How to obtain mortgage after bankruptcy
Most people probably assume that obtaining a mortgage to after a
bankruptcy is out of the question. In fact, many people are able
to obtain these mortgage services. Even if you made the mistake
of shoring up too much debt and were not able to cope with it at
one point in your life, there are still people willing to make
money off you by extending a mortgage loan.
This may take some time though. Typically, you may have to wait
at least 12 months to qualify for a mortgage. Besides, you need
to be ready for less favorable terms than people with
super-clean credits - they enjoy the privilege of carrying less
risk than you, and the world of finance is all about adequate
compensation for the risk.
Rebuilding Good Credit After BankruptcyEstablishing good credit
after bankruptcy is essential. The following will help recent
bankruptcy filers regain their financial strength:
1.Pay bills on time. This is the single best thing bankruptcy
filers can do to build up their credit rating.
2. Acquire and use a secured or unsecured credit card. Just
don't charge any more than you can afford to pay off each month.
3. Read your credit report. Errors are possible, and keeping
tabs on your progress will help you stay focused on the goal of
rebuilding after bankruptcy.
Another thing you might consider is getting assistance from a
credit counsellor. This should not be expensive, as in many
states they will charge you the minimum amount, and in some you
will be able to use their services for free.