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Obtaining a mortgage after having declared bankruptcy

I have just declared bankruptcy and, because of the amount of secured debt, have taken the option to let my home go in the process. I will now have to look for alternative accommodations and was wondering if the obtaining of a new mortgage may still be an option. If so, are there any suggestions on an approach that I should consider towards such a goal?

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One Response to “Obtaining a mortgage after having declared bankruptcy”

A licensed trustee said...

It is generally very difficult to obtain a mortage while you are bankrupt; it is usually only possible if you have a co-signer who is also able to provide a significant down payment.

Once your bankruptcy is over, it is possible to get a mortgage; there are a number of mortgage lenders that will arrange a mortgage. Two things are important: first, having a sufficient monthly income to make your mortgage payments, and second, having a sufficient down payment.

Once your bankruptcy is finished I recommend that you save as much as possible, because the larger the down payment, the easier it will be to qualify for another mortgage.