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Bankruptcy Mortgage

September 8, 2010 By admin Leave a Comment

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Can I Get a Mortgage After Filing Bankruptcy

Author: Nikola Govorko

Usual opinion is that with an item like bankruptcy on your credit report you do not stand a chance of getting a mortgage. While it might have been true until as little as 4 - 5 years ago it is certainly not true today.

It is natural that bankruptcy does not help your credit score but it is not something that can prevent you from buying your own home in near future, in say next 2 to 5 years.

And in case that you already have a mortgage on your record, you will be happy to know that you can refinance your mortgage and get a much better deal which can enable you to pay off your creditors much easier and faster. You will have to work long, hard and smart to repair your credit rating.

Here are steps you will have to take in order to get a mortgage after filing for bankruptcy:

1. Make a budget that you can stick to and the one your family can live with. It is very important to make a realistic list of your monthly income.

In this list include any income that you can count on100%, leave all the other possible money sources out. You can do it easy with a pen and paper or you can use your PC/Mac.

Place any other possible sources of income on a separate list, so if it happens OK, if it does not no harm done to your budget planning.

2. List your expenses include all your monthly bills in this like car or a home loan, rent, insurance payment, utilities and food. Keep ALL the bills, and at the end of the month you should have much clearer picture where does your money go to.

Many people do not do this, and that is a HUGE mistake. Small $10-20 bills soon ad up without you noticing it. It is not big expenses that push people in debt, in most cases it is lots of small charges you do not take notice off until you have to pay them.
You have gathered similar information before, probably when filling for bankruptcy. At the end of the month or at the beginning of one, when you do the math you will be able to find out if you are living above your means.

If that is the case you are just going to have to give up some of the unnecessary costs. What that is I can not tell you, each of us is different but usually things like cigarettes, bar bills, DVD rents and other entertainment oriented expenses are not necessary for living normal lives.

You would be surprised to know how much you can save on things like this.

3. Pay ALL your bills ON TIME importance of this can not be stressed enough. If you follow above two steps you should have less trouble with this probably the most important step in your credit repair.

Make sure to have your mortgage, car loan, or a secure credit card bill (that you have naturally been paying on time) listed with credit bureaus.

It will provide the proof your creditors need that you have been working hard on your credit repair and that you have learned how to live within your means.

4. Fourth step is optional; you can apply for a mortgage after bankruptcy even with bankruptcy discharged yesterday and just about any time you want.

But even if you are approved you will have much higher interest rates to payback and those rates can be just thing that will push you even more towards financial bottom.

If not absolutely necessary wait for at least a year (during which you will naturally working harder then ever to improve your credit score) and then apply. Also make sure to check all your options, apply online with reputable lenders and get as many offers as you can right to your e-mail.

This is much, much easier, faster and over all better way to apply for any kind of a loan then the traditional methods.

So can you and should you apply for mortgage after filing bankruptcy? The answer to both questions is YES. But you will have to undertake above steps to get a better deal.

Article Source: http://www.articlesbase.com/finance-articles/can-i-get-a-mortgage-after-filing-bankruptcy-74488.html

About the Author

At www.Debt-Free-Family.com we are dedicated to help regular people get out of debt, avoid bankruptcy and enjoy a debt free life. Get easy 4 step tutorial how to get Mortgage After Bankruptcy.

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Bankruptcy Fort Lauderdale Fl

August 13, 2010 By admin Leave a Comment
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Bankruptcy and Related Ability to Purchase Home

Author: Ravisankar

Bankruptcy and related ability to Purchase home

Bankruptcy, the dreaded word, can pull you down very badly at times. It not only drains you financially but even creates emotional and social blockades that some find difficult to breach. Having a home to shelter you in such times is very comforting. It soothes your frayed nerves. But what if you do not have one? Can you still apply for a loan to buy one? It is considered quite difficult for bankrupt individuals to get a home loan sanctioned in such times of crisis. Not anymore.

There are options that are available for individuals in such a state to still get a home loan. All it takes is some good planning and a disciplined approach to managing your credit. Many lenders think twice before sanctioning a loan for property to people who have filed for bankruptcy. It all depends on how you are able to convince the lending institution about your ability to repay the loan back. A few steps to help you are detailed below:

First, you need to decide on the type of bankruptcy filing that needs to be adopted. There are basically two types of filing; Chapter 7 and chapter 13.

Chapter 7 involves liquidation of all assets where as chapter 13 is a safer route. This entails re-organization of the financial portfolio, assets and liabilities and even the budget. This is considered a safer option as it provides a security for the debtors about the repayment of loans sanctioned. Taxes to be paid are also put on the back burner till such time as the individual gets back on track, financially.

Secondly, it is advisable to wait for atleast a couple of years after filing, to apply for a mortgage loan. Also all information related to the bankruptcy has to be declared upfront, before the same is unearthed by the institution. This gives a sense of transparency and clarity to the entire procedure.

Most importantly, you need to prove that you have a steady income to support you as well as enough additional income that can help you repay the loan in future times. This creates a sense of security for the lending institution which helps in convincing them about your repayment capability. The records have to be submitted to prove the same.

You can start with a smaller amount and later ask for an additional top-up amount as times pass by and you become more financially strong.

Credit worthiness is an important aspect of such transactions and hence ensure that you do not default at any times, as any such action can adversely affect your reputation.

It is always advised that a bankruptcy attorney be entrusted with the work of putting your finances back on track, as such professionals are experienced in all the legal aspects that can get crucial reprieve from authorities and absolve you of complicated liabilities, if any.

Article Source: http://www.articlesbase.com/real-estate-articles/bankruptcy-and-related-ability-to-purchase-home-953113.html

About the Author

Beautiful homes for sale at Arizona City Real Estate , Avondale AZ Homes for Sale and Buckeye Realty.



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Claiming Bankruptcy

August 11, 2010 By admin Leave a Comment

Claiming Bankruptcy after the Purchase by drquimbo

Top Reasons That Drive People into Filing Bankruptcy

Author: Eulalia Allmand

Filing for bankruptcy can be a hard decision for most people to make; however, the circumstances surrounding their situation make it impossible for them to see any other way out. There are many reasons that normal trustworthy people, much like you and me, decide that filing for bankruptcy is their only option. These reasons include:

1. Job loss/unemployment - Many people have great paying jobs and rightfully decide to buy their family a nice home, good cars, and send their children to upscale schools. And why not? They have the money to pay for it. Unfortunately, right when some people are in the prime of their financial life, they find themselves suddenly laid off with little more than a severance package if they are lucky. While they are looking for a new job, the large mortgage, large car payment, and the children's monthly tuition is due. To top it off, many of these people will jump into new jobs that pay significantly less than their old one, just to get some of their bills paid. These people have now found themselves in an unforeseen situation that was beyond their control.

2. Medical bills - Sometimes the systems that are supposed to protect us, fail us. Other times, we are victims of unfortunate accidents that require extensive hospital stays and months of physical therapy. Even if we have a medical plan that pays 80% of those bills, we still have a large deductible and the other 20% to worry about. Sometimes these medical costs mount up to more than we have the ability to pay back, while still paying housing costs and buying groceries. This is another example of someone who has found themselves in an unforeseen situation that was beyond their control.

3. Divorce/separation - Not only is divorce costly, but you could also end up owing portions of your spouse's debt even ones that you didn't know about. If your spouse files for bankruptcy or is otherwise uncollectable, their creditors will not hesitate to try and get the money from you especially if the divorce is not yet final. Unemployed spouses may also find themselves taking on debt in order to get a car and a place to live after a sudden separation.

4. Predatory lending practices - Some lenders (usually labeled "subprime") prey on those who cannot get loans from traditional lenders and offer them money that they can definitely use, but will likely have trouble paying back when coupled with the large interest rates and fees that these companies often charge.

These situations catch people off guard and throw them into a circumstance that they cannot handle. All of the sudden they are in over their heads, have creditors harassing them left and right, and need a way to get out of this mess. Bankruptcy can be a practical and respectable solution to help these people get back on their feet.

Article Source: http://www.articlesbase.com/finance-articles/top-reasons-that-drive-people-into-filing-bankruptcy-383852.html

About the Author

Fort Worth Bankruptcy Attorneys Allmand & Lee specialize in personal bankruptcy and offer bankruptcy services that help good people through one of the toughest times in their life. We have experienced bankruptcy attorneys who can help you work toward a better future. For more information please visit us at http://www.allmandandlee.com/

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Foreclosure Bankruptcy Preference

August 10, 2010 By admin Leave a Comment
Strategic Forclosure may ...

Deed In Lieu Of Foreclosure

Author: Anthony Petrucci

If you are facing foreclosure, you may have another option. The deed in lieu of foreclosure offers advantages to both the lender and the borrower. The main advantage to the borrower is that it immediately releases him from all or most of the indebtedness associated with the loan in default. It also saves the borrower from the embarrassment that can be attached to foreclosure proceedings. 

 

If you have been unable to make your monthly payments and your home has been on the market without success of sale, this form of foreclosure may be what is necessary to get you back on track.  Deed in lieu allows you, the borrower, to transfer your property to your lender voluntarily and your debt is often forgiven. This procedure will not save your home, but it will help the possibility of you getting another loan in the future. It will also help prevent the lengthy and costly procedure of a foreclosure. It is a negative strike on your credit, but not as bad as a foreclosure.

 

Most mortgage companies will require you to have your home listed with a realtor at least 30 to 90 days in order for them to approve you for a deed of lieu. Other things that may be required are as follows:

 

1.      The property may have to be vacant.

 

2.      You may have to get an interior appraisal of the property.

 

3.      You may need a minimum of 60 days prior to your foreclosure date.

 

This is not an option for someone who wants to stay in their home. This is only an option for someone who owns property and has had it on the market with no success of sale. Your lender can

 

inform you of their requirements based on your individual situation. Get informed and then act.

 

It may take some negotiating with your lender to complete this process.  If you do not feel qualified to negotiate something of this magnitude, seek advice from an expert in this field or from an attorney. Always be careful what you put in writing for it can be binding. Make sure you are knowledgeable as to the proper language being used in any official paperwork.

 

If your bank agrees to accept short sale, that is a better option than deed of lieu. However, if you are facing foreclosure and no buyer is interested in a short sale option, then consider deed of lieu. It just might save your credit from a "dark" mark to a somewhat "grey" mark, meaning it is the lesser of the two evils. 

 

Remember, you always want to avoid bankruptcy (the greatest evil). The overall summary is this…it would be great if you could bypass foreclosure. It is best to short sale, but if it is not possible, then shoot for a deed of lieu. This just might be the missing link you have been looking for.  

Article Source: http://www.articlesbase.com/mortgage-articles/deed-in-lieu-of-foreclosure-683423.html

About the Author
Foreclosure Defense Law Center is the parent company of ForeclosureDefenseLawCenter.us and its affiliate websites. Since founded, our top goals and priorities have been to maintain the integrity of service we provide and the guaranteed satisfaction of our users and customers alike. We provide Borrowers nationwide with a service geared to make the loan process as stress-free and simple as possible. Our Lenders and brokers across the country are given accounts to access borrower information and make successful loans.

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Bankruptcy Texas

August 5, 2010 By admin 10 Comments
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How to Prepare Filing Bankruptcy

Author: Teeny

If you are already sure that filing for bankruptcy is the only solution to all your financial problems but are unsure of how to get started, you can quickly feel overwhelmed with the number of resources you can go through for information.  Reading up on how to get started filing for bankruptcy may not be enough if you aren't really familiar with the terms and processes.  You should know that there are also a lot of people available who have the knowledge and resources to help you file for bankruptcy and make sure you have all the necessary paperwork in order.  It may be best if you consult them for your bankruptcy issues.

Your first step would be to gain as much knowledge about bankruptcy as possible. Know exactly what bankruptcy is, what it involves, and how it will affect your life in the long run. You must understand that bankruptcy is when the court system assists you in arranging payments will all of your creditors, or when they discharge your debts. It is not the easy way out of your current financial problems.  There are many tips about financial information at http://www.fidetips.com/finance for you to read.

When you file for bankruptcy with the courts, they will appoint a person to review your case, conduct a thorough study of all your finances.  That person will decide whether or not you are qualified.  If you are, the same person will likely be in charge of deciding on which of your debts can be discharged and which will require arrangements for payment.  The person will find a way to make sure that a payment plan you can handle is developed and agreed upon. Normally, the payments will be deducted from your paychecks.  This will continue until you have paid off all your debts to your creditors.

Another thing about bankruptcy you should understand is that some debts will never be discharged.  These include tax liens and back child support.  The court system makes the decision regarding which creditors you will have to pay back and which ones you do not have to but you are likely to pay off all as long as there is a way to do so.  Any assets or property you have will likely be sold off to pay some of your creditors.

If you have a particular question about bankruptcy, you can always rely on the internet and perform an online search to get the answers that you are looking for. Also, be advised that there are bankruptcy law experts and attorneys available online to guide you through the bankruptcy process as well.  Just be sure that before you get help from anyone online, you should do research on the company and the individual to verify if they are legitimate.  You should try to find the more reputable ones to help you.

You should try to avoid becoming a victim of a scam or a fraudulent entity. For this, you can go to some online forums for references and recommendations from people that have already gone through similar situations. These people can offer you a lot of great advice and tips on how to go about your own financial situation. Of course, you can also rely on your local telephone book to seek bankruptcy help, or speak with a bankruptcy expert.

Always consider other means before you decide to file for bankruptcy. You should only consider bankruptcy when you have no other means and have tried all other financial routes available to you.

Article Source: http://www.articlesbase.com/finance-articles/how-to-prepare-filing-bankruptcy-932003.html

About the Author

Teeny is a writer for finance, computer, travel, cars, shopping and other subjects for many years, please visit http://www.fidetips.com/finance for more information.



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