Getting a Mortgage After Bankruptcy [mortgage-investment.blogspot.com]

Getting a Mortgage After Bankruptcy [mortgage-investment.blogspot.com]

Millions have filed bankruptcy. Most would like to own their home instead of renting. However, they don't know if they can get approved for an "FHA Mortgage". This video explains "Applying for FHA Mortgage after Bankrupt". You will learn what "Colorado Lenders" are looking for and how to...

mortgage-investment.blogspot.com Applying for FHA Mortgage After Bankrupt by Randy Flood, Denver Colorado Mortgage Broker

Those practices are closely associated with subprime mortgage lending, which inflated the housing bubble and helped bring about the 2008 financial crisis. ''Subprime-style lending went to college, and now students are paying the price,'' said ... The ... Study: Private student loans parallel subprime

It is easy to declare bankruptcy, but it is unusually difficult to bear its brunt. You feel helpless, vulnerable, insubstantial and ineffective. Suddenly, everything seems to be out of reach and out of control. In such a grim scenario, you can't even think of taking another mortgage to buy a home. However, in reality, you can easily get a home mortgage loan even after bankruptcy. You are just required to do a few things. Let's find out what are they.

• Be very frank and honest- Before sanctioning you a home loan, the mortgage company would use different ways and means to find out everything about your financial health and your credit worthiness. For this reason, don't hide your bankrupt status. Never even think to hide your true identity or present fake documents; this practice is completely illegal. Instead, be overtly frank and honest.
• Create New Credit Lines- Don't allow your bankruptcy to overpower you; rather strive hard to make a new beginning.

Create new credit line by applying for new credit cards. It is advisable to begin with secured credit cards. Such cards allow you to build your credit by using your own source of money.
• Start improving your credit report- The next step is to start improving your credit report. Check your credit report regularly to weed out all the errors and inaccuracies. A good idea would be to engage an agency that specifically monitors credit re ports. Such an agency would not only handle your credit report efficiently, but would also deal with all the suspicious and unusual activities in your account effectively.
• Pay all your bill on time- Another important thing that you need to do is to pay all your bills on time. These bills include not just your credit card bills, but also your telephone and electricity bills. All this will work together to improve your credit report, and once, that happens mortgage lender will start to send you quotations.
• Devise ways for down payment- In addition to cashing out your fixed deposits, insurance policies, bank deposits and 401K, you can borrow money from your relatives, friends, colleagues and neighbors. Beside this, there are several down-payment assistance programs like Homes for All Program, Nehemiah Program, and AmeriDream Gift Funds, that provide funds for making the down-payment and paying the closing costs.

Also called down-payment grant programs or down-payment gift assistance programs, such programs merely act as a mediator between the buyer and seller. At the time of closing, the seller can give back a portion of the proceeds to the buyer. However, as sellers are not allowed to give down-payment directly to the buyers, down-payment assistance programs mediate and make the entire process legal.

If you have declared bankruptcy, mortgage companies would ask you to wait for about 2 years. After this period, if you have improved your credit report dramatically, you become eligible for 100% financing. Conversely, if you need a home mortgage loan before the 2-years period, then you should go to those companies that specialize in making mortgage available to those people who have recently gone bankrupt.

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