Bankruptcy And Bad Credit Issues No Longer Means No Mortgage

Bankruptcy (Photo credit: phil dokas)In the past, traditional mortgage lenders have automatically rejected people who had declared personal bankruptcy. Many potential home-buyers felt they must wait at least seven to 10 years after a bankruptcy to be eligible to become homeowners. This is a common misconception.
While some people declaring bankruptcy have had trouble managing their money, a large number of those declaring have simply experienced unfortunate events. Australians are filing bankruptcy at record-high levels over the last five years. The rise in petrol price and the recent increase in interest rates won't help either.
There are some ominous signs out there...
Though a bankruptcy is certainly a blemish on a credit report, it does not necessarily disqualify a borrower. Recognising that sometimes bad things happen to good people, some select loan officers are becoming more willing to take a calculated risk.
Some lenders use a securing system to determine whether potential buyers are a worthwhile risk. Unfortunately, bankruptcy gives a low rating. However, select lenders are beginning to look beyond the rating and look at the individuals in need.
Instead of waiting two or four years after being discharged from bankruptcy, some mortgage professionals are willing to give a home loan much sooner. Those who have declared bankruptcy liquidation may be eligible for a loan one year after discharge, and those who are in a Part IX debt agreement could also be able to get a mortgage.
Another common misconception is that a previous bankruptcy on your credit report will require you to have a large down payment and pay extremely high interest rates. There are currently programs available with as little as 5 percent down with very attractive rates.
Some lenders are even prequalifying buyers for a loan, saving time and making the home-buying experience easier and more efficient. When a buyer prequalifies they will have the advantage of greater negotiating power.
No matter what the situation, select mortgage professionals have a program that will work for the buyer with a bankruptcy history. If a buyer cannot get approved, there are customized plans that can re-establish credit to help the buyer become mortgage-ready, ensuring home-ownership in the future.
Because of new options, bankruptcy no longer needs to stand in the way of getting a home loan. With the help of more creative lenders, those who have experienced financial difficulty will have an easier time getting a mortgage.
To your ongoing financial success,
Julian Thornton
Julian Thornton is the bad credit and mortgage reduction expert with a special interest in improving financial literacy and financial independence for the average person on the street. He is the founding president of The International Family Financial Literacy Association.

What Bankruptcy Really Means for Your Financial Future

Image via WikipediaAll of this negative publicity about bankruptcy and mortgages, and you're probably thinking to yourself, "There's no way I'm ever going to declare bankruptcy!" Whilst this is a great attitude to have, it is important to know that much of what you know about bankruptcy and mortgages is wrong. This comes as great news to those of you who have or currently are bankrupt, so spend some time checking out .
The Myths
Before taking a look at the reality of bankruptcy with relation to your financial future, it's good to check out the myths that have been circulating for many years, compliments of mainstream lenders, most mortgage brokers and the media. Here's just a few of the myths:
oIf people end up bankrupt, it's their own fault;
oMost people who are or have been bankrupt had no other choice other than to go bankrupt - they will always be bad with money;
oPeople who have or are bankrupt will never obtain finance or a mortgage; and
oIf you are or have been bankrupt, forget about ever achieving a financially secure future.
Sure, bankruptcy isn't a great thing to have to experience. After all, a bankruptcy will always be on your credit file, so it can be a painful reminder of a very difficult time in your life. This said however, each of the four points listed above are myths. Here's why:
oSure, sometimes we make mistakes with money, but we aren't really educated on how to handle money. In our school systems good money management it isn't taught and our financial institutions are constantly bombarding us with marketing material, encouraging us to spend up big - even if we don't have the money. It's a buy now, pay later mentality and the truth is it's a conspiracy! The big financial institutions vs the financially un-educated masses, and most of the time the big guys win. It's not your fault if you go bankrupt, because so many external factors will come into play.
oMost people who declare bankruptcy do so because they have been given poor or incorrect advice. Many people believe that bankruptcy is their only option, when it more than likely is not. If people speak to reputable bad credit experts, other not-so-drastic options will be presented to them, which will help them out of debt.
oPeople who are or have been bankrupt can get finance - they can even get a home loan. Bad credit mortgage experts help people with bad credit secure home loans - with competitive rates. The key is to consult with a bad credit expert who is reputable and experienced in this field. Talk to a specialist today! Don't be fooled by the advertising and myths that say interest rates on high risk loans are through the roof, because it's just not true.
oEven if you have or are bankrupt, you can still achieve a financially secure future. If you get the right advice from a reputable bad credit mortgage specialist, you can follow their expert directions and look forward to a financially secure future.
Bankruptcy isn't the End!
If you are or have been bankrupt, it isn't the end! In fact, far from it! Even a traumatic event like bankruptcy can be seen as an opportunity. This is how it should always be viewed. It is an opportunity to work with a financial expert who can provide you with the guidance you need to enjoy a financially independent future. To get back on the path to a good financial standing, seek out a reputable specialist today!
www.bad-credit-loan-expert.com
© Julian Thornton, Little Hinge Publishing, 2006, Designer Mortgage Solutions Pty Ltd, 2006.
Julian Thornton is a Melbourne, Australia-based mortgage and debt analyst specialist. Julian specializes in the field of bad credit mortgages and personal money management coaching. Julian can help literally anybody into their own home and prepare them for financial success. If you need financial relief and desire control of you personal finances then Julian can help you. He is the author of

Discount Office software solution, which means discounts

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