Are you beginning to fear that your dreams of homeownership vanished with the discharge of your bankruptcy? Put your fears aside as this is simply untrue. Many folks believe that filing bankruptcy means that they will never be able to finance a home or even take out credit again. But bankruptcy laws were established for a reason. That reason is to allow borrowers who have made mistakes to move on with their lives, and that means that those who have gone bankrupt can build their credit rating up enough to qualify for a mortgage and a home loan.
Putting The Past Behind You
Although no one can deny that bankruptcy definitely leaves a scar on your credit that will remain there for at least seven years (sometimes ten), there are ways that you can begin to recover from bankruptcy and things that you need to do to raise your credit rating and become a creditworthy borrower for a home mortgage. Many borrowers find that they have no choice other than to file for bankruptcy protection because their lives may have taken an unexpected turn that led them to financial disaster.
Perhaps a job loss, or an accident, injury or illness prevented you from working and thus you became overburdened by debt and had to file bankruptcy. Or perhaps a divorce or death in the family has led you to bankruptcy. It does not matter what happened in the past, only that you make a strong effort to make the future better for yourself and your family financially.
Getting Yourself Ready For A Post Bankruptcy Mortgage Loan
Once your bankruptcy is over and the ashes have settled, your first course of action should be to check your credit record to make certain that the lenders and creditors that were named in your bankruptcy are listed as discharged on your credit file. Be certain to check with all three major credit bureaus that may hold a different view of your credit (Experian, Trans Union and Equifax). Failure to list the items as discharged in bankruptcy will impede your efforts to build a better credit score.
You should also establish a secured credit card account (or two). This type of credit card requires that you deposit an amount equal to the deposit that you make. Keep the secured credit card accounts that you establish always current and never pay late. You will also need a savings account and a checking account established with a new bank to show that you are responsible when dealing with financial matters.
After these steps have been taken, the first loan that you should apply for may be a car loan. Because a car loan is secured by the car that you buy, this type of loan is often easiest to get after bankruptcy. Within a few months of bankruptcy discharge (assuming you are gainfully employed) you should be able to get a car loan with no problem. Many of the automakers are offering special financing deals right now as well, because of the economic state of the country and the financial bailout that they took from Washington. This car loan can be a stepping stone to the mortgage that you so fondly wish for.
After diligent work on your credit record, you can qualify for a mortgage loan with special financing. There are many financial institutions that now work with those who have filed bankruptcy in their credit past. Many of these wonderful companies can be found online, and allow you to do most of the paperwork in an electronic format.
Mary Wise is a personal loan consultant who has been associated with Bad Credit Loans and has more than thirty years of experience in finances. She has helped a lot of people to obtain Fast Unsecured Loans, home loans, car loans, unsecured credit cards and many other products regardless of their credit situation. If you want to learn more about Personal Loans you can visit her at BadCreditLoanServices.com
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