Will I be able to get mortgage after bankruptcy?
September 25th, 2007 by Questions
I am considering personal bankruptcy to be rid of credit card debt of about $20,000. I`ve spoken to a trustee already and have been advised that this is the best option for me and that I certainly qualify.
That being said, my spouse and I are concerned that we won`t be able to get a mortgage which we will need to get in 18 months from now.
My spouse will probably not qualify on his own. I`m thinking that if I am going to a lender `debt-free` and can demonstrate an ability to make payments to a mortgage (and note that we will have equity already in the home that we purchase) that we should be ok.
Am I wrong? I guess I`m not sure how the traditional lenders view a bankruptcy on someone`s file.
I will plan to get a secured credit card asap to start repairing my credit rating.