Getting a mortgage after bankruptcy is possible in most cases

It is possible to rebuild your credit score and improve your chances of qualifying for a loan or mortgage after bankruptcy.

2013-02-07

February 07, 2013 (Press-News.org) Getting a mortgage after bankruptcy is possible in most cases

Article provided by Pearman Law Firm, P.C. Visit us at http://www.debtfreedenver.com/

Because of the recession, many Americans have filed bankruptcy in recent years. However, once the bankruptcy process has been completed, many people are unsure of how to begin the process of rebuilding credit.

This is understandable. Bankruptcies remain on credit reports for up to 10 years, which can cause your credit score to be low. As lenders rely on your credit score to determine your eligibility for a loan or a mortgage, a low score can make you ineligible for the best rates immediately following a bankruptcy. However, it is possible to rebuild your credit score and improve your chances of qualifying for a loan or mortgage after you have received your discharge.

Check your credit report

Your credit report determines your credit score. Therefore, you want to ensure that it is accurate. One free credit report per year from the three major credit-reporting bureaus can be accessed at annualcreditreport.com. Once you have accessed your credit report, review it for any errors. If you find any, contact the corresponding creditor to correct it.

Make timely bill payments

If you ensure that your bills are paid promptly, it can boost your credit score by as much as 35 percent. Paying your bills on time can also help you when you apply for a loan or mortgage, as lenders typically would like to see consistent payments of bills like rent and utilities for a 12-month period.

A credit card may help

If you can demonstrate that you can use credit wisely, your credit score will improve. Because of this, getting a credit card and paying off the balance in full each month is a good way to boost your credit score. If you decide to get a credit card, be sure to check with the issuer to confirm that your payment history is being reported to the three major credit-reporting bureaus. Otherwise, your diligence with credit will go unnoticed.

Save, save, save

When considering your application for a loan or mortgage, lenders want a down payment and to see a history of savings from you. You can accomplish this by opening a checking and savings account and putting away at least 10 percent of each of your paychecks. Additionally, lenders may ask to see your monthly bank statements in your mortgage application.

An attorney can help

If you take these steps to repair your credit, you may be eligible for a FHA or VA mortgage in as little as one year and conventional mortgages in as little as two. However, the length of time depends on whether you filed a Chapter 7 or Chapter 13 bankruptcy. A Chapter 7 bankruptcy may slightly lengthen the time before you can qualify for a mortgage. (With the ongoing changes in our economy, these time requirements are subject to change.)

When you file for bankruptcy, it may seem that you will never qualify for a loan or mortgage. However, in the majority of cases, this is not true. If you are considering filing for bankruptcy, contact an experienced bankruptcy attorney. An attorney can explain the bankruptcy process, how it will affect your situation and recommend how to proceed based on your circumstances.

ELSE PRESS RELEASES FROM THIS DATE:

Supreme Court to Issue Decision in DUI Case

2013-02-07

Supreme Court to Issue Decision in DUI Case Article provided by Bird & Van Dyke, Inc. - A Professional Law Corporation Visit us at http://www.centralvalleycriminallaw.com The United States Supreme Court recently heard arguments in a case that may have serious implications for drivers' Fourth Amendment rights. The specific issue in contention in Missouri v. McNeely is whether law enforcement can order a blood alcohol test without first obtaining a warrant. The Facts ofMcNeely On October 3, 2010, a Missouri highway patrolman stopped Tyler McNeely for speeding ...

Tennessee can compel blood sampling for DUI suspects

2013-02-07

Tennessee can compel blood sampling for DUI suspects Article provided by Law Office of Edward E. DeWerff Visit us at http://www.dewerfflaw.com Tennessee has implemented a new law governing blood sampling from people suspected of drunk driving. Under the previous implied consent law, drivers stopped by a law enforcement officer could refuse to give a blood sample for a blood alcohol contest test, but could lose their driver's licenses as a result of the refusal. Tennessee's "No Refusal" law takes effect The current law, known as a "no refusal" ...

Debt settlement companies promise big, deliver little

2013-02-07

Debt settlement companies promise big, deliver little Article provided by Marlatt Law Office Visit us at http://www.marlattbankruptcylaw.com With a full recovery from the recession still elusive, many Americans find themselves behind on their bills. It is no coincidence that debt settlement companies have recent sprung up, almost overnight it seems. Such companies claim to help people with their financial problems, but in reality operate in an unregulated environment, putting them in a prime position to take advantage of people. You may have seen the commercials ...

NJ and federal law may not sufficiently protect working pregnant women

2013-02-07

NJ and federal law may not sufficiently protect working pregnant women Article provided by Piro, Zinna, Cifelli, Paris & Genitempo, P.C. Visit us at http://www.pirozinnalaw.com Over the past 50 years, the composition of the American workforce has changed dramatically. As the years have gone by, an increasing number of women have joined the labor force. Despite the length of time that has passed since women began working in larger numbers, many feel laws protecting women in the workforce have not kept pace. While some safeguards exist at the federal and state ...

Organizations use of non-compete agreements are on the rise

2013-02-07

Organizations use of non-compete agreements are on the rise Article provided by The Roberts Law Firm, P.C. Visit us at http://www.mobusinesslawyers.com A non-compete agreement is often drafted by organizations in an effort to protect their business interests. Non-compete agreements prohibit employees from starting a competing business, or working for a competitor, within a certain period of time after their employment has ended. But in order to be valid, the agreement must also be fair. Timing is everything An employer cannot keep a former employee from pursuing ...

Study: Workers' compensation does not cover majority cost of injuries

2013-02-07

Study: Workers' compensation does not cover majority cost of injuries The workers' compensation system in California, like all workers' compensation systems, is designed to ensure that employees who suffer injury on the job or suffer a work-related illness receive fixed compensation without having to sue their employer for the injury. In this sense, filing a workers' compensation claim is similar to filing an insurance claim and is considered a substitute for a lawsuit against an employer. The benefits a worker receives comes from a state workers' compensation fund. ...

Worker's Compensation wage loss benefits

2013-02-07

Worker's Compensation wage loss benefits Article provided by Vellner Law Visit us at http://www.vellnerlaw.com Most Pennsylvania workers who become injured or ill on the job are fortunately covered under the Pennsylvania Workers' Compensation Act. The Act requires every employer to have worker's compensation insurance for every employee, even those who work only part-time or seasonally. Even when an employer fails to have worker's compensation insurance, an injured Pennsylvania worker might still be able to obtain benefits through the Uninsured Employer Guaranty ...

Suntell Japan Commence Installation Project of Solar Panels

2013-02-07

Suntell Japan has announced that it will commence the installation of a photovoltaic system on the roof of the headquarters as a benchmark in efficient utilization of solar energy for a corporate structure. "We are committed to leading by example when we discuss the advantages of using solar power as a viable means of energy supply when engaging with our clients and associates" announced Yoshihiko Wakadu the Chairman of the Board at SunTell Japan. "In order to remain a company that differentiates itself from a reseller, and to ensure that our target ...

Halfpricesoft.com Has Made W-2 1099 Reporting Easy For Users For Almost a Decade

2013-02-07

Service companies that need to file both W2 and 1099 return can save time and money this 2013 tax season. Halfpriceosft.com, the payroll tax software provider, has updates ezW2 software with new forms for 2013 tax season. The new edition can print both W2 and 1099 forms which is ideal for service firms that usually hire both employees and contractors. EzW2 2012 can fill and print tax forms W-2, W-3, 1099-misc and 1096. Users who want to save time and money on tax forms can try the blank paper printing feature. EzW2 software is approved by SSA to print black and white ...

Never Mind the Weather, Tourists Prize Friendly Scottish Welcome

2013-02-07

Travellers taking a holiday in Scotland prize our famous friendly Scottish welcome above anything else, according to research. A survey carried out by bookings website Private House Stays (www.privatehousestays.com) revealed an overwhelming 85% of people planning to visit Scotland consider a warm reception key to their overall holiday experience. Travellers also want their hosts to offer local knowledge, and to feel they are discovering Scotland away from the tourist traps. By contrast, unfriendly or unhelpful service was revealed to be the biggest holiday downer, ...