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Buying A Home After Bankruptcy - How Long Should You Wait To Buy?
Author: Carrie Reeder
Individuals interested in purchasing their own home strive to
maintain a positive credit rating. This is achieved by paying
bills on time, having a low debt to income ratio, and so forth.
Nevertheless, several lenders are eager to offer home mortgages
to individuals with bad credit. These mortgages have a higher
interest rate, which increases the monthly payment. Although a
mortgage may be attained with bad credit, the course of action
is slightly different for individuals who have filed bankruptcy.
Two Types of Bankruptcies
There are two types of bankruptcies. A chapter 7 bankruptcy
involves complete liquidation in which debts do not have to be
re-paid. On the other hand, a chapter 13 bankruptcy entails
repaying a portion of the debt over a fixed period. For the most
part, a bankruptcy should be the last alternative, and not a
quick fix to credit problems. Many explanations cause a person
to file bankruptcy. These include excess credit card and
consumer debt, high medical bills, etc. Lenders determine credit
worthiness based on information provided in credit reports. A
bankruptcy is a negative remark that remains on credit reports
for ten years. Throughout this 10-year period, individuals who
filed bankruptcy can expect to pay higher interest rates on
automobile loans, mortgages, and credit cards.
How Long Should You Wait Before Buying a Home
Obtaining a home after filing for bankruptcy is feasible;
nonetheless, individuals who have filed must adhere to specific
stipulations. To obtain a mortgage after filing a chapter 7 or
chapter 13, you must wait at least two years after the
bankruptcy is discharged. Moreover, individuals who have had a
bankruptcy case dismissed must also wait two years before
applying for a mortgage. During this 24-month period, it is
recommended that person's re-establish their credit history. If
possible, acquire a line of credit from at least three to four
creditors. Immediately following a bankruptcy, a secured credit
card, or a high interest credit card is your best option.
However, once a good payment history is established with these
creditors, you may be able to obtain credit card offers with
reasonable rates.
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A Quick Note
From The Publisher...
If you like the article above, you may be
interested in the following article which is also related to Bankruptcy...
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Five Steps on How to Find and Choose A Bankruptcy Attorney |
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If you are like many men and women in the 21st century, you may
have found yourself literally drowning in debt. As a result, you
may have made the touch decision to file for bankruptcy. In this
regard, you may be wondering what steps that you need to take to
determine how to find and choose a bankruptcy attorney. Indeed,
there are some specific steps you need to take in order to
determine how to find and choose an appropriate attorney.
1. The first step in how to find and choose a bankruptcy
attorney is to contact the local bar association in your
community. While your local bar association will not make any
specific recommendations about a particular lawyer, your local
bar association will provide you with a list of lawyers in your
community that specialize specifically in the practice of
bankruptcy law. Because bankruptcy is such a specialized area of
the law, it is vital that you obtain a lawyer that is
specifically trained and experienced in the practice... |
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