Although bankruptcy is damaging, it isn't the end of the world - it can actually be something good - it can give you a fresh start to rebuild your credit, take out new loans and better your financial situation. Thousands of people each year file for bankruptcy and end up losing their home in the process, however, contrary to the popular (yet dreaded) belief, there is a way to hop back onto the wagon of home ownership if you've fallen off.
It seems obvious but the first thing you want to do is continue paying off any debt you owe. Things like credit cards, cars, student loans or anything else that was not lost during the bankruptcy can be a - ahem - HUGE asset to prove you're still capable of making payments on time and in full. Check your credit statement and correct any errors or anything that was missed as soon as you find out you need to file bankruptcy.
Naturally, after filing for bankruptcy, your credit score is drastically damaged. Even though it is difficult to get a mortgage after bankruptcy, it's definitely not mission impossible - if you try to rebuild your credit. You're still able to obtain low rate mortgage loans such as interest only, venture capital financing and home equity loans. This makes it possible to start rebuilding your credit, bringing you one step closer to landing a mortgage and successfully buy your dream home.
When you're looking for a mortgage, high interest rates will be common. Because you fall under the high-risk category, lenders will charge you higher rates, however, generally having a larger down payment will lower your interest rates and decrease your closing costs. Mortgage lenders will sometimes be open to consider you if you apply for a loan two or three years after you're discharged. You also should consider your financial history. Take a look at and show lenders your past employment ทาวน์โฮมมือสอง ราคาถูก history, debt to income ratio, the property's loan to value ratio, income and down payment if you have one.
Seeking professional advice will help you a lot. Before taking any large steps, consult an expert mortgage broker who's experienced and can aid you in the process of getting back on the wagon, budget your money and find a mortgage. Since mortgage brokers are equipped with specialized resources, they can be your best bet in saving on your mortgage.
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