1350 Independence, Ste. 102, Lakewood, CO 80215
Can We Purchase a House After Bankruptcy?
YES, with patience and planning it is possible to purchase a home after bankruptcy! It is wise to wait for two years after your bankruptcy to make this purchase. By waiting you will probably get better terms and interest rate on your home loan, saving you money overall.
UP DATE Your Credit Report by watching for the following mistakes:
- Debts that have already been repaid or discharged
- Someone else with a similar name, address, or Social Security Number has information on your credit report
- Wrong account information caused by identity theft
- Outdated Information (Former spouse’s information still mixed with yours)
- Wrong Account information - that appears as closed by the creditor rather than closed by you.
If you find any errors like the ones listed above, contact the credit agency as soon as possible to dispute the mistake and have it fixed.
Building Credit Again:
You will have to rebuild your Credit in order to get a home loan. A secured credit card is one of the best ways to start this process. This card is protected by the money you have in a savings account. The secured credit card activity is reported to the credit reporting agencies and regular debit cards do not.
Get an Installment loan like a personal loan or car loan. The monthly payments need to be paid on time and in full every month! This information will make your credit score higher.