Bankruptcy Mortgage

Getting a bankruptcy mortgage isn't all that different from getting a home for everyone else, the basics just become more important.

It will be hard to find a lender that won't want you to wait two years after the bankruptcy, but it will take that long to get your finances ready for such a venture anywhow. To prepare yourself you need to do three things: take care of your past issues, build new credit, and secure steady finances. Hopefully it is clear to you what got you into trouble before. If it was overspending, then now would be a good time to build a smart budget and stick to it. If your problem was you lost your employment, build up an emergency fund so that in a similar event you'll be in a safer situation. You don't want to do all this work to get to a better financial place and end up in the same situation- and it does happen. The next thing we need for a bankruptcy mortgage is credit. I know that may feel impossible, but you can build your credit up again, and it doesn't have to take 10 years to do. The financial world may seem scary at this point, but the only way to do this is to jump back in. Get a secured credit card at your credit union or bank and use it lightly. If you have some property of value, try to obtain a secured loan for school or a vehicle. This will put activity on your credit and build a history of timely payments. Remember when getting a credit card or secured loan to shop around- your interest rates will be high at this point and it's important to find the best deal you can. And, of course, a steady well paying job will help your application a great deal! There needs to be evidence you'll be able to handle your payments. The longer you've been employed the better.

Just because you've had problems in the past doesn't mean you can't still have a home. You just need to have patience and get back in the game. In two years time it will hopefully be easy to get a bankruptcy mortgage.