You actually can have a life after bankruptcy and it is possible to get a mortgage loan after filing bankruptcy. You might also be able to purchase a home at normal rates for home mortgages within two years after filing bankruptcy. Simply pay your debts on time after you file bankruptcy and use a variety of credit.
Getting a Mortgage Loan after Bankruptcy
HUD, FHA, Kentucky Housing Corporation, and other Federal housing agencies have non-discrimination guidelines for persons who file bankruptcy. This allows you to have a mortgage after bankruptcy at prime interest rates. In fact, these guidelines require lenders to ignore your pre-bankruptcy credit record and bankruptcy filing. As a result, the lender only uses your post-bankruptcy payment history to decide on your loan. Make an appointment and we will show you how. Here is our article on how to get a 725 credit score.
You can also qualify for a mortgage one year after filing Chapter 13 and have a life after bankruptcy under the same rules. Of course, there are other factors for which you must qualify. Plus, this is contingent on your not going deeply into debt for other items. In addition, your income must meet the requirements.
How to Recover Your Credit Rating after Filing Bankruptcy
- This is our article on how to get a 725 Credit score after bankruptcy. The key factors are to make all payments on time after bankruptcy and to have variety in your credit. We provide a letter that will help you to remove negative information in our download section after filing bankruptcy. You can do it yourself with the information on the 725 credit score page or use services like Lexington Law to do it for you.
- You must wait a sufficient amount of time before applying. It is normally one year for a car, two years for a home mortgage, and three years after a foreclosure.
- Pay bills on time religiously after filing.
Contact us if you want to know more about getting a mortgage loan after filing bankruptcy. Our bankruptcy and other manuals explain how to properly file a bankruptcy case in Kentucky. However, if you have specific questions about Kentucky bankruptcy call us. We practice bankruptcy and divorce cases statewide in Kentucky and Indiana.
Resources for Bankruptcy
Other Related Information
If you are facing bankruptcy, don’t delay because timing is so important. I am here to help you. So, contact my office right away to start the conversation. Nick C. Thompson, Bankruptcy Lawyer: 502-625-0905