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 open several secure credit cards. Make sure that the card-issuing bank that is actually secured will actually report it to the bureau before you apply, otherwise the credit card has no purpose. It is ideal to have a combination of installment and rolling accounts with a good reputation. A revolving account is a credit card account, while examples of installment loans are automatic loans and student loans. Don’t apply for too many credit cards at once because this will lower your score. Try to propose a few and spread them over a set period of time.
Having a solid work history is also important
Mortgage lenders like to see at least two years working in the same company. This shows financial security and stability. It is also important to keep your work in the same line or line or job. Keep all your checks and tax deductions in an easily accessible location in case the lender needs to check them. Take the time to work creating a positive account, denying inaccuracies in your credit file and keeping work steady. If you take these steps, in due course you might qualify for a home loan.