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Bankruptcy No Longer Means – No Mortgage-sweets parade

In the past, traditional mortgage lenders have automatically rejected people who had declared personal bankruptcy. Many potential home-buyers or exiting homeowners felt they must wait at least seven to ten years after a bankruptcy to be eligible for financing. This is a common misconception. While some people declaring bankruptcy have had trouble managing their money, a larger number of those declaring have simply experienced unfortunate events. Americans have been filing bankruptcies at record-high levels over the last many years, especially last year. Though a bankruptcy is certainly a blemish on a credit report, it does not necessarily disqualify a borrower. Recognizing that sometimes bad things happen to good people, some select loan officers are becoming more willing to take a calculated risk. Some lenders use a scoring system to determine whether potential borrowers are a worthwhile risk. Unfortunately, bankruptcy gives an automatic low score. However select lenders are beginning to look beyond the scores and look at the individuals in need. Instead of waiting two or four years after being discharged from bankruptcy, some mortgage professionals are willing to give a home loan much sooner. Those who have declared Chapter 7 bankruptcy liquidation may be eligible for a loan in as little as one day after discharge, and those who have declared Chapter 13 may be eligible for a loan even while they are still in their plan. Another common misconception is that a previous bankruptcy on your credit report will require you to have a large down payment and pay extremely high rates and points. There are currently programs available with no down payment required and with very attractive rates and points. Some lenders are even pre-qualifying buyers for a loan, saving time and making the home-buying experience easier and more efficient. When a buyer pre-qualifies they will have the advantage of greater negotiation power. No matter what the situation, select mortgage professionals have a program that will work for the buyer with a bankruptcy history. If a buyer cannot get approved, there are customized plans that can re-establish credit to help the buyer become mortgage ready, ensuring homeownership in the future. Because of new options, bankruptcy no longer needs to stand in the way of getting a home loan. With the help of more creative lenders, those who have experienced financial difficulty will have an easier time getting a mortgage. About the Author: Luke Currier and Ed Jeffry are experts in mortgage lending. They specialize in working with homeowners who have had a bankruptcy or other credit challenge achieve financial security through home ownership. Visit their website at .www.Chapter13Experts.com for more information or call them direct at 925-983-3127. Article Published On: ..articlesnatch.. – Finance By: Kain Black – Go to the website of Regions Online Banking and click online banking login option. You will get all the benefits of Regions Online Banking service. By: Aditya Kumar – Lodha Kiara was launched in February 2016 in Lower Parel by the reputed property developers, Lodha Group . The project sprawls across 17 acre and offers units whose size ranges from 1,409 sq ft to 3,636 sq ft. By: Aditya Kumar – Mahindra Lifespaces Vivante is a project located in Andheri East, Mumbai. The project sprawls over an area of 3 acres. The total number of apartments launched is 104 ranging from 732 sq ft to 2,041 sq ft of super built-up area. By: Aditya Kumar – Lodha Luxuria Priva is a brand new residential establishment by the very famous Lodha Group. The premium residential adobe is located in Thane West which is one of the most sought after address in the city. Lodha Luxuria Priva is spread across 4 acres of land base and is surrounded by beau … By: GLF – You can be sure of too many different benefits when you happen to hire the best kind of Naperville accountant for your business. By: GLF – When you approach a CPA firm, you would be looking at specific services. But there are certain skill sets and other contributing factors that you should know. By: GLF – In case you are in need of finance then checking out private money loans California can be a good options for you. By: GLF – In case you are interested in borrowing private money then it is essential for you to know the way to search for private money lenders. By: GLF – Are you in search of some good reliable .pany who can offer you with the best Kenosha mortgage loans? Looking for a good .pany who can help you with this will be a good idea. By: Donald Geary – In times of economic uncertainty, people often turn to the buy gold Salt Lake City and selling Gold and Precious Metals to help them meet expenses and purchase their future. At Guns & Gold we should assist you to in both areas. We buy Gold, Jewelry, Precious Metals, Dental Gold, and Bull … 相关的主题文章: