January 25, 2013 (Press-News.org) Getting a mortgage loan after bankruptcy
Even after filing bankruptcy, a person may still be eligible to be approved for a mortgage loan. A record of the bankruptcy can remain on the filer's credit report for up to 10 years. Although many people believe the myth that they will never be able to obtain a mortgage after filing bankruptcy, in reality, filers can be approved for mortgage in as little as one year after a bankruptcy.
A mortgage loan can be approved in as little as one year after bankruptcy
The amount of time it takes for someone who filed bankruptcy to become eligible for a mortgage loan depends on several factors, including the type of bankruptcy that was filed and the type of mortgage loan being applied for. If a person filed Chapter 7 bankruptcy, then the filer may qualify for a mortgage loan insured by the Federal Housing Administration (the FHA) or by the Department of Veteran Affairs (the VA) in two years from the date of the bankruptcy discharge. For a loan not insured by the FHA or the VA, Chapter 7 filers may qualify in two years.
If a person filed a Chapter 13 bankruptcy, then the filer may qualify for a FHA or VA loan in as little as one year, and for non-FHA and non-VA loans in two years.
Further, regardless of the type of bankruptcy a person declared, a lender can make an exception and approve an FHA or VA loan earlier if the filer demonstrates the existence of extenuating circumstances.
People with low credit scores may still qualify for government-insured mortgage loans
Some lenders may approve FHA or VA loans for individuals with credit scores as low as 620 or 640. Moreover, for non-governmental loans, borrowers with a score of 740 or higher may enjoy the lowest interest rate.
The impact of filing bankruptcy on a person's credit score will become weaker as time passes. In addition, there are steps people can take to rebuild their credit scores after a bankruptcy.
Pay bills on time
According to a mortgage lending service, before approving someone for a mortgage the lender must see at least 12 months of consistent payments for the utilities and rent. Credit bureaus may also be tracking rent payments, so paying consistently can help improve a credit score.
Be careful when asking companies to report on-time payments
Some companies like telecommunications, cable and utilities companies might report a person's on-time payment history to the credit bureaus if they are asked to. On-time history may improve the person's credit score. However, the drawback of requesting this is that if a consumer asks the companies to do so, they will probably report his or her late payment and non-payment history to the bureaus as well, which hurts the credit score.
Check credit reports periodically
Prospective loan applicants should check their credit reports periodically from all three credit bureaus, which include Experian, Equifax and Transunion. If there is any error on the report, it is important to notify the bureaus so that it can be corrected or deleted. Bureaus need to either respond or remove errors within 30 days.
Get a secured credit card
After bankruptcy, it may be a good idea to start rebuilding a credit history by obtaining a secured credit card. With a secured credit card, a consumer pays a deposit as collateral at the outset. The bank will then extend credit to the consumer limited by the amount of the deposit. It is a good idea to choose to open a secured credit card that reports to credit bureaus. Some of companies that offer secured credit cards do not report the payment history to the bureaus.
If you are contemplating bankruptcy and would like to know more about how it will affect your financial future, it is a good idea to consult with a bankruptcy attorney for more information.
Article provided by The Troglin Firm, P.C.
Visit us at http://www.troglinlawoffices.com
Getting a Mortgage Loan after Bankruptcy
Although many people believe the myth that they will never be able to obtain a mortgage after filing bankruptcy, in reality, filers can be approved for mortgage in as little as one year after a bankruptcy.
2013-01-25
ELSE PRESS RELEASES FROM THIS DATE:
2013 Brings Sweeping Changes to Florida's PIP Law
2013-01-25
2013 brings sweeping changes to Florida's PIP law
In Florida, every driver is required to carry personal injury protection auto insurance, also known as no-fault insurance or PIP coverage. This insurance is designed to cover reasonable medical expenses and wage loss stemming from a car accident injury, regardless of who was at fault in causing the crash.
Florida's PIP system has long been the subject of significant controversy. Advocates say that PIP coverage provides an important safety net, and that a generous interpretation of the terms of coverage is necessary ...
Dealing with the Financial Fallout of Childhood Illnesses
2013-01-25
Dealing with the financial fallout of childhood illnesses
To a parent, there is nothing more terrifying than learning your child has a serious or life-threatening illness. For nearly every parent, protecting their child's life and health is their most important priority. Parents of sick children often sacrifice everything to help their kids get the treatment they need.
Unfortunately, though, treatment for childhood illnesses usually comes at a great expense. When a family's resources are diverted toward paying for a child's medical care, it is not uncommon for the ...
Despite National Decline, California Traffic Deaths on the Rise
2013-01-25
Despite national decline, California traffic deaths on the rise
In 2011, the number of fatal collisions nationwide dropped to its lowest point in over 60 years. According to federal transportation data, 32,367 people were killed in traffic accidents in 2011. This figure represents a 1.9 percent decrease from 2010. Although the federal figures are on the decline, not all states are experiencing individual declines. In fact, only 36 states have experienced a decrease in fatal automobile collisions.
In addition, despite the national decrease in fatal collisions, pedestrian ...
Child Custody after Divorce in Indiana
2013-01-25
Child custody after divorce in Indiana
For parents going through a divorce or separation, questions about child custody and visitation rights often weigh heavily on their minds. In these situations, it can be helpful to know how the Indiana courts handle issues of parenting time and what options are available for parents and children after divorce.
The best interests of the child
As a general matter, judges in Indiana are required to rule on child custody and visitation matters according to the best interests of the child. This means that the child's well-being ...
Survey Finds More Drivers Surfing Web While Behind the Wheel
2013-01-25
Survey finds more drivers surfing Web while behind the wheel
Cellphones that double as mini-computers and allow you to remain constantly connected to your friends and family via email and social networking sites have many benefits -- a wealth of knowledge at your fingertips, easily accessible from any location where you can connect to your network. As a result, these days few people leave home without their smartphones.
As people have become more accustomed to using their cellphones for a wide array of activities, it has become harder for them to put their phones ...
Student Loan Debt a Growing Problem in California
2013-01-25
Student loan debt a growing problem in California
Right now, a college education is more important that it has ever been. With the manufacturing sector on the decline, it has become increasingly difficult for young people to find career-track jobs with only a high school education.
Unfortunately, a college education is also more expensive than it has ever been, leaving many struggling with debt. In the wake of the recession, state governments have cut appropriations to their higher education systems, leaving students to shoulder a greater percentage of the cost of ...
SSA Adds to List of Social Security Compassionate Allowances Conditions
2013-01-25
SSA adds to list of Social Security Compassionate Allowances conditions
Applying for Social Security Disability benefits can sometimes be an arduous process. In most cases, the Social Security Administration requires disability applicants to provide significant proof that their disabling condition will prevent them from working for at least one year. The process can be even longer if the SSA denies the initial application, requiring the applicant to pursue an appeal.
This process can be frustrating for nearly any applicant. However, it is especially troubling for ...
Receiving Coverage under Washington's Workers' Compensation Plan
2013-01-25
Receiving coverage under Washington's workers' compensation plan
Being injured on the job is no picnic for Washington residents or their family members. Fortunately, the state's workers' compensation system gives workers the support they need to get back on their feet and back to work.
Coverage of health care services
When workers make a claim for a work-related injury or occupational disease, workers' compensation will pay their medical bills while they recover. Workers' compensation will be responsible for bills from all health-care providers, hospitals, surgical ...
Underreporting of Work Injuries Leads to Lack of Compensation
2013-01-25
Underreporting of work injuries leads to lack of compensation
Given the nature of the construction industry, workplace injuries are sometimes unavoidable. Like many other jobs, there is typically some type of protocol to properly report injuries sustained on the job. Unfortunately, however, there are some hurdles in the way that may prevent construction workers from reporting their sustained injuries. Even when workers understand that they have a right to report injuries, there are pressures in the workplace that discourage them from doing so.
Underreporting of injuries ...
The 40th Anniversary Of Roe v. Wade, And Annette Raynor's "Overturned!"
2013-01-25
January 22 marks the 40th anniversary of the 1973 Roe v. Wade decision, and the issue continues to inspire controversy and passionate debate between pro-choice and pro-life Americans. Many fear the possibility of the decision being reversed in the future, while others hope such a day will come.
So how exactly has debate progressed in the 40 years since Roe v. Wade was overturned? And what are the current goals of both pro-choice and pro-life Americans?
Author Annette Raynor has answers. She explores a potential future scenario in her political thriller "Overturned!" ...
LAST 30 PRESS RELEASES:
Are lifetimes of big appliances really shrinking?
Pink skies
Monkeys are world’s best yodellers - new research
Key differences between visual- and memory-led Alzheimer’s discovered
% weight loss targets in obesity management – is this the wrong objective?
An app can change how you see yourself at work
NYC speed cameras take six months to change driver behavior, effects vary by neighborhood, new study reveals
New research shows that propaganda is on the rise in China
Even the richest Americans face shorter lifespans than their European counterparts, study finds
Novel genes linked to rare childhood diarrhea
New computer model reveals how Bronze Age Scandinavians could have crossed the sea
Novel point-of-care technology delivers accurate HIV results in minutes
Researchers reveal key brain differences to explain why Ritalin helps improve focus in some more than others
Study finds nearly five-fold increase in hospitalizations for common cause of stroke
Study reveals how alcohol abuse damages cognition
Medicinal cannabis is linked to long-term benefits in health-related quality of life
Microplastics detected in cat placentas and fetuses during early pregnancy
Ancient amphibians as big as alligators died in mass mortality event in Triassic Wyoming
Scientists uncover the first clear evidence of air sacs in the fossilized bones of alvarezsaurian dinosaurs: the "hollow bones" which help modern day birds to fly
Alcohol makes male flies sexy
TB patients globally often incur "catastrophic costs" of up to $11,329 USD, despite many countries offering free treatment, with predominant drivers of cost being hospitalization and loss of income
Study links teen girls’ screen time to sleep disruptions and depression
Scientists unveil starfish-inspired wearable tech for heart monitoring
Footprints reveal prehistoric Scottish lagoons were stomping grounds for giant Jurassic dinosaurs
AI effectively predicts dementia risk in American Indian/Alaska Native elders
First guideline on newborn screening for cystic fibrosis calls for changes in practice to improve outcomes
Existing international law can help secure peace and security in outer space, study shows
Pinning down the process of West Nile virus transmission
UTA-backed research tackles health challenges across ages
In pancreatic cancer, a race against time
[Press-News.org] Getting a Mortgage Loan after BankruptcyAlthough many people believe the myth that they will never be able to obtain a mortgage after filing bankruptcy, in reality, filers can be approved for mortgage in as little as one year after a bankruptcy.