Mortgage After Bankruptcy
We are a debt relief agency. We help people file for bankruptcy relief under the bankruptcy code.
Mortgage After Bankruptcy
Can you buy a home now? Most people considering bankruptcy cannot. Bankruptcy will give you the ability to save for a down payment. Also, you will have the income to qualify for a mortgage, something you probably can't do now because your debts take up all of your disposable income. Most people can qualify for a mortgage within about 2 years after their bankruptcy. To qualify for a mortgage, your debt cannot exceed a certain percentage of income per month.
The first step in preparing yourself to be eligible for a mortgage after bankruptcy is to work on your credit situation. Then, prove to all the lenders out there that your bankruptcy was an opportunity for you to start over financially and pay all your bills on time. If you can show you've had an excellent record of paying on time since your bankruptcy, this can carry a lot of weight with lenders.
Your best recourse is to open a savings account and have it linked to a secured credit card this would allow you to rebuild your credit while at the same time hold a certain amount of money in a savings account for a time period. This type of credit typically charges less interest and helps you to establish credit by having a steady amount of money in a savings account. It is a good idea to keep track of your credit score and make corrections if necessary.
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