A primary concern for many Tennessee and North Georgia residents who are considering bankruptcy is their ability to purchase a home in the future. A bankruptcy myth that has been circulating for years is that it ruins your credit for life, and it will be a decade before you can recover. Everyone knows that to purchase a house you have to have good credit. That being said this myth simply is not true. In fact, if you are diligent in rebuilding your credit, you can purchase a home in as little as two years of discharge.
Check out these six steps to buying a home post-bankruptcy.
The take away from this is that it is possible to obtain a mortgage after bankruptcy even if you have a foreclosure on your credit report. Remember when looking for a house apply wisely for loans and make sure you know the exact criteria lenders are looking for, and save save save.
Written by: Rebecca Kidd
*You may have to pay the other side’s attorney’s fees and costs in the event of a loss.
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