This is a subject I write about a lot because so many WNY Homebuyers deal with this problem on a daily basis, if this is your situation I would like to first say how sorry I am and the reason I write these article is because I want to be there for you and help you get through these trying credit woes. You may feel that you are on that island alone with no help and no life line well I am here to tell you that you are not alone because my goal is to help you off that Island with that being said Home ownership is almost everyone’s dream.
Filing a bankruptcy does not mean a person’s financial ‘ruin ’. Many people are able to get back on their feet and prosper after receiving a bankruptcy discharge. The crushing weight of old debt is off their shoulders. They are now, once again, free to work and earn and save money free from the lawsuits of past creditors.
While talking to a real estate agent is a good idea please talk to a lender, if you don’t know of any, start with wherever you’re banking. What I can tell you is generally the lower you’re FAIR Isaacs score, the higher the interest rate you will pay.
You can help make up for this by making a larger down payment, buying a less expensive home, asking a family member to co sign the note and mortgage, asking family members for a gift of money to increase your down payment. At certain lower credit levels this will not work. Time and a responsible use of credit including paying on time in the required amounts should help improve your credit worthiness score. Maybe try a lender your familiar with for you may already have a relationship there. A good lender will tell you where you are now, and what you can do to improve your scores. That way if you can’t get a loan now, that can show you what to do in the future.
If there is one thing I always say is Stay away from ‘repair’ clinics what you don’t need is a credit-repair clinic. These so-called clinics offer to help you clean up your credit by using loopholes in the law that only they know about. They may also promise to remove negative information from your file or to get you a major credit card. These are false promises, according to attorney John Ventura, author of "The Credit Repair Kit."
Some repair clinics may even get you into legal trouble by encouraging you to distort the information in your credit file, or by helping you to initiate a new file with a new address and federal identification number.
There are no special tricks that these credit repair clinics know, experts say. You can clean up your credit report yourself.
How about Finding a Realtor and get with their lending source. Get an appointment and submit application submitted and go from there. Only because the typical rule is 2 years, I would not run too many applications thou. Buying a home after chapter 7 is surely doable be sure to keep the positive goals alive and get the information you need to make this dream possible and you will be back on your feet in no time. Remember if you need help off that island I’m here and ready to help.
Please fill free to leave a comment at the bottom of this page and start a discussion and I will respond as soon as I can or you can always ask a question from the Q&A box at the top of the page.Mark Key
RealtyUSA
3830 Union RD Cheektowaga NY, 14225
716-603-8649 or e-mail mkey@realtyusa.com
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