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Bankruptcy and Buying a Home
Filing bankruptcy is a stressful time in a person's life.
Along with discharging your debts and gaining a fresh start, you
may wonder if you will be able to buy a home after a bankruptcy.
The answer is yes! Mortgage companies and online lenders are now
offering home loans for those who have a bankruptcy on their
credit report. Some lenders will even approve your loan as soon
as one day after your bankruptcy has been discharged.
Buying a home after bankruptcy is no longer impossible. There
are many reasons a person chooses to file bankruptcy. The loss of
a job, unexpected medical bills, and overwhelming credit card
debt are just a few of the factors that can lead to filing
bankruptcy. The mortgage lending industry has created special
loan packages and terms for those who have filed bankruptcy in
the past. Lenders have little to lose in approving a home loan
after bankruptcy. With your home serving as collateral for the
loan, the lender can feel confident in approving you for a home
loan, often soon after your bankruptcy has been discharged.
Filing bankruptcy and buying a home are no longer mutually
exclusive terms. Both traditional and online lenders can give you
a good interest rate and payments you can afford, even after
filing bankruptcy. If you have filed Chapter 11 or Chapter 7
bankruptcy and are wondering if you can obtain a home loan,
contact a lender today who specializes in approving mortgages
after bankruptcy. Interest rates are currently lower that they
have been in decades. Even after filing bankruptcy you can get
your new home loan approved and receive a great interest rate.
Online lenders and mortgage companies are competing for your
business. Do not let a past bankruptcy prevent you from
purchasing the new home of your dreams.
If you have filed bankruptcy in the past and would like to
purchase a home, there are numerous programs and loan products
that will suit your needs. Lenders will approve your loan quickly
and give you excellent terms on your mortgage. Some lenders will
require that a certain amount of time pass before approving a new
home loan after a bankruptcy while other lenders can approve your
loan in a little as one day after your bankruptcy has been
discharged. Now is the perfect time to apply for a mortgage, even
if you have filed for bankruptcy in the past.
To view our list of recommended mortgage lenders for buying a
home after bankruptcy visit this page: Recommended
After Bankruptcy Mortgage Lenders.
Carrie Reeder is the owner of ABC Loan Guide, an information
website with articles and the latest news about various types of
loans.
 MORE RESOURCES updated Thu. February / 09 / 2012
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