Rauser & Associates Legal Clinic LLP
Call Now For A Free Consultation! 888-843-5787

Getting a new mortgage after filing bankruptcy

Perhaps one of the biggest concerns among homeowners in Ohio who are considering bankruptcy as the solution to their debt problems is how such a decision might impact their future. Specifically, people often worry that they will not be able to buy a home or get a new home loan ever again with such a mark on their credit histories. This is not actually the case. Home ownership after bankruptcy is indeed possible.

As explained by My Horizon, a lot of what may help someone realize the dream of buying a house again after a bankruptcy may be influenced by what type of credit they have rebuilt. The odd thing with credit is that the only way to have a good credit score is to get credit and use it but that use must be judicious. That means consumers should take care to not only acquire new credit even if in the form of a secured credit card but to use it carefully and pay it off every month. Late payments should be avoided at all cost. Eventually, a credit score will increase.

Smart Asset adds that prior bankruptcy debtors will need to be prepared to wait a little while before looking for a new mortgage. The exact length of time required before someone can buy a house after filing for bankruptcy will vary in part by what type of loan they are seeking and what type of bankruptcy they filed.

The wait period does not have to be all bad as that may provide just the time needed in which to rebuilt credit so that when a mortgage application is made, things are in order.

 

 

 

No Comments

Leave a comment
Comment Information
Email Us For A Response

Contact Us For Your Free Legal Evaluation

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Rauser & Associates Legal Clinic LLP

Akron Office
1 Cascade Plaza
Suite 1410
Akron, OH 44308

Toll Free: 888-843-5787
Map & Directions

Canton Office
401 W. Tuscarawas
Suite 400
Canton, OH 44702

Toll Free: 888-843-5787
Map & Directions

Cleveland Office
614 West Superior Avenue
Suite 950
Cleveland, OH 44113

Toll Free: 888-843-5787
Map & Directions

Columbus Office
5 East Long Street
Suite 300
Columbus, OH 43215

Toll Free: 888-843-5787
Map & Directions

Elyria Office
347 Midway Mall Blvd
Suite 201
Elyria, OH 44035

Toll Free: 888-843-5787
Map & Directions

Toledo Office
316 North Michigan Street
Suite 420
Toledo, OH 43604

Toll Free: 888-843-5787
Map & Directions

Youngstown Office
26 Market Street
Suite 1001
Youngstown, OH 44503

Toll Free: 888-843-5787
Map & Directions

Beachwood Office
2000 Auburn Drive
1 Chagrin Highlands Bldg
Suite 200
Beachwood, OH 44122

Map & Directions