What Your Bankruptcy Lawyer doesn't Tell You...

I have helped several people get a mortgage after having a bankruptcy. I want to share with you a few pointers on how to position yourself to get approved for a mortgage if you have had a bankruptcy yourself.

Here are a few helpful facts / pointers:


1. A Bankruptcy will stay on your credit report for 10 years. Most attorneys do a good job and let their clients know this. The good news in that even with a bankruptcy on your credit report, you can have a high credit score. If you had a mortgage before, during, and after your bankruptcy and have paid it on time, you will usually have a pretty decent post bankruptcy credit rating.


2. If you have not seen your credit report, order a free copy now. Here is a link to a site that has the contact information for the credit reporting agencies: http://www.worryfreemortgageloans.com/credit_reporting.cfm

You may find that some or all of the creditors that were paid in your bankruptcy are still listed on your credit report. The next thing you should do is draft a letter to each individual credit bureau and send it along with a copy of your discharge papers. They will do nothing if you do not send them appropriate documentation. Here is a link to the FTC's web page regarding credit repair which includes sample letters to use in corresponding with the credit bureaus:
http://www.ftc.gov/bcp/conline/pubs/credit/bbcr.htm



3. Once your credit report is cleaned up, or even while it is in process, you need to contact a mortgage lender that specializes in post bankruptcy mortgages. How do you find one? Ask them.

Do not be afraid to ask your mortgage lender if he or she is experienced in working with bankruptcies. Many of them will tell you flat out that they don't; sadly some will say they do when in reality they just want a higher commission loan. As you ask the hard questions, you will find out if they are the real deal or not.

Currently, I provide post bankruptcy mortgage loans in Maryland, DC, and Virginia so feel free to contact me at anthony@anthonykirlew.com or 1-800-453-9290.

To contact a bankruptcy mortgage specialist for your area, visit: http://www.bankruptcyloans.info/info.cfm and select your state.


4. Get approved BEFORE you find a house. Make sure you clear all of your hurdles before writing your contract. This will reduce your stress, but most of all it will ensure that you get the house. Sadly, very few sellers will allow a financial glitch on your part to hold up the settlement, and they could legally keep your deposit and find another purchaser.

5. Realize that this takes time. Do not rush, and most of all be cautious in using a "credit repair expert" to help you as many of them are not legitimate. You now have the tools to do this yourself.


Until next time,

Anthony Kirlew
www.AnthonyKirlew.com