Buying a Home After Bankruptcy Cambridge MA

It may seem as though you cannot buy a home in Cambridge after you have gone bankrupt, but this is not true. You can buy a home. In fact it may be to your best interest to buy a home because those who have experienced bankruptcy are actually encouraged to build credit by taking on debt.

Charles J. Sillari Jr.
(617) 628-1110
92 HIGHLAND AVE
SOMERVILLE, MA
Specialties
Real Estate, Business, Bankruptcy, Litigation
Education
Suffolk University Law School,Boston College
State Licensing
Massachusetts

Terrence L Parker
(617) 491-2265
185 ALEWIFE BROOK PKWY STE 404
CAMBRIDGE, MA
Specialties
Litigation, Social Security, Bankruptcy
Education
Suffolk University Law School,University of Massachusetts, Amherst
State Licensing
DC, Massachusetts

Martin Dropkin
617-623-4600 EXT. 1
424 Broadway
Somerville, MA
Specialties
Bankruptcy-Personal
Education
Law School : Harvard


Data Provided by:
Dax B. Grantham
(617) 497-7141
271 Cambridge Street Ste 203
Cambridge, MA
Specialties
Bankruptcy, Litigation, Real Estate
Education
New England School of Law,University of South Alabama
State Licensing
Massachusetts

Lisa M Kresge
(617) 856-8234
1 FINANCIAL CTR
BOSTON, MA
Specialties
Bankruptcy, Commercial
Education
Boston University School of Law,American University
State Licensing
Massachusetts

Stefan Edward Cencarik
(617) 497-7141
271 CAMBRIDGE ST STE 203
CAMBRIDGE, MA
Specialties
Litigation, Bankruptcy, Real Estate
Education
New England School of Law,Boston University
State Licensing
Massachusetts

Total Bankruptcy has a participating attorney in CAMBRIDGE
(866) 525-2557
2464 Massachusetts Ave, Suite 204
CAMBRIDGE, MA
Description
Take control of your finances today! We have an extensive nationwide network of local, sponsoring bankrupcty attorneys. Call to discuss your options for stopping creditor harassment. We also have information on filing for chapter 7 and chapter 13 bankruptcy. Personal bankruptcy may be an option for you. Call today!
Phone Hours
SUN - SAT 12:00AM - 12:00AM

Geraldine T Kluska
(617) 876-8762
230 MONSIGNOR OBRIEN HWY
CAMBRIDGE, MA
Specialties
Bankruptcy, Family
Education
Suffolk University Law School,Boston University
State Licensing
Massachusetts

LeeAnn Marie Baker
(617) 239-0248
111 HUNTINGTON AVE
BOSTON, MA
Specialties
Real Estate, Bankruptcy
Education
Boston University School of Law,Boston College
State Licensing
Massachusetts

James D McGinley
(617) 951-2219
111 Huntington Avenue
Boston, MA
Specialties
Debt Agreements, Bankruptcy, Litigation
Education
University of Connecticut School of Law,Yale University
State Licensing
Massachusetts

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Buying a Home After Bankruptcy

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It may seem as though you cannot buy a home after you have gone bankrupt, but this is not true. You can buy a home. In fact it may be to your best interest to buy a home because those who have experienced bankruptcy are actually encouraged to build credit by taking on debt.

It will not be easy, however. The problem is that these borrowers will be highly scrutinized, pay higher interest rates, and loans will come in smaller amounts because lenders will view them as high risk borrowers. These roadblocks should not stop someone who has gone bankrupt from buying a home, because taking on debt and paying off payments on time is the only way out of the downward spiral caused by a bankruptcy filing.

How Bankruptcy Will Affect Your Credit

Bankruptcy provides relief for people in poor financial straits. It is the last resort of action that will release them from their debts. However, a filing for bankruptcy will stay on a person’s credit rating for up to ten years, serving as a warning to anyone else who wishes to lend that person money.

This will cause any lenders to charge higher than normal interest rates in order to protect themselves from the likelihood that you will default. For example, an interest rate on an auto loan might normally be 6 percent, but for someone who has filed for bankruptcy, it might be 8 percent. However, as time goes on and payments are made on time, the filing for bankruptcy will become less important to the lender.

Rebuilding Credit after Bankruptcy

It is imperative that a good payment history is established after filing for bankruptcy. The following will help people who have filed for bankruptcy get back on their financial feet:

  • Pay bills on time. This is the best thing anyone who has filed for bankruptcy can do.

  • Use secured or unsecured credit cards and pay them off each month. Use them, but do not spend more than what you can pay off at the end of the month.

  • Read your credit report. Keeping up on your credit will keep you aware of your progress and any errors made by the credit company.

    When and How to Find a Home Loan

    Bankers and lenders want to see three things before lending money to a borrower following bankruptcy to ensure that the borrower is a good path financially:

    1. A two-year stretch of bills paid on time
    2. A down payment
    3. A steady income

    The biggest of these three things is a steady income. Some lenders, provided you can show that you have been paying your bills on time, will be willing to lend you money if they see that you have a steady flow of income. For example, if you have just come out of bankruptcy, but you have a small down payment and steady income, then it is not impossible for you to get a loan for a home right out of bankruptcy.

    Keep in mind that finding a good lender right out of bankruptcy will be difficult and may not be the best plan of action for the borrower. However, with a record of on time bills paid and a steady income, it is possible to get out of the proverbial hole bankruptcy has placed the borrower in.

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