Every month thousands of people go through the process of filing for bankruptcy protection, mostly so they can wipe their debt clean and have a fresh start.
Many of these individuals have the false premise that it may take several years before they can even think about obtaining a mortgage or refinance an existing mortgage, or if they EVER can. When you file for bankruptcy it typically stays on your credit report 7 to 10 years. But the myth that it is impossible for you to get approved on a mortgage because of bankruptcy is false. You actually can become eligible for a mortgage as little as one year, if you stay diligent in improving your financial future.
According to John Walsh, president of Total Mortgage, the most important point, is that consumers re-establish their credit and show they can manage it responsibly. They can do this by paying rent and utility bills on time, or perhaps by obtaining a secured credit card.
Rebuilding credit after a personal bankruptcy will take some work. But if individuals maintain or take out one or two credit cards and routinely use them. If a bill is due on the 1st of each month make sure you pay by the 25th of the previous month. By doing this, you let creditors know that you are taking initiative and paying ahead of time, showing you are being more responsibility this time around.
You may be facing some financial difficulties and your back is against the wall, with no more options. Let Atlantis Law relieve you from your pain and find a remedy for you to get back on track. We will put you in touch with one of our trusted Attorneys to find you a solution. Contact us now for