Many people avoid bankruptcy on the belief they can never get a mortgage.
That is not true.
Actually, the opposite may be true for many good folks. If you have too many debts or have a low credit score obtaining a mortgage is too difficult.
To get a mortgage you have to resolve your debt problems. Bankruptcy may be the answer, and for that you need the help of a seasoned Bankruptcy Attorneys in Illinois, who can guide you and assist you in this whole process.
If you file a bankruptcy there will be a waiting period. The time can’t begin until you file bankruptcy.
The time after bankruptcy varies depending:
- The type of bankruptcy;
- The causes that brought you to bankruptcy;
- How you paid your bills after filing bankruptcy;
- Building your credit score after filing for bankruptcy;
- Saving for a down payment.
Neither FHA nor the VA can discriminate against a person who had filed bankruptcy.
The period to get a mortgage can vary between one and four years after the end of the bankruptcy. But, the time cannot start until you resolve your debt problems.
And, remember: credit scores usually rise after a bankruptcy discharge.
Disclaimer: Posting on legal matters is for information purposes only and is not to be construed as legal advice.
For more information on Chapter 13, call today or visit a Bankruptcy Attorneys in Illinois.