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Buying a House After Bankruptcy
excerpted from Bounce Back From Bankruptcy, by Paula Langguth
Ryan
©2001, Pellingham Casper Communications;
www.ArtOfAbundance.com
800-507-9244.
Your next big financial move should be to buy a house if you
don’t
already have one. Once your credit reports are updated, and you’ve
got a credit card that’s being reported to all your credit bureaus
(double check to make sure!), then you can expect to be eligible
for a decent interest rate on a home mortgage, within a year or two
of your bankruptcy discharge date.
In general, if you’re repaying your debts through a Chapter 13
bankruptcy, your trustee won’t let you buy a home until you’ve
finished your repayment plan. But there are exceptions. If you currently
have a home, your trustee may allow you to sell your current home,
pay some of the equity toward your debts and use the remaining
equity as the down payment on a new home, which may or may not
be included in your repayment plan.
Once you’re ready to buy a home after bankruptcy, it’s best to
start by determining how much house you can afford. Including principal,
interest, taxes and insurance, it’s a pretty safe estimate that you can
afford to pay a mortgage equal to 20% of your pretax income.
When you talk to lenders about pre-approval, be up-front about
your
bankruptcy — and be equally as up-front about the great job you’ve
done rebuilding your credit in a short time.
How Much House Can You Afford?
Lenders will preapprove you for up to 28% of your pretax income,
but you may feel like you’re stretching to make those payments. For example,
with $50,000 in annual pretax income, your lender will likely approve you for a
monthly mortgage payment of $1,150. That’s
28% of your monthly income, and it would allow you to qualify for a $150,000
loan. At 20%, however, your mortgage payment would be a more manageable $833 –
which would buy you a $120,000 home.
Once you know how much house your lender thinks you can afford,
shop for houses that sell for about $20,000 less than his estimate. This will
give you a cushion against getting over-extended. My lender told me I could
qualify for up to $150,000. So I started shopping for houses in the $125,000
range.
Bottom line, you’ll want to pay the lowest payments you can —
and as little money up front as you can. That’s why I strongly recommend getting
an FHA or VA loan. With these loans you make a lower down payment — 3% of the
home’s selling price, or less. The FHA has also been pretty forgiving in
granting mortgages to folks with recent bankruptcies. The only drawback is that
you generally can only get an FHA loan if the home’s value is less than
$219,849, unless you’re buying in Alaska, Guam, Hawaii or the Virgin Islands,
where the cap is $329,774 for a single family home.
If you have had negative credit information added to your credit
reports after your bankruptcy, don’t despair...
(To read more facts, tips and strategies for getting a mortgage
after bankruptcy,
including 0 down mortgages and mortgages after filing Chapter 7 bankruptcy,
order Bounce Back From Bankruptcy today. Don't let another day go
by without buying the house of your dreams!)
Are you worried you'll never, ever get a credit card again after bankruptcy? Or are you glad to be rid of credit cards forever -- and swear you'll never touch another piece of credit card plastic as long as you live?
Either way...
You CAN
Bounce Back
From Bankruptcy -- Effortlessly!
Contents
Reviews
What's In This Book For You?
Order
a Book or E-Book Now!
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Are you familiar with the movie "The Secret?" Bob Proctor is the
narrator and he is, simply put, an amazing man. I highly recommend his
Science of Getting Rich audio series - heck, I highly recommend anything
Bob does! He has a unique talent for helping people step up and create
what they want in their lives. By the time my hair goes gray, I hope I'm
half and successful as Bob is!
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"This
is the most important book
we've seen on rebuilding your credit after bankruptcy."
- Ken
and Daria Dolan,
former CBS This Morning
editors
and hosts of
THE DOLANS on the WOR Radio Network, heard nationwide. |
Are You Ready to Live a Debt Free and Prosperous Life?
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"This
is the most important book
we've seen on rebuilding your credit after bankruptcy."
- Ken
and Daria Dolan,
former CBS This Morning
editors
and hosts of
THE DOLANS on the WOR Radio Network, heard nationwide.
Your life
is not over because you've
declared bankruptcy!
Dear Friend,
You made the right decision when you declared bankruptcy. Now, you can start to rebuild your credit and reclaim your right to financial security.
The road may not always be smooth. Scam artists and unscrupulous businessmen will try to use your past misfortune to line their pockets. Credit card companies and car dealers will try to charge you higher interest -- or deny you credit completely.
Luckily, there are strategies you can use to get back on your financial feet and avoid getting taken advantage of I know these strategies work because I've used them personally. It took me a lot of trial and error to get back on my financial feet after I declared bankruptcy. I fell for just about every scam that came along. And I vowed that if I ever got back on my financial feet I would find a way to make sure
that no one else would be taken in by scams or too-good-to-be-true offers if I could help it.
That's why I wrote Bounce Back From Bankruptcy, now in its
Third Edition. In this 224- page book you'll find step-by-step instructions to guide you back onto your financial feet. After you read Bounce Back From Bankruptcy,
3rd Edition, you'll find it easy to avoid any obstacle that gets tossed into your way as you rebuild your credit.
Here's what you'll find in
Bounce Back From Bankruptcy- Painless way to pay off your undischarged debt
after bankruptcy.
- The best credit cards that help you rebuild your credit after
bankruptcy (secured and unsecured).
-
Sample letters that force creditors to take action -- in your favor!
- Step-by-step strategy to help you reestablish credit after bankruptcy.
- How to avoid discrimination on the job after bankruptcy.
- Smartest ways to get car loans after bankruptcy, including individual
loans and new car loans (and how to buy a car without taking on new debt).
-
Common credit repair scams and how to avoid them.
- Best strategies for buying a house after filing Chapter 7 bankruptcy,
(including 0 down mortgages), renting, or even refinancing after bankruptcy.
- How to buy plane tickets, rent cars or book hotel rooms without credit.
- What to do if you get in over your head again!
...And
So Much More!
Contents
Reviews Order a Book or E-Book Now!
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The minute you start taking the steps outlined in this book, you'll begin to bounce back -- effortlessly -- from your previous financial troubles. You'll rebuild your savings. You'll discover how to eliminate debts that weren't included in your bankruptcy. And you'll clean up your credit report, almost effortlessly, so you can easily buy everything from cars to houses in just a few short years. You can even buy a house one year after you declare bankruptcy! This book shows you how to do it -- step-by-step.
With Bounce Back From Bankruptcy, you get a brand new lease on life. Don't waste time scrabbling around with a hit and miss approach to rebuilding your credit. Order Bounce Back From Bankruptcy: A Step-by-Step Guide to Getting Back On Your Financial Feet today. Within 20 minutes, you'll be on your way to a more financially secure life -- and you'll rebuild your credit quickly and easily.
You're not alone, no matter how you feel about credit cards. And you never again have to be a slave to MasterCard! Bounce Back From Bankruptcy will show you how to rebuild your credit without ever again carrying a balance on a credit card!
I'm so sure that Bounce Back From Bankruptcy will help you quickly take control of your financial destiny that I'm willing to offer this 100%, unconditional, money back guarantee: If you're not completely satisfied with this book, just send it back and we'll cheerfully refund your money!
ORDER ONLINE, VIA PHONE OR
MAIL:
To order your very own copy of Bounce Back From Bankruptcy mail your check or money order for
$15.95 per copy, plus $4 shipping and handling which is $19.95, (MD residents please add 5% sales tax for a total of
$20.75) to P.C.C., 1121 Annapolis Road, Suite 120, Odenton, MD 21113. For credit card orders, call 1-800-507-9244.
We accept Visa, MasterCard and American Express.
Bounce Back From Bankruptcy
is now also available as an E-book for $12.95. You save $7 when you order a PDF
downloadable version of Bounce Back From Bankruptcy. To download
your e-book, you'll need Acrobat Reader, which is available for free.
Don't wait another minute to start rebuilding your credit and regaining control over your finances.
Order Bounce Back From Bankruptcy today and reclaim your stake in the American Dream! Your credit problems will soon be a thing of the past!
Call
1-800-507-9244 or
Click Here to
Order Now!
(All
orders receive a free Break the Debt Cycle Gold Card--just say you're
ordering from the Art of Abundance website!)
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