[mythtv-commits] Ticket #10779: Getting Approved For Your Home Mortgage Loan After Bankruptcy What You Need To Know
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Wed May 30 10:15:28 UTC 2012
#10779: Getting Approved For Your Home Mortgage Loan After Bankruptcy What You
Need To Know
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Reporter: baklazan@… | Type: Bug Report - General
Status: new | Priority: trivial
Milestone: unknown | Component: MythTV - General
Version: Unspecified | Severity: medium
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Are you beginning to fear that your dreams of homeownership vanished with
the discharge of your bankruptcy? Put your fears aside as this is simply
untrue. Many folks http://musicalamontana.org believe that filing
bankruptcy means that they will never be able to finance a home or even
take out credit again. But bankruptcy laws were established for a reason.
That reason is to allow borrowers who have made mistakes to move on with
their lives, and that means that those who have gone bankrupt can build
their credit rating up enough to qualify for a mortgage and a home loan.
Putting The Past Behind You
Although no one can deny that bankruptcy definitely leaves a scar on your
credit that will remain there for at least seven years (sometimes ten),
there are ways that you can begin to recover from bankruptcy and things
that you need to do to raise your credit rating and become a creditworthy
borrower for a home mortgage. Many borrowers find that they have no choice
other than to file for bankruptcy protection because their lives may have
taken an unexpected turn that led them to financial disaster.
Perhaps a job loss, or an accident, injury or illness prevented you from
working and thus you became overburdened by debt and had to file
bankruptcy. Or perhaps a divorce or death in the family has led you to
bankruptcy. It does not matter what happened in the past, only that you
make a strong effort to make the future better for yourself and your
family financially.
Getting Yourself Ready For A Post Bankruptcy Mortgage Loan
Once your bankruptcy is over and the ashes have settled, your first
course of action should be to check your credit record to make certain
that the lenders and creditors that were named in your bankruptcy are
listed as discharged on your credit file. Be certain to check with all
three major credit bureaus that may hold a different view of your credit
(Experian, Trans Union and Equifax). Failure to list the items as
discharged in bankruptcy will impede your efforts to build a better credit
score.
You should also establish a secured credit card account (or two). This
type of credit card requires that you deposit an amount equal to the
deposit that you make. Keep the secured credit card accounts that you
establish always current and never pay late. You will also need a savings
account and a checking account established with a new bank to show that
you are responsible when dealing with financial matters.
After these steps have been taken, the first loan that you should apply
for may be a car loan. Because a car loan is secured by the car that you
buy, this type of loan is often easiest to get after bankruptcy. Within a
few months of bankruptcy discharge (assuming you are gainfully employed)
you should be able to get a car loan with no problem. Many of the
automakers are offering special financing deals right now as well, because
of the economic state of the country and the financial bailout that they
took from Washington. This car loan can be a stepping stone to the
mortgage that you so fondly wish for.
After diligent work on your credit record, you can qualify for a mortgage
loan with special financing. There are many financial institutions that
now work with those who have filed bankruptcy in their credit past. Many
of these wonderful companies can be found online, and allow you to do most
of the paperwork in an electronic format.
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