This article is about buying a house after bankruptcy.  Most people have a goal of getting a home loan after bankruptcy.  Our agents can help put you in touch with a credit repair expert to utilize their services on how to work on your credit to later finance and buy a property after bankruptcy.  Our agents specialize in helping buyers get into a contract for deed which allow for 2 or 3 year balloon terms which is often long enough for the buyer to get past the 1 or 2 year requirement that the lender requires for underwriting.  This alone is not enough, a stronger credit history and credit score will be needed to qualify later on.

I’ve written an article for those who have had a Chapter 13 or Chapter 7 bankruptcy in the past and have looked into getting a home loan.  Our article explains how there are one year periods up to 5 year periods of repayment plans and how your credit report is affected in the entire process.  Although they’ll be a wait to get a home loan someday, it may make sense to some people.  Our article will tell you how to create a plan to work towards calling our mortgage expert so that you can own a home some day through a loan, or you can buy now with owner financing.

Total Personal Bankrupticies Filed On the Rise

Have you read this article about personal bankruptcies on the rise?

http://money.cnn.com/2008/10/24/pf/bankruptcy_filings/index.htm?postversion=2008102711

It talks about 2008 approaching the 1 million mark for filings.  In 2005 they tried to reduce bankruptcy filings by making tougher guidelines.  Now with the housing downturn and economic meltdown, they are on the rise again as I am sure that’s no surprise.  As more file for bankruptcy experts are predicting the numbers to only get worse.

The article states “The Bankruptcy Abuse Prevention and Consumer Protection Act, which took effect three years ago this month, increased restrictions for Chapter 7 bankruptcy filings by applying a “means test” which would disqualify many consumers with higher incomes from discharging their debts.”

The experts are saying that bankruptcies became more complex with extra counseling and more paperwork added on.  Rising consumer debt with the mortgage meltdown in the main cause for the rise in bankruptcies.  It’s expected that by 2008 we could see 1.2million bankruptcy filings.  Another 15-20% increase next year due to inflation outpacing incomes.  This article discusses how many people went for Chapter 7 and how many went for the Chapter 13 option.

If you feel that you owe too much on your house and you have had to file bankruptcy or are considering filing bankruptcy and need to work with a foreclosure home or a home you owe too much on at the same time, this can be a complicated matter and you should see the advice of a professional.  I can offer a 3rd party negotiator to work with your bank on the short sale and foreclosure sale of your home, and they can direct you to an attorney to help you with the bankruptcy part of you may also have your own attorney.  Bankruptcy often can slow down foreclosure, but not stop foreclosure, so please contact us if you have a house to sell that you have fallen behind on, I recommend you read our Minnesota short sale homes article for more information.

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