How You Can Get a Mortgage After Bankruptcy
Have you recently filed for or seriously considering filing for bankruptcy? If you have, I'm sure that you are probably feeling desperate, unsure and
probably going through a rough financial time. These are natural feelings.
In such a grim scenario, you may be feeling that owning your own home is now completely out of reach. Well, that's where you're wrong. The truth is
that it is far easier to obtain a mortgage after bankruptcy than if you simply have bad credit.
This might sound incredible but it is borne out by the facts. There are actual a large number of lenders on the market who actually have programs
specifically designed for people who have recently emerged from bankruptcy, and if you do enough searching online you will find them easily. Most
lenders realise that the global recession has been harsh, and that people who have gone through bankruptcy are likely to be more responsible.
If you want to get a bankruptcy mortgage, the key is to be patient. What the experts recommend is that you wait at least 2 years before you apply for a
bankruptcy mortgage. Generally, lenders have an unwritten rule for loan applications after bankruptcy. The waiting period is known to be two years.
This time can be spent building up your credit scores. This is the time to create a realistic budget for yourself that you will stick to, and analyze your
credit report from the major credit reporting agencies like Experian to remove all the inaccuracies and errors, because they do contain errors from time
to time. You should also check your credit report regularly. Needless to say, you will need to pay your bills on time. You cannot be late on a single bill.
If you want to rebuild your financial life, you need to have perfect credit. These bills include not just any new credit card that you take out after
bankruptcy, but also your utility bills. Everything gets reported. All of this will work together to enhance your credit report and improve your financial
Now, once you get