Michael Inkman

Fairway Independent Mortgage Corp.

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Michael Inkman | Fairway Independent Mortgage Corporation
5.0
Based on 103 reviews
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Lee Vanvolkenburg
15:43 23 Nov 23
Michael and his team were wonderful to deal with. They were excellent with communication and always available to answer questions. Thank you all!
williams lovos
22:54 16 Nov 23
We close on the house tomorrow! Thank you David and Michael for making my first home buying a smooth process. I had several out of the ordinary situations that would had easily not been possible to get the loan in the time that they were able to approve it. My wife and I are forever grateful for the work the team did. Thank you again!
Mario Silvestri III
16:45 16 Nov 23
Rex Perkins
16:56 15 Nov 23
Everything had been going well over the past two years since refinancing an existing mortgage. The application process, approval, servicing website, everything had been very smooth, nothing but the best service. I then had a minor issue arise. We had a wind loss claim on our home and, unfortunately, I had put off getting the check cosigned until the last minute. An issue arose as part of a minor miscommunication in terms of where the check was to be forwarded for endorsement.To make a long story short, I feared that this miscommunication and misdirected check coupled with my procrastination were going to result in the check expiring and a huge hassle on my part to go through the process again. Mr. Inkman nor his branch were in any way involved with my account or account management, yet, the check inadvertently ended up in their draft loss department and I feared this would further delay things. I was a bit frantic.One of those that I emailed was Mr. Inkman. In an era when customer service is not as valued as in the past, I was very skeptical I would meet the deadline. But, to my surprise, Mr. Inkman took it on his own to personally get things done and get the issue resolved. It appears that he tracked down the overnighted check personally, directed it for signature, packaged and overnighted the check back to me. All the while remaining professional and pleasant and providing consistent email updates on the status. It doesn't even look like he delegated, rather taking the initiative and seeing it through on his own.To me, that's not just doing a job, that's going above and beyond in terms of leadership, professionalism, and customer service. We could not be more happy. And, as a further sign of good will, the Fairway CEO actually emailed me personally to follow-up and assure resolution. Been very happy with Fairway since my refinance, Mr. Inkman's efforts only further reinforce that opinion.
Samer Fallouh
15:01 15 Nov 23
Debbie Salas
21:47 03 Oct 23
This transaction probably would not have happened without Michael. Whenever we hit a stumbling block, he found a way around it! He kept us informed and was a positive light all the way through to the end and beyond.Thanks
Eric Kieffer
22:46 16 Aug 23
Did business with Michael about 20 years ago and he was happy to help us again. He and his team did a great job. See you in another 20.

Getting a Mortgage After Chapter 13 Bankruptcy

August 13, 2024 by Michael Inkman

Filing for Chapter 13 bankruptcy can be a challenging experience, but it doesn’t mean the end of your dreams of homeownership. While the path to securing a mortgage after Chapter 13 might seem daunting, with careful planning and dedication, it’s entirely possible. Here’s how you can prepare yourself for a successful loan application and rebuild your dream home.

Understanding Chapter 13 Bankruptcy

First and foremost, it’s essential to understand what Chapter 13 bankruptcy entails. Unlike Chapter 7, which involves liquidating assets, Chapter 13 allows you to create a repayment plan to pay off your debts over three to five years. This plan helps you manage your debts and can eventually improve your credit score, making it easier to qualify for a mortgage once the bankruptcy is discharged.

Steps to Prepare for a Mortgage After Chapter 13

  1. Complete Your Repayment Plan Completing your Chapter 13 repayment plan is the critical first step. This demonstrates your commitment to managing your debts and shows lenders that you are serious about financial responsibility.
  2. Rebuild Your Credit Score After your bankruptcy discharge, focus on rebuilding your credit score. Obtain a secured credit card or a credit-builder loan and make timely payments. Avoid accruing new debts and keep your credit utilization low. Over time, these actions will positively impact your credit score.
  3. Save for a Down Payment Start saving for a down payment as soon as possible. While there are mortgage options available with low down payment requirements, a larger down payment can make you a more attractive borrower to lenders.
  4. Get Pre-Approved for a Mortgage Before you start house hunting, get pre-approved for a mortgage. This step not only shows sellers that you are a serious buyer but also gives you a clear understanding of how much house you can afford. Work with a lender experienced in post-bankruptcy mortgages to find the best options for your situation.
  5. Gather Necessary Documentation Lenders will require detailed documentation of your financial history. Be prepared to provide your bankruptcy discharge papers, proof of income, tax returns, and bank statements. Having these documents ready will streamline the application process.

Finding the Right Lender

Not all lenders offer mortgages to individuals who have gone through Chapter 13 bankruptcy. It’s essential to find a lender who understands your unique situation and can offer terms that work for you. Look for lenders with experience in post-bankruptcy loans and be upfront about your financial history.

Patience and Persistence Pay Off

Securing a mortgage after Chapter 13 bankruptcy may require more time and effort, but it is certainly achievable. By demonstrating financial responsibility, rebuilding your credit, and saving diligently, you can rebuild your dream home.

Remember, the journey to homeownership is a marathon, not a sprint. Stay focused on your goal, and soon enough, you’ll find yourself turning the key to your new home.

Filed Under: Bankruptcy History Tagged With: Home After Bankruptcy, Mortgage Tips, Rebuild Your Credit

Michael Inkman

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michael@michaelinkman.com
Mobile: (214) 762-4659
NMLS #152707

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Carrollton, TX 75007

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