Learn,how,get,mortgage,while,B finance, share, loan Learn how to get a mortgage while in Bankruptcy
Thankfully, there are now several web sites that are there to help people like you with bad credit to find the fast personal loans that you need. When you have bad credit, the first thing that you should be looking for is a loan company that If your financial problems have reached the point where you do not see a way out and you feel as though you are drowning in debt, your best way out is through declaring bankruptcy. Filing may well allow you to get your finances back on track
You are probably thinking how in the world can I get a mortgage while in Bankruptcy? Well guess what you can. In this article I will teach you what to do. Two of the most common bankruptcies among people are Chapter 13 and Chapter 7. Here are there attributes.Chapter 13Chapter 13 is where you set up payments with the court to a trustee. This typically takes place over 5 years. You will pay back a portion of what is owed to creditors. Chapter 13 stays on your credit report for 7 yrs.Chapter 7Chapter 7 is where you file bankruptcy through the courts, and dissolve all debt. This particular bankruptcy is looked at much more harshly with creditors and stays on your credit report for 10yrs.Bankruptcy is usually the last resort when it comes to getting yourself out of a swamp of credit problems. I personally believe most people don't want to file bankruptcy but have no choice once they do. Usually bankruptcy is stemmed from lots of debt. There is hope though when it comes to buying a home. I will tell you real quick, you cannot buy a home while in a Chapter 7. Banks will not touch you with a ten foot pole, usually for 2 to 3 years. You can buy a home while in a Chapter 13, only if your trustee gives you permission.Requirements to get a Mortgage while in Chapter 131. Must have permission from Trustee2. Must have a lender willing to finance you FHA3. Must have a minimum 12 month payment history with Bankruptcy.4. Cannot have any late payments after bankruptcy is filed5. Cannot have any collections after bankruptcy is filed.6. Must have 3 alternate lines of credit.A. Examples:a. Letter from electric company stating you have been on time with payment for last 12 monthsb. Letter from Phone Company stating you have been on time with payments for the last 12 monthsc. Letter from any utility company stating you have been on time with your payments for the last 12 months.If you are in a chapter 13, and you meet all these requirements you should be able to get financed FHA. The first thing you need to do is pull a recent copy of you free credit report, and make sure you have not had any collections or slow pays on your credit report during bankruptcy. Article Tags: Mortgage While, Credit Report, Must Have, Letter From, Company Stating
Learn,how,get,mortgage,while,B