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CHALLENGED CREDIT BANKRUPTCY ISSUES
A bankruptcy filing delivers a devastating blow to your credit and FICO score.
It doesn’t mean you have to wait 10 years before you can qualify for a mortgage. Many consumers who have filed for bankruptcy have been able to obtain a mortgage, although it is often at a higher rate than someone qualifying for a prime or "A-paper" loan. We will take the time to earnestly show you all there is to qualifying for the best loan. We are an Atlanta Georgia based mortgage broker providing mortgage related services nationwide.
"Credit Counseling" page.
In a . . . Chapter 13 Bankruptcy a FHA LOAN is the way.
Call us today. Bankruptcy 7 & 13 discharged greater than "ONE DAY" and with a 600 credit score, CALL IMMEDIATELY . . . FOR DETAILS . . .
While credit card companies may care about what happened before you filed for bankruptcy, many mortgage lenders are more interested in your recovery — what you’ve done since your filing. It won’t happen over night, but here are some tips and things to keep in mind when you inquire about a mortgage with a tarnished credit past:
Give explanations.
No mortgage lender is going to ignore the fact that you’ve filed bankruptcy and he or she will likely want to know the cause of the filing. Your lender will be particularly interested in whether the same situation could happen again. Your chances of being qualified are much better if your bankruptcy was caused by a single event such as a loss of employment or a death in the family, than if it was the result of “just spending too much.”
If the bankruptcy resulted from a single event, it is important to show your lender paperwork describing the incident, such as the layoff notice or death certificate. You may also want to bring in court documents to indicate when the bankruptcy was filed.
Demonstrate good money habits now.
Many people who file bankruptcy swear off credit altogether, however, it is important to re-establish your credit rating. Get a secured credit card or take on some sort of loan — furniture, a car or a major appliance — to demonstrate that you are able to make timely payments. Make sure you are making other payments (utility bills, cell phone, etc.) on time as well. You won't turn things around in a year but your credit score will improve over time.
Dispute any credit report errors.
There’s no need to add to your troubled credit history with errors on your credit report. Get a copy of your credit report from each of the three major credit reporting agencies: Equifax, http://www.equifax.com; Experian, http://www.experian.com; and TransUnion, http://www.tuc.com. If you encounter any errors, inform the CRA in writing what information you believe to be inaccurate and request deletion or correction. Do you know what factors affect your credit? Go here "Credit Score Factors."
Call us for your "Credit Score Wizard" to Score Analyzer and WhatIf? and ReScore services . . . today.
Be very selective of lenders.
There are many alternative lending sources — also known as B and C lenders or Subprime Lenders — that provide mortgage financing for someone with a damaged credit history who is considered a “high risk” borrower.
Be wary of lenders that "PREY" upon your emotions and make you feel "GUILTY" and make reference to being your only or last chance to buy your home. In fact, most of these types of lenders will not take the time to update your credit history. But to reduce their risk in making these types of loans they charge borrowers higher than normal interest rate and sometimes extremely high points & fees. In fact, many lenders have “comeback” loan programs for people recovering from bankruptcy that often include credit reports, credit counseling referrals and consumer education. You may also want to seek advice from a reputable mortgage broker who can review your situation and let you know what options exist.
Call on us.
We pride ourselves for having the resources and ability to help you through this often emotional period. Buying a home is a business transaction. I will tell you the facts and we will update derogative information so that your report reflects your true credit history. There are loans such as "FHA" that will allow you to buy a home under "Chapter 13".
We also have loans that will enable you to get "100% FINANCING"
one day after your Bankruptcy (Chapter 7 & 13) is discharged as long as you have a 580 Fico score and a few minimum non traditional open accounts (rent, mortgage, car, utilities, car insurance, ect). Remember we work for you, demand service that is in your best interest!
Live within your means.
Even subprime lenders won’t risk loaning you money for an opulent oceanfront mansion. Think small when the time comes to look for a home. Smaller homes often mean smaller mortgages.
Loan Programs for Challenged Credit and Pre - Chapter 13 Bankruptcy & Post Chapter "7" Bankruptcy.
- FHA for Chapter 13: Must be older than 12 with account paid as agreed, with the approval of the Court's Trustee. Purchase & Refinance.
- 100% Financing for Bankruptcy's (7 & 13) discharged at least "One Day":
- 600 Minimum Fico Score with 3-4 trade lines open, at least 24 months old.
- 95% - 90% Financing with Fico's as low as 540, Call for details
- Interest Only Loans for challenged credit provides lower than normal payments and allows you the time to "Get Back on Track" with your finances.
- Ask about "Special Loans" that disregard Tax Liens and all Consumer Lates (CCC's,Child Support, Repo's Chrg-offs, Collections, Timeshare are not required to be paid off unless on title).
- No Rental History Programs to 100% (Min 620 Score, Full Doc).
- 95% CLTV, 90% LTV, (Seller 2nd's of 5% - 15%), with Fico 550, Full Doc Only.
- 100% CLTV, 80% LTV, (Seller 2nd's of 20%), with Fico of 500, Full Doc/Stated.
- 1 Credit Score Program: Call for Details.
GO TO THE "CREDIT COUNSELING" PAGE
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