A home loan after bankruptcy seems impossible for those who have dealt with the financial court system. But financing after this tragedy is available and possible for those who are pursuing their dream of owning property. If a person finds themselves in a financial situation where filing for a bankrupt plea is the only option, talking to a professional is a good idea. "Hear counsel, and receive instruction, that thou mayest be wise in thy latter end" (Proverbs 12:15). Seek out some wise counsel if believing a home loan after bankruptcy will necessary. If a filer has already gone through a Chapter 7 or a Chapter 13 and is thinking that getting a mortgage is impossible, that idea is absolutely wrong.
There are lending institutions that are willing to help a filer get home loans after bankruptcy. If a person would like to refinance their existing mortgage and take advantage of lower interest rates but think no one will refinance with them, it is not surprising to find out that many lenders are more than willing to do business with people who have a checkered financial history. As long as all bills and payments are currently up to date, there shouldn't be a problem finding a slew of sources for financing a mortgage.
Most people may be wondering what the difference is between Chapter 7 and Chapter 13. Under Chapter 7, all a person's debt is forgiven. That means the person does not have to pay any of the money back. Certain things like student loans and tax debt cannot be included in a Chapter 7 filing. Under a Chapter 13, the person works with a trustee of the court to repay all of the debt. Home loans after bankruptcy can help greatly with a Chapter 13 filing because the filer could refinance or take out a second mortgage and use the equity from the house to help repay the debt. Most can get a mortgage no matter how bad a credit history is. A home loan after bankruptcy can actually help improve a financial situation and rebuild a credit report.
The dreaded filing can leave many feeling worthless and like a financial pariah. It is possible to climb out of the financial abyss that this filing seems to create. Home loans after bankruptcy can give a borrower the confidence needed to again feel like a fiscally responsible member of society. Borrowers don't have to go through the next 7 to 10 years of their life feeling like the stigma that seems to generate after a filing cannot be removed. A home loan after bankruptcy is a specialty area of lending. If a borrower is considering receiving funding after filing, an expert that has experience with bankruptcy loans should be consulted. This type of financing demands tremendous knowledge of the intricate laws for filing as well as lending laws. Not every bank or credit union can deal with all types of credit problems, so finding the right match is important.
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