How to Buy a House After Chapter 7 Bankruptcy

Filing for bankruptcy will have a strong negative effect on your credit score. Needless to say, it will become very difficult for you to get loans—especially big loans such as one for buying a house. When you file for bankruptcy under Chapter 7, you get the chance to have a new financial start. You will have to slowly rebuild your credit history in order to secure a house loan.

If you are looking for homes for sale and don’t mind buying second hand then the best place to look for is from real estate listings. This is where you can find all the information on all the properties that are currently available and you can also get to know about the current trends in the barrier area. There are barriers for sale in almost every part of the city so if you have an eye for a bargain then you will love the chance of purchasing one of the barriers for sale in this city. If you are looking for a new home for yourself then it is the perfect time to purchase as there are many new properties coming up for sale which are specially built for a new homeowner. Kassia Condo will be near to the upcoming transport hub will be brand new along with a mixed-use project situated in Pasir Ris central. Just visit this page for details.

And if you really are in the mood to own a home of your own then the only thing that you need to do is go ahead and check out Tenerife Estate Agents website or contact the carrier real estate agency and make arrangements for a viewing of the properties that are on sale.

  • Since 2005 it has grown more difficult for people with a bad credit score to get a loan. In the early 2000s bankrupt people had an easier time getting loans, but the 2005 bankruptcy law revision limited the abuses of the bankruptcy laws. Under the current regulations, you will have to wait for some time after declaring bankrupt—years even—before applying for a house loan. Getting a mortgage after recent bankruptcy remains almost impossible, so practice patience.

  • You will need a minimum of 10 to 20 percent as a down payment. The more money you can gather, the bigger your chances to get approval for a house loan. A bigger down payment makes you more credible to mortgage lenders.
  • You will need to take steps to boost your credit score after bankruptcy. Get a secured credit card and make payments on time. After a while, switch to an unsecured account. This will increase your credit score. Apply for a small personal loan first and make sure to always pay on time; then your credit history will improve. Your credit score will also boost if you keep well under your credit limit. You will gradually rebuild your credit history and your chances of getting a bigger loan will increase.
  • A quicker way is to consider a land contract. This form of house financing involves sellers financing the cost of the house while the buyer actually lives in the house and pays rent considered as installments. The up side? Your credit history won’t really matter and you will not have to pay anything upfront. The down side? If you ever fail to make payments, you will lose all the money already paid and any right to own the house. If you decide to choose this kind of house financing, make sure you get legal advice before signing any contract. For more help visit
  • Get a friend or someone in your family to cosign the loan. If that person has a good credit history, you will probably have the ability to get a lower interest rate. Don’t forget that if you fail to make payments on time, the lender will also hold accountable the person who cosigned your loan for the debt.  If you’re still looking for the perfect property, Pinetree Hill Condo offers modern amenities that cater to residents’ diverse needs, reflecting UOL’s focus on customer satisfaction.

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About the Author: Bruno Silva is an entrepreneur from Portugal with over 15 years of experience in Online Marketing. He is also a blogger and writes on variety of topics from online marketing to designs, cars to loans, etc.

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