You might feel hopeless thinking about the process of applying for your mortgage bankruptcy. However, it is possible to qualify if you plan and take the necessary steps. Key steps will include; wait, ensure that your credit report is correct, build a positive trading path and keep a steady job.
Qualifying for an FHA loan is one possibility
If you have made payments, you will be eligible if you have paid on time for at least 12 months. If you submit Chapter 7, you must wait at least 24 months after the date of release before being eligible. Keep in mind that the filing date is not the same as the blank date.
Get a copy of your credit report and make sure everything appears as it should. Accounts that are included in bankruptcy must appear as such on your file. This is preferred over accounts that show late payments or appear in billing or billing status. If it doesn’t appear as it should, you should file a dispute with each of the three agencies and send each of your bureaus a copy of your waste paper that specifies which account was entered. You can submit disputes by mail, telephone or fax. Include your name, address, social security number, and the nature of your dispute. By law, the agent will have a total of thirty days to examine the claim and will send you a corrected report after their investigation is complete.
Rebuilding your credit
If you have a current account with a good reputation, keep paying it on time. The age of the account affects valuation and therefore it is good to have a trading path that remains in good standing for a longer period of time. If you don’t have a positive account then you might want to …Continue reading