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After Bankruptcy - How Can I Take the Steps to Qualify for a Mortgage?

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By : marco benavides    99 or more times read

After bankruptcy proceedings, the door to qualifying for another mortgage is not shut forever. The first step to take in this matter is not to despair because you or almost anyone can get credit soon after bankruptcy. It is absolutely true that your credit and credit score are shot all to shreds, but it will not be forever. Therefore, getting credit is simply a matter of knowing when and how.

It will be necessary to reestablish credit because you are going to have to repair the damage bankruptcy caused to both your credit and credit score. Your credit report can show a bankruptcy for up to ten years after the proceedings. On the other hand, you can begin to fix your credit score the very day the case is finalized.

It cannot be over-stressed that you need to implement responsible, timely and very prudent credit habits. This means that you pay anything and everything you owe on time each and every month. You cannot get another negative mark on your credit report while you are trying to repair your credit score. You are going to have to show that you are trustworthy and that you have learned to manage your finances.

Many people go into bankruptcy because of a job loss or a tragic disease or illness. They are things that cannot be avoided sometimes, but what you should have done is saved enough to carry you through several months without an income. Saving takes discipline and knowing how to manage your finances, and it will help you when it comes time to make a down payment on your home.

On the other hand, if you went into bankruptcy because you maxed out your credit cards, owed much more than you could pay and were habitually late making payments, then they are mistakes that you cannot repeat, or you will find yourself in bankruptcy all over again.

You should definitely keep an eye out for the following problem if you have been through bankruptcy: You accounts are supposed to be closed and obligations wiped out as part of the bankruptcy proceedings. However, many people get a copy of their credit report after bankruptcy and find out that they show their accounts as open and overdue.

Your credit cannot be repaired as long as you are showing open, overdue and delinquent accounts on your credit report. Contact the credit reporting agencies and insist that they correct this glaring error. While you have a copy of your credit report, look for any errors that it may contain so that you can insist that they be fixed also.

Your credit score is a direct reflection of the information contained on your credit report. Therefore, errors in your credit report can seriously hurt your credit score and the errors need to be wiped out. It is the responsibility of the credit reporting agencies to fix any errors in a credit report once they are made aware of them.

Those are just a few uncomplicated steps that you can take after bankruptcy. If you are careful, disciplined and learn from your mistakes, then you will be able to qualify for a mortgage loan in no time. If you include patience in the things you do, the longer you can wait while you are repairing your credit, the better the mortgage terms you may be able to get.
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