Perhaps after years of hearing about predatory lending in the news, you are concerned that any mortgages you might be able to get after bankruptcy will be unsavory or on such terrible terms you’ll end up with even more debt than you’re dealing with, now.
Having a bankruptcy on your credit report isn’t necessarily a permanent or even a long-term bar to qualifying for a workable mortgage. Though every lender has different rules and terms, you might be able to land a surprisingly good deal. Two primary things to remember:
- Do the work. A bankruptcy will mean less to potential lenders if it is followed with a few years of good behavior. Paying your bills on time and demonstrating a healthier relationship with credit will go a long way toward qualifying for a decent mortgage.
- Save for a big down payment. The more you can put down up front, the better your rates will be.
Because of the complexities of existing bankruptcy law, you are advised to have professional help to assure yourself of the best preparation and timing.
The VA bankruptcy lawyers at The Strong Law Firm offer free consultations for clients dealing with overwhelming Virginia, Maryland or Washington DC debt. Call our offices toll-free at 887-344-8189 to make an appointment or fill out the contact form to reach us online.
Category: Bankruptcy Solutions CH 7 & CH 13
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