So many people today are in a financial situation where filing for bankruptcy is the financially prudent thing to do for the sake of their family. However, they also hope to one day own a residence. So it is not surprising that they would be somewhat apprehensive. How challenging is it for someone who has declared bankruptcy to obtain a mortgage?
When you declare bankruptcy, your credit score will be severely damaged. But likely not as terrible as you believe. Because, if you are in such dire financial straits that you are contemplating filing for bankruptcy, your credit score has already taken a number of significant blows over the years.
As a result, once you discharge a portion of your bad debts through bankruptcy, you may be able to restore your credit score more quickly than if you had spent years attempting to satisfy creditors' impossible payment demands.
When you file for bankruptcy, you may be able to qualify for a mortgage in as little as three or four years, or even sooner if you put in the effort. However, you must first assume responsibility for your debts and your financial practices.
If you have been negligent in the past, you must stop. Pay your rent, utility invoices, and all other expenses on time like a fanatic. Consider obtaining a secured credit card. As you charge products to the card, promptly pay them off as well. If you are able to save money in a bank account, use it to request for a loan at your bank. Make it a modest loan, approximately $2,000, secured by your bank account. After that, ensure that you make all payments on time. Even produce a few in advance of the deadline.
Two times a year, make it a habit to request your credit report and credit score. Review your credit report and initiate the process of removing any outstanding items that would negatively affect your credit score. As soon as your credit score improves sufficiently, apply for an unsecured credit card. And make timely payments as usual.
As you implement the aforementioned recommendations, your credit score will progressively improve. Eventually, your credit will have improved to the stage where obtaining a mortgage won't pose a significant obstacle.""
" - https://www.affordablecebu.com/