A Bankruptcy Lawyer’s Blog

What Are My Chances For Getting a Mortgage After Bankruptcy?

Your chances of getting a mortgage after bankruptcy are mighty good in the year 2010 and beyond. The reason for this is simple, sweeping bankruptcy as well as mortgage changes have made it far simpler to receive a mortgage these days. It is very possible to get a mortgage after bankruptcy as there are lending institutions that specialize in providing these types of mortgages for individuals who have suffered through a bankruptcy. These lending institutions are well-versed in the industry of offering mortgages and finding the money to pay for that 3/2 on Main Drive.

The best way to see if you qualify for a mortgage after bankruptcy is wait 24 months before you do anything. This is the time in which the individual bankruptcy enrollee can really get their life together and create a budget and stick to it. As I have deep experience with bankruptcies by having previously filed. After successfully, saving my home and most of my assets to a Chapter 7, I am speaking from experience.

The chances of getting a mortgage post-bankruptcy have never been better as the Obama Debt Relief Program has opened many doors for the ‘American Dream’. It is in the waiting period of those 24 months where you can apply for a mortgage and show the lenders just how honest and forthright you have been in paying back debts and not creating new and bad credit files.

This is highly important to demonstrate to the lending institutions and something that you will want to really concentrate on from here on out. For those that are sick and tired of watching the hard-earned rental money fly out the window, it is time to get serious about looking for a fine mortgage. There are a few ways that you can improve your chances on landing a mortgage after bankruptcy if you follow these easy instructions. Firstly, you will need to go through the ‘waiting period.” Please make great financial choices during this time and only pay back passed-credit and by all means do not add on any more new-credit files, during this crucial time.

Once you get past that 24 month long waiting period, you will see blue skies opened up and a whole new world of American homeownership! Do not be dismayed by fear. You can get a home with a bankruptcy since the very institution that is bankruptcy desires to reform and reward that reform with a home. The nay-sayers will tell you that it will be nearly-impossible to find financing for the home if you can even find a mortgage broker to accept you at all! The truth is that in order to receive a post-bankruptcy mortgage you may have to pay a higher percentage for a down-payment.

Of course if you want to pay up to 30% there will be a line of lenders begging to take the down -payment money, greedily. Mortgage loan brokers work for the banks and need to move property and in a big way each and every month. It is in these little caveats of opportunity where you can find a dream home even after you have been dismissed on a discharge for bankruptcy and are sitting on $3700 worth of disposal monthly income that is burning a hole in the pocket.

If you are serious about getting out of debt quickly there’s a proven step-by-step technique that works without bankruptcy.

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