[mythtv-commits] Ticket #10779: Getting Approved For Your Home Mortgage Loan After Bankruptcy What You Need To Know

MythTV noreply at mythtv.org
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
 Keywords:               |  Ticket locked:  0
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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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Ticket URL: <http://code.mythtv.org/trac/ticket/10779>
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