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mortgage lenders after bankruptcy

mortgage lenders after bankruptcy - News

Bankruptcy May Not Be Best Option for Unsecured Mortgage Lenders
After the real estate crisis, with the steep decline in property values and an oversupply of properties, many lenders have begun to entertain short sales — sales to which the lender consents even though its debt will not be paid in full. However, some

The Tale of the $8 Million 'Bargain' House in Greenwich
But it ended up in the hands of his neighbor, Richard A. Baker, the chief executive of the firm that owns Lord & Taylor and Saks, who snapped it up for $8 million after Mr. Fuscone had to declare bankruptcy in 2010. In the competitive insulated world

Ally CEO Sees IPO Road Show in the First Half of This Year (1)
Ally Financial Inc., the auto lender bailed out by the U.S. government, may start a road show for an initial public offering as soon as this quarter as the U.S. Treasury looks to shed its ownership, according to its chief executive officer. The

The Gadfly of Greenwich Real Estate
Mr. Fountain includes in his gallery plenty of lesser-known people pushed into bankruptcy after overreaching, borrowing millions to build 15,000-square-foot houses that no one wanted to buy. Mr. Fountain's contention that the legal and financial

Qualify for a Home Loan Even after Bankruptcy. For more information, call or visit our experience brokers at: Flagship Financial Group 1621 South University Dr., Suite 225 ...

Financial steps to take if you want to buy a home after a bankruptcy

Q : My husband and I are going to file bankruptcy within the next two to three months on our personal accounts and our business. What is the best and fastest way to recover once the bankruptcy has been discharged so that we can buy a home and rebuild our financial lives?

A : We’re sorry to hear that you are going through severe enough financial difficulties that you’ll be forced to file for bankruptcy. It must be extremely rough to hear how the economy is doing so well when you’re having such a tough go of it.

Assuming you move through the bankruptcy process quickly, you’ll want to have a plan in place to start rebuilding your financial lives from the day your bankruptcy ends.

And, as you suspect, you’ll be rebuilding your credit from the ground up because once you file for bankruptcy, your credit history will disclose that filing and your credit score will drop precipitously. We have to assume that you’ve already weighed the pros and cons of filing so we won’t discuss those here and only address the question of what to do after bankruptcy.

Here's How Much Borrowers Pay on Loans After a Bankruptcy

The LendingTree research showed that mortgage terms on a 30-year, $240,995 loan cost significantly more for those with previous bankruptcies. For example, a person with a bankruptcy three years ago would pay, on average, $8,887 more over the life of that loan than someone who didn't have a bankruptcy. The cost drops by more than $2,800 if the borrower waits an additional two years before applying for a mortgage .

The increased cost of the mortgage is tied to a borrower's credit score, of course, and the good news for people who've gone through bankruptcy is that the credit score holds far more weight with lenders than the bankruptcy itself. For example, the study found that mortgage borrowers who have gone through a bankruptcy three years ago received interest rates (about 4.29%) that were somewhat comparable to borrowers who haven't experienced a bankruptcy (4.12%), based on 2017 figures.

It all comes down to your credit score

You've probably noticed the common thread running through all of these scenarios: The lower a borrower's credit score, the higher their interest rate will be and the more they'll have to pay on their loans. That's not exactly earth-shattering news, but it should at least be a little comforting to people who've gone through a bankruptcy because there are concrete actions you can take to improve your score .

Finding a mortgage lender after bankruptcy?

Hi Everyone, my husband and I went through a ch 7 bankruptcy that has been discharged for a year now. We'd like to buy a home in the next 6-9 months and I am currently trying to educate myself on how to do it.

Go to and on the right hand side is a link for ChurchHill Mortgage company. They have lenders that have home loans that are really even based on your credit score.