Buying a Home after Bankruptcy

How can I own a home after a bankruptcy? My credit will be shot for ever now that I have filed a bankruptcy! Post bankruptcy mortgage options are gone now with the tightening of credit.

Often consumers think that the above are correct; however, they are all wrong! In fact, recently I have closed a client that had filed a bankruptcy and had a foreclosure on a previous home. The credit repair process is a function of time, but I am here to help restore your credit history. http://www.mortgage-wiz.com/34/news-Practical-Credit-Repair-Strategies!/

The reality is that there are not, quick fix solutions, of the high risk credit market. That market is gone with the sub-prime melt down of that sector; however, FHA continues to approve mortgages for post bankruptcy and post foreclosure situations. If you have filed a bankruptcy, where you didn’t repay the creditors, this is called a chapter 7 bankruptcy. The waiting period is 2 years from the date of discharge. If you paid back your creditors, under a structured pay back plan, this is a chapter 13 bankruptcy. I have financed chapter 13 mortgages after only a year into the bankruptcy. If you have experienced a short sale or foreclosure, then the wait period is 3 years from the sale of the property.

Feel free to call to map out your plan for obtaining a mortgage after some tough times! Rick Whisman (314) 609-0565