BANKRUPTCY QUESTIONS

APPLYING FOR BANKRUPTCY HOME LOANS

Have you been asking yourself "can I buy a home after bankruptcy?" You can't expect bad credit to mean giving everything up. Even when you have declared personal bankruptcy, it is still possible to reach for your dreams of owning a home by considering bankruptcy home loans. There are many bankruptcy mortgage and home loan companies that specialize in helping people with poor or no credit get the loans they need to make those dreams come true.

If you are wondering about getting a mortgage after bankruptcy so you can buy new property, many quality lenders can approve your loan in as little as 24 hours and have the loan closed and ready to deliver to you in as little as 10 days. When you are looking at different offers and companies you should try to find some association with a quality control or consumer protection agency, such as recognition by the U.S. Department of Housing and Urban Development. This will do more to ensure that you are dealing with a reputable lender who will treat both your situation and your personal information with respect and confidentiality. Before you apply for one of these loans it is always wise to try to contact the lender directly and ask a few questions about their policies and pre-approval guidelines before you fill out any forms. This will avoid the negative marks that can come with your social security number appearing as a rejected applicant, which would make it harder to get approved by the next lender you approach.

Many agencies advertise services through which they represent you to several actual lenders- this makes the process more promising and less stressful for you personally, but you should always be totally clear of exactly what steps they are taking when they make your personal information available to another party.

If you are already in the middle of an active mortgage when you declare bankruptcy, the lender still has property rights as described in the mortgage agreement. They can foreclose the mortgage if you breach the agreement that was originally signed. However, it is important to realize that when you filebankrupcy you are not breaching the agreement. You are only breaching the agreement when you fail to make mortgage payments. If you make continued payments, you are legally entitled to keep your house. A lender will generally prefer to have you keep paying off your mortgage rather than foreclosing the loan, which is expensive and as complicated for them as for you. Although it is sometimes uncomfortable to talk about your bankruptcy filing, it is the most sensible in the long run if you call your lender to see if they have any particular advice concerning the standing of your mortgage.



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