Bankruptcy Loan Information

There are several things you need to know with regard to getting a home mortgage after bankruptcy. The most important thing to know is that YOU CAN GET A MORTGAGE even if you have had a bankruptcy.

How does a bankruptcy affect your credit? A bankruptcy usually stays on your credit report for up to 10 years and will keep your scores below desirable levels for a short period following the bankruptcy discharge. Depending on the kind of bankruptcy that you filed (Chapter 7 vs. Chapter 13), it should remove many of the derogatory marks that were on the report prior to having to file a bankruptcy, which will help as you rebuild your credit. A key element is for you to look at your credit report and see what it says.

What kind of financing is available to you after filing for bankruptcy? If you are in a Chapter 13 reorganization bankruptcy and you own a home, we may be able to assist you in getting a cash-out refinance mortgage to pay the balance off, provided that you have some equity on your home. If you are seeking to purchase a home, your bankruptcy should have been discharged for at least 6 months. After one year, there are a few more options including FHA financing, and after 2 years, there are additional options including Fannie Mae backed loans. Even if you have just filed for a bankruptcy, you may be eligible for a mortgage.  Click Here to Apply NOW!

How much will you pay for your loan? Without a doubt, credit is a significant factor in obtaining a home mortgage, and more specifically it is a factor in the pricing of your loan. In general, the less money you have to put into a transaction, the more you will pay in rate and fees. The further away from your bankruptcy discharge date, provided you are taking steps to restore your credit, the better your terms should be. Our goal is to assist you in making the transition from bankruptcy to homeowner and then working with you to get a traditional loan (with lower rates) as your credit improves.

Other related topics:

Steps to Becoming a Homeowner
Restoring Your Credit
Guarding Against Identity Theft

Are you facing a foreclosure?  If so, read this article: http://www.atozlender.com/stop-foreclosure.cfm


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NEW BANKRUPTCY MORTGAGE BOOK NOW AVAILABLE: Click Here to Order your copy of "The Bankruptcy Mortgage Book "  and get a FREE 60 day action plan and a consultation from a bankruptcy mortgage expert!

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