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Bankruptcy And Buying A Home - 3 Benefits To Buying A Home After Bankruptcy
Author: Carrie Reeder
If you have filed bankruptcy recently, you may wonder if you can
get approved for a home loan. You may also wonder if buying a
home after a recent bankruptcy is a good idea for you.
While a bankruptcy can make getting approved for a mortgage loan
more difficult, it is still possible to get approved for a
mortgage loan. In fact, there are more and more bad credit loan
programs coming out all the time. Subprime lenders are focusing
more on helping individuals with poor credit acheive home
ownership. This is happening mostly because bankruptcies are
still on the rise and there is an increasing number of people
with bad credit who are looking for home financing.
Here are some reasons to consider home ownership after a
bankruptcy:
1. Increase Your Credit Score - When you make your payments
regularly, you improve your credit rating. Once your pre-payment
penalty period is over, you should be able to refinance your
mortgage loan for a much lower interest rate. After your
bankruptcy has been discharged for over 2-3 years, you should
have a much easier time qualifying for a lower interest rate
mortgage loan.
2. Accrue Equity In Your Home - If you are just making rent
payments, you are throwing your monthly payments away. When you
own a home, over time, home values increase and you are working
toward owning an asset.
3. Take Out An Equity Loan To Consolidate Debt or Get Needed
Extra Cash - Once you have bought your house, as soon as 6
months or so later, you might be able to take out an equity loan
on your home and consolidate any other debt that you might have
since your bankruptcy or debt that could not be included in your
bankruptcy. Taxes and student loans will not be discharged in a
bankruptcy. You may also want to use the extra cash to invest in
a business venture or for needed home improvement.
1. Eliminate the legal obligation to pay many of your debts. This process of wiping the slate clean is called a discharge of debts. The goal of a discharge is to reduce debt to give you a fresh start. Whether it is through straight bankruptcy (Chapter 7 Bankruptcy) or through reorganization (Chapter 13 Bankruptcy), most or all of your debts can be cleared. 2. Stop foreclosure on you house and allow you to effectively make payments to catch up on missed payments of your mortgage. If your home is in foreclosure, Chapter 13 Bankruptcy will stop the foreclosure any time prior to the sale. Bankruptcy does not eliminate mortgages on your property without payment. Rather, bankruptcy will structure a plan in order to repay your mortgage arrears (the amount that you are behind). more > 3. Prevent your car or other property from being repossessed. Even if the creditor has repossessed your car, filing bankruptcy can effectively force them to return your car or other personal...
The Roman Catholic Diocese of Davenport will take a major step in emerging from bankruptcy, a protection it sought because of its clergy sexual abuse scandal, with the filing of a plan that will detail its $37 million settlement with abuse victims. A reorganization plan is to be filed jointly this afternoon by the diocese and the case's creditors committee, made up of seven abuse victims. ...
HOLLYWOOD, FL -- Homebuilder TOUSA, Inc. announced that it has filed for relief under Chapter 11 of the U.S. Bankruptcy Code. The filing includes TOUSA Homes, Inc., Newmark Homes LP and entities that represent all of their brands - Engle Homes, Newmark Homes, Fedrick, Harris Estate Homes, and Trophy Homes.
MANCHESTER (AP) — Experts say the mortgage crisis is driving much of the increase in personal bankruptcy filings in New Hampshire. The number of individuals trying to repay their debts through bankruptcy, which is called Chapter 13 filing,...
The developer of the Towers of Channelside is asking a bankruptcy judge to allow it to sell eight units right away while it seeks Chapter 11 protection.
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