student loan debt in full.  Even after you complete your bankruptcy plan. Read more about how student loans can affect your ability to get a home loan after bankruptcy.

Peoples Bank Mortgage has a list of all of the required forms that you will need to file for bankruptcy listed here.  However, if you are looking to file for bankruptcy it is best that you contact a bankruptcy attorney first.

Divorce has the ability to complicate nearly any and all matters within your finances, and bankruptcies are no different. If you’ve already filed for Chapter 13 bankruptcy and then proceed to divorce your spouse,you will be faced with several challenges that you will have to work through. Read more about what our experts have to say about divorce and bankruptcy.

We offer a wide variety of loan programs specifically tailored to Chapter 11 Bankruptcy borrowers in all kinds of financial situations: conventional loans, VA home loans, FHA loans, USDA loans, portfolio loans and more! While you may not qualify immediately for all the programs we offer, we will present the best available options, with the best terms, and lowest possible bottom line to you. We customize your options based on your personal goals.

A mortgage after bankruptcy is an obtainable goal and Peoples Bank Mortgage is dedicated to helping our clients purchase or refinance. If we can’t help a client immediately, we provide a path to success by working tirelessly with our borrowers to address the areas that are holding them back, so they can reach their home ownership and mortgage goals.

The availability of mortgages after Chapter 11 Bankruptcy depends on how your bankruptcy was set up. If you paid monthly into the plan for a number of years like a Chapter 13 Bankruptcy, then you may qualify as soon as you are discharged from the plan. If your plan was set up more like a Chapter 7 Bankruptcy, then you may have to wait up to 2 years to obtain a mortgage from Peoples Bank. We can analyze your plan and let you know your options.

While different programs have different waiting periods, Peoples Bank offers some mortgage options as soon as 2 years after a Chapter 7 Bankruptcy for some Portfolio loans and 2 years from discharge for some government loan programs like FHA, VA, and USDA.

We offer a wide variety of loan programs specifically tailored to Chapter 7 Bankruptcy borrowers in all kinds of financial situations: conventional loans, VA home loans, FHA loans, USDA loans, portfolio loans and more! While you may not qualify immediately for all the programs we offer, we will present the best available options, with the best terms, and lowest possible bottom line to you. We customize your options based on your personal goals.

There are no extra fees associated with the Chapter 7 Bankruptcy Loans. Obtaining a mortgage after bankruptcy may affect the type of loan you qualify for and could affect your rate slightly. Peoples Bank Mortgage treats all borrowers, regardless of if they filed Chapter 7 Bankruptcy, fairly and with respect. We will present the best options available to you.

Peoples Bank is a family owned community bank that has been in continuous operation since 1908. We are FDIC insured and regulated by several state and federal institutions. Please click on the BBB, Google Reviews, and FDIC links at the bottom of the page to see what our customers think of us!

While larger lenders may treat clients like a number, the Peoples Bank Mortgage team strives to earn the trust of lifelong clients by connecting with them and taking the time to map out a strong strategy to help accomplish our clients’ goals. How? We listen first to our clients’ true goals, then we act. Our clients know they can count on us to provide care and diligence to help them at all stages of their life and customize a plan that meets their needs. Please read our testimonials, BBB and Google reviews.

Closing costs are determined by a number of factors, including your attorney’s fees and other third-party fees. Your Mortgage Consultant will go over closings costs with you and break them down piece by piece during your consultation. Peoples Bank guarantees that all clients are educated throughout the loan process and aware of all costs.

Yes! We look forward to meeting with customers at either our Mississippi office or South Carolina office. If you are unable to meet in person, it is not a problem. We have helped hundreds of customers across the country refinance or purchase a new home by working with them over the phone, through our Peoples Bank secure server, email, and snail mail! Distance will not hinder your loan process in any way, but if you happen to be in the area please stop by. We love to meet our customers face to face when possible!

Peoples Bank employs the latest technology to maximize efficiency and safety during the loan process. Our team communicates regularly with clients regarding the status of their loans. Peoples Bank’s experience working with borrowers all over the country has helped us to create a process that is efficient and customer oriented. We are able to send documents electronically for signature, or we can send a notary to your home if you would prefer. We make sure to educate our clients each step of the way so that the loan process and all loan terms are fully understood.

The initial consultation with your Mortgage Consultant will be a conversation about your goals and what you are looking to accomplish by obtaining a loan with Peoples Bank. If you can have pay stubs, W2s, tax returns, and a mortgage statement handy that would be great. Your Mortgage Consultant may ask to reference one or all of them. If you do not have any documentation ready at the time of your consultation, do not worry. You will have plenty of time to discuss documentation during the loan process.

At this time, due to our small size, Peoples Bank does not service loans. We have chosen to dedicate our resources to getting you into a great mortgage. Your Mortgage Consultant will be able to provide you with additional information about servicing during your consultation. We understand many clients have had problems with their current servicers. We carefully select each servicer and our clients have reported high satisfaction. We work to create relationships for life and that includes working with you even after your mortgage is serviced by another company.

Currently, we do not have any loan programs available for mobile homes. We are searching for appropriate investors to help make these loans possible.