How To Use A Mortgage To Buy A Home After Going Through A Bankruptcy

How To Use A Mortgage To Buy A Home After Going Through A Bankruptcy

How to Use a Mortgage to Buy a Home After Going Through a Bankruptcy

While it is sometimes the best option to get your finances repaired, the bankruptcy and following discharge period can be tough. However, while it may delay things for a couple of years, the good news is that even a bankruptcy won’t stop you from borrowing a mortgage to buy a home. In today’s article, we will share some insight into how you can get a mortgage loan after going through bankruptcy.

Step 1: Get A Professional Credit Assessment

Once your Chapter 7 or Chapter 13 bankruptcy has been discharged, you will be required to wait for at least two years before you’re able to take out a mortgage. During this time, it is a good idea to sit down with a credit professional and get an assessment. Individuals and families with a bankruptcy on their credit file are going to go through a bit of extra scrutiny when taking out future loans. So spend a bit of time working on cleaning up your credit.

Step 2: Figure Out Your Monthly Budget

As you move closer to buying a home, you will want to start living off of a monthly budget. This will help to ensure that you are always prepared for your monthly mortgage payments and aren’t left short of cash when payment time comes. A budget can be as simple as a spreadsheet listing your monthly sources of income and expenses. Alternatively, you can use iPhone or Android apps which help to make budget tracking easier.

Step 3: Get Your Down Payment Saved Up

You will also need to start saving for the down payment that you’ll place on your home. The amount that you will need depends on a variety of factors including the city you’re buying in, the size of the home and much more. If you’re unsure about this, contact us and we’ll share some insight.

Step 4: Maintain Your Spending Discipline Until It’s Buying Time

Finally, it’s worth noting that you will need to be very disciplined in the period between your bankruptcy discharge and your mortgage application. Your credit report has to stay clean so that your mortgage lender does not doubt your ability to pay.

Don’t get discouraged if you have some work ahead of you to get your credit repaired. With a little time and effort, you can put your bankruptcy behind you and move on as a happy homeowner. To learn more about the financing process and to discuss your options, contact me today.


Joe Lattanzio Headshot
Author:
Phone: 216-276-4110
Dated: October 12th 2017
Views: 151
About Joe: ...

Property Search








RSS Feed

View our latest blog posts in your RSS reader. Click here to access. RSS

Search Blog

Recent Blogs

What You Need To Know To Buy A House In Next Five Years - Check out this interesting article
Fall Leaves Bring Sold Signs - Summer has come to an end and you
Fabulous Home In Streetsboro - Move In Ready Home! Newly
October Color Of The Month - The Sherwin Williams color of the

Our Bloggers

Russell Aadmin - 144
Sherry Abell - 1
Jennifer Ackim - 2
Marybeth Allen - 1
Dave Amarante - 7
Robert Andrews - 33
Heather and Rocky Baith - 7
Audrey Baka - 2
Lisa Baker - 25
Anna Balduff - 21
William Bambrick - 1
Bob Banjac - 1
Victor Baranovskiy - 1
Paula Barker - 24
Janet Beane - 1
Christine Begeman - 4
Olga Beirne - 2
Bellinski-Lynch Group BL Group - 103
Ryan Blake - 1
Karen Bostwick - 97
Chris Brandal - 1
Jason Brown - 7
Scott and Nancy Buchanan - 1
Jodi Burgett - 1
Carl Burgio - 1
Janice and Tom Burton - 18
James Cain - 2
Julie Clark and Cal Clark - 4
Mario Calabrese - 1
Martin Carlysle - 3
Terri Campbell and Carol Thomas - 1
Brett Casey - 2
Kim Casto - 19
Kathy Clark - 2
Nick Clawson - 6
Leah Comes - 4
Mary Connors - 3
Jenny Craig - 71
Greg Davis - 8
James Dern - 6
Susan DiFranco - 8
Aaron Dolata - 36
Dawn Doleh - 1
Paige Elizabeth Dotson - 10
Ann Dowell - 1
Lynn Downing - 2
Maria Dumitru-Brito - 14
Matt Dunlavey - 5
Annette Ervin - 2
Cara Farley - 1
Debora Ferrara - 2
Cynthia Fisher - 3
Bobbie Fogel - 1
Connie France - 20
Tammy Frazier - 4
Alesia Freet - 3
Jeff Frish - 20
Paula Furst - 17
SheAnna Garner - 5
Christina Gemmel - 1
Lisa Eyring and Geoff Lloyd - 2
Angela Giarikos - 44
Sandra Godbey - 1
Kristin Granakis - 39
Linda Gray - 4
Thad Gregg - 1
Maria Grimm - 14
Amy Grimm - 1
Pam Hakaim - 4
Traci Hamlin - 1
Tricia Hanna - 25
Kaylee Harris - 7
Nikki Harsa - 21
Pamela Haywood - 3
Carol Herzing - 3
James Hiles - 6
Heather Hill - 6
Matt Hlavac - 35
Belinda Hoffman - 8
Diane Hogrefe - 2
Peggy Hopp - 2
Gary Hopp - 5
Jewelle Hoye - 47
Shona Jalowiec - 1
Donna James - 14
Mary Kandell - 19
Kate Kashiani - 2
Jan Kasper - 5
Lisa Kassouf - 8
Danielle Kelly - 30
Christian Kenzig - 1
Tina Kerka - 2
Kelcie Kerstetter - 1
Jodi Kidd - 6
Gary King - 22
Jen Kostos - 83
Dan Kostos - 2
Kevin Kovach - 7
Patty Krasienko - 85
Earl Krogman - 1
Gloria Kusta - 17
Kerry Laird - 29
Jason Lang - 7
Stefanie Lange - 15
Joe Lattanzio - 58
Joshua Leonard - 15
Mary Little - 9
Sandra Lopatka - 12
Twila Lukavich - 4
Edward Madeline - 3
Jill Mader - 9
Liz Magyar - 7
Sandy Mangan - 5
Tiffany Mather - 6
Deborah McNeeley - 4
Yvonne Meder - 12
Charlene Meyer - 8
Sunnie Mick - 2
Eric Miller - 8
Noel Mira - 5
Will Moine - 12
Kathy Montgomery - 2
Debra K. Moore - 22
Muncie Moreno - 1
Christina Moretti - 8
Teresa Mullett - 4
Nancy Mullins - 3
Maria Murdocco - 1
Janny Myers - 3
Andrea Neal - 10
Doris Neenan - 1
Joanna Nemeth - 2
Jo Ann Nemeth - 1
Linda Nido - 1
Ann Norton - 32
Kelley Nuttall - 2
Laurie OBrien - 4
Carrie P Fiala - 34
Jennifer Parobek - 26
Tommy Partin - 3
Carolyn Patchin - 10
Chalon Patterson - 10
Dan Pelko - 14
Chelsey Pfahler - 4
Sandy Pinali - 3
Paul Pokryfky - 25
Mike Rakotci - 1
Kathleen Reinhart - 1
Mary Roche - 11
Pollyana Rodriques - 1
Kevin Rogers - 27
Sherry Rosbough - 13
Edith Ross - 12
Sandra Runyon - 1
Kevin Russell - 1
Carly Sablotny - 1
Donna Sadler - 9
Melissa Salem - 4
Christopher Salem - 4
Margie Sandin - 1
Sarah Schatz - 2
Kathy Schlessman - 9
Tim Semmens - 94
Sandra Shinn - 5
Ron Shorts - 8
Tamara Sims - 11
Janet Sirbaugh - 1
David J. Sleva - 3
Tammy Smith - 3
Scott Smith - 32
Jeanette Smith - 22
Tami Smith-Caver - 10
Helen Soeder - 1
Michelle Stanifer - 6
Sarah Stashick - 35
Ann Steinemann - 4
Jodi and Ellis Stevens - 21
Jorunn Stimbra - 3
Karen Sutera - 3
Brito-Granakis Synergy - 2
Ronald Szmik - 9
Frankie Tadsen - 5
Jeffrey Tallman - 5
Jenny Taylor - 55
Casto Team - 1
Trista Tharp - 23
Julie Thompson - 8
Barbara Tibbitts - 1
LeeAnn Tomko - 10
Julie Trettel - 15
Josh Twitchell - 18
Patti VanScoy - 13
Bob VanScoy - 28
Rinula Vassilakis - 7
Brian Victor - 22
Nadija Vodopivec - 1
Brett Walchalk - 2
David A. Walzer - 3
William Warwood - 17
Amanda Wilkins - 14
Sara Williams - 3
William Les Wilson - 26
Sheila Wilson - 1
Andrew Wollf - 9
Jack Woodruff - 9
James Yakovich - 1
Andriy Yakushchenko - 5
Angela Yuko - 1
Susan Zabrecky - 2
MaryAnn Zahand - 3
Stan Zarycki - 10
Denise Zarycki - 5
Andrea Zrnich - 4

Saved Properties

This is a list of your favorite properties. We will email you if a property is reduced or leaves the market.

Click 'Save' to add a property to this list.

Register / Login

New & returning visitors please enter your information to login.

By clicking 'register' you are agreeing to our terms of use & giving us expressed written consent to contact you.

Questions? Comments? Complaints?

This message will go directly to the head of our team.

Location & Address

Mary Kandell
12198 Pearl Rd.
Strongsville, OH
419-239-4140
440-268-9647

Other Locations