Getting a Home Loan After Bankruptcy

Chances are you have heard all of the talk about bankruptcy and finance, and you probably believe that if you have been bankrupted, you have no hope on earth of getting a Home Loan after Bankruptcy.  Banks will run the other way if you approach them saying, “Help me get a loan, I have been bankrupt!”

Here’s just a few of the myths about being Discharged from Bankruptcy:

If people end up bankrupt, it’s their own fault;

Most people who are or have been bankrupt had no other choice other than to go bankrupt – they will always be bad with money;

People who have or are bankrupt will never obtain finance or a mortgage; and

If you are or have been bankrupt, forget about ever achieving a financially secure future.

Sure, bankruptcy isn’t a great thing to have to experience. After all, a bankruptcy will always be on your credit file, so it can be a painful reminder of a very difficult time in your life. This said however, each of the four points listed above are myths. Here’s why:

  • Sure, sometimes we make mistakes with money, but we aren’t really educated on how to handle money. The big financial institutions vs the financially un-educated masses, and most of the time the big guys win. It’s not your fault if you go bankrupt, because so many external factors will come into play.
  • Most people who declare bankruptcy do so because they have been given poor or incorrect advice. If people speak to reputable bad credit experts, other not-so-drastic options will be presented to them, which will help them out of debt.
  • Even if you have or are bankrupt, you can still achieve a financially secure future. If you get the right advice from a reputable bad credit mortgage specialist, you can follow their expert directions and look forward to a financially secure future.

Can I get a Home Loan after Bankruptcy?

It’s absolutely true, and this article shows you how. Actually, I’ll give you a short summary as to the current situation right now in Australia regarding mortgage brokers and our major lenders. Mortgage broking is a cut throat business.  That’s why you’ll see mortgage guys and girls driving all over the city – even the country – meeting with prospective home buyers to make the sale! It can be quick and easy money, but only if the home loan applicant has a clean bill of credit health. If you don’t fit this description, you’re simply “too hard” to deal with. That’s right – it all comes down to you being too difficult to secure finance for. Don’t take it personally! As for lenders, it’s pretty much the same. Prime lenders such as the big banks only want to deal with clients with clean credit records who pose little risk.

Now for the really great news! You can get a home loan after Bankruptcy.

Only if you work with a reputable bad credit home loan expert in this field as they get their clients mortgages each day! This is because a Non Conforming Lender know’s who to talk to and which lenders want to help these discharged Bankrupts. In short, we can help you now if you are ready to apply for a home loan after Bankruptcy. Here’s how:

  • If you’re mortgage ready: First of all a decent bad credit mortgage expert will chat with you to determine your financial position. They will ask you the questions they need to ask to discover if you are now back on track. In other words, they want to find out if you have enough control of your finances to be acepted. If you are, the specialist will start talking to the lenders who can help you, and they negotiate the best mortgage (with a reasonable rate that won’t kill you) for your specific situation. You could be in your own home within 30 days if you are mortgage ready right now!
  • If you’re not quite ready: If you’re not quite ready because you’re house isn’t in financial order, it’s okay! Remember, it’s not your fault and you don’t need to feel embarrassed. A good specialist in bad credit finance will get to know your financial situation and tailor a plan specific to your needs, so they can work with you to clear whatever debts need to be cleared, to make you mortgage ready. Sure, you’re probably thinking, “Strict saving” and “Boring lifestyle complete with sacrifice” and that might be true for a time. The key words here are ‘for a time’

Being a Discharged Bankrupt isn’t the End!

If you are or have been bankrupt, it isn’t the end! In fact, far from it! Even a traumatic event like bankruptcy can be seen as an opportunity to get back on the path to a good financial standing.

You now know that with bad credit it is possible to get a home loan after Bankruptcy and with a reputable bad credit mortgage expert on your side, you can get into your own home and follow a plan that will secure your financial future.