Purchasing a house after bankruptcy

| November 10, 2011 | 0 Comments
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Did you just file for bankruptcy? If yes, then it would be pertinent to let you know that filing for bankruptcy does not mean an end to your credit life. Yes, there is every possibility of purchasing a house after bankruptcy. You might not know this but several persons out there have been able to rebuild their credit as quickly as they can immediately after filing for bankruptcy and even went as far as buying a house. You can also do that but it starts first with having the right mindset and working on same.

 

You should also know that when you file for bankruptcy, it shows up on your credit score for the next ten years. Do you what this means? It simply means that each time you apply for a mortgage loan, the lender in the process of evaluating your application, will always see these unhidden facts about your credit. This goes a long way to make it difficult getting a bank to give you mortgage when you apply for a loan towards purchasing a house after bankruptcy but this does not mean that it is totally impossible to get such loans. The fact remains that the banks are in business to make money so you would surely find one a bank that is willing to bear that risk and give you mortgage loan.

 

One of the ways you can maximize your chances of getting this loan towards buying yourself a house is by approaching them with as much cash as you can. The more money you offer the lender as down payment, the higher chances you have since it means lower risk for such lender. There are also cases where the bank or private lender is able to give you the money you require towards purchasing a house after bankruptcy when they consider the fact that the house you intend buying is worth way more than the mortgage, making the loan to be secured with little or no risks on their side.

 

In all, with at least 20% down payment, you are sure to have a roof over your head again. All you need do is look for genuine ways to make the money which includes but not limited to doing starting doing some freelancing work and saving up money to start your own business, through which you can start saving towards purchasing a house after bankruptcy.

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Category: Blog, Credit Repair, Remove Bankruptcies

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