mortgage for persons with bankruptcy
Question: Can anyone give me ideas on ways to obtain a mortgage if I’ve had a previous bankruptcy?
Answer: Be happy to! First, don’t feel all is lost for ever. You can re-establish your credit rating and get a loan. Here are the guidelines.
1- Get some credit, somewhere. Although secured credit cards are available, try for some unsecured credit. Auto loan, department store etc.
2- NEVER, never be late on any payments, ever! Just one 30 day late and the whole game is over.
3- Continue establishing credit and give it a year, two would be better. Then apply with a lender and have a really good (and I do me good) explaination of WHAT, WHY and WHY THIS WILL NEVER HAPPEN AGAIN letter written.
I have had many folks approved for a home loan that have had a BK.
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