Getting a Mortgage after Bankruptcy

: Chris Lee Law Firm

  Filed under: Mortgage

mortgage, bankruptcy, attorney,A very commonly help misconception is that after declaring bankruptcy you will absolutely never qualify for a mortgage ever again; that the banks won’t touch you. If you want a mortgage you will be forced to seek out a predatory lender charging ridiculously high interest rates. This is an absolute falsehood.

There are many lenders who will be quite willing to supply you with a mortgage, even a single day after discharge. There is some good advice out there for making it easier to re-establish your credit and then find such a lender, such as continuing to make on time payments to any items that were not discharged in the bankruptcy such as a car loan or any previous mortgage.

Showing a good solid repayment schedule on these un-discharged loans will be a definite positive step in the right direction to getting any further loans in the future.

Another good tip is to try and limit any other debt such as credit cards and bank loans as your debt to income ratio will obviously play a very large role when trying to obtain a mortgage from a wary lender.

All in all the belief that going bankrupt will negate any future chances of getting credit whether for a mortgage or other major purchase is an enduring myth whose time has come to debunk. Recovery is very possible and likely. This is something you should speak to your bankruptcy attorney about. You just have to get back on track and start again, it is never the start of the race itself that is important but where you are at the end that has meaning.


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