Loans After Bankruptcy

robynsorenson

13 years ago

<img class="alignnone size-medium wp-image-240" alt="bad loan 2" src="https&colon;//medusamagazine&period;com/wp-content/uploads/2013/03/bad-loan-2-300x210&period;jpg" width="300" height="210" />Finding home loans after bankruptcy is not impossible&period; After you have filed for bankruptcy, it may seem like you can never buy a home again&period; Many people think that with a low credit score they can never qualify for a mortgage loan&period; While filing for bankruptcy is not a good time in anyone’s life, it does not mean that you will never be able to secure a loan again&period; All you need is some good advice and some patience&semi; you can recover&period; <a href="http&colon;//loanscanada&period;ca/loans/loans-after-bankruptcy/">To learn more about loans after bankruptcy, click here</a>&NewLine;&nbsp&semi;&NewLine;Buying a house after you have filed for bankruptcy is not only NOT impossible, but it has recently become easier to do&period; When you apply for a loan banks and mortgage lenders will look at more than your credit score&period; They know that your score is lacking a bit—since you have already filed for bankruptcy&period; However, they are going to look at two other components&colon;&NewLine;&nbsp&semi;&NewLine;<ol>&NewLine;<li>Your income verification</li>&NewLine;<li>Your ability to put a down payment on the home</li>&NewLine;</ol>&NewLine;&nbsp&semi;&NewLine;While your credit score will be hit hard after you file for bankruptcy, the lenders will want to know more than just your credit history&period; They will look primarily at your post-bankruptcy activity and how responsible you have become financially since then&period; This will paint them a better picture with regard to how you will repay the loan in the future&period; &NewLine;The most important step to qualifying for a loan after you have filed for bankruptcy is to re-establish your credit score&period; Even if you have not yet hit an idea credit score, lenders can see the progress you have made&period; This will reflect well on your reliability&period; &NewLine;Rebuilding your credit is not as difficult as it may seem&period; &NewLine;&nbsp&semi;&NewLine;The first thing you need to do is review your budget&period; You need to understand what your income is versus what debt you have&period; You should list your fixed expenses as well as your variable expenses&period; This will help you to see a clear picture of your current credit situation&period; There are many software programs available to help you with this such as Microsoft Money, Quicken, or online programs such as Mint&period;com&period; Once you have done this, you can look into reducing your current expenses or increasing your income&period; Following your new and improved budget will be quite an adjustment and you should fully expect to &OpenCurlyDoubleQuote;fall off the wagon”&period; Be reasonable, but firm with yourself and most importantly, don&&num;8217&semi;t give up just because you stray every once in a while&period; Before you know it, your credit score will be back up and you will be able to apply for the loan you need&period; Click here to learn more about applying for a loan&period;&NewLine;The second thing you need to do is print a copy of your credit report&period; You are legally allowed one free copy each year of your credit report via Annualcreditreport&period;com&period; You should ask for a copy and review it line-by-line&period; If there are errors on your score you should contact the agencies in writing and ask for an investigation&period; Be sure to keep copies of everything&excl; click here for more information about loans after bankruptcy&NewLine;