Dream of owning a home? It’s not impossible after filing bankruptcy. You can still be a proud home owner, so don’t give up on your dream! You must take the right steps to get a mortgage or loan approved. If you are thinking of filing bankruptcy or already have, this is what you need to know to get back on track:
Is Bankruptcy the Only Answer?
With loads of debt to pay off, bankruptcy may seem like the only option – especially with no way to pay off your bills. However, it’s important not to rush into bankruptcy or make the decision lightly.
If bankruptcy is the only option, hire a professional to help with the process. This could be a qualified attorney or another credit expert. They will help you assess the situation, and decide if bankruptcy is the best and only solution for you.
Already filed for bankruptcy? A professional can still be useful for you. They will be on your side to help with a post-bankruptcy credit score improvement plan. It will definitely be easier to have a team on your side! As qualified professionals, you can trust they know the steps help get you back to a good credit standing. If you have a dream of owning a home, credit repair is a crucial step!
Avoid Negatively Impacting Your Credit Score
Once you have filed bankruptcy, it’s important to keep negative factors off your credit score. A loan officer will compare your bankruptcy filing with others and ‘grade you on a curve’. Ideally, there should be no other red flags or issues on a report after the initial filing. This signals you have corrected your errors ,and you are now able to take financial responsibility.
Make sure items on your credit report are included under the bankruptcy filing. This will let loan officers know those issues occurred as part of the bankruptcy. Spend time combing through the details to ensure every bankruptcy item is listed as such.
It’s possible to start over!. Positive lines of credit such as secured credit cards, store cards, or other lines are still available to you. Have the mindset of a beginner again! It is still possible to get approved, especially if you have the intention of paying it off and managing your line of credit. Allow it to be a fresh start on your credit score, and work to make sure it doesn’t become a negative impact.
Filing for bankruptcy doesn’t mean it’s impossible to get a mortgage. In fact, there are multiple avenues available. Most importantly, a professional can make the process a lot easier and ensure you are putting yourself in the best position. Contact us today to help get back on track!