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How To Get Mortgage When Bankrupt

How To Get Mortgage When Bankrupt

How To Get Mortgage When Bankrupt – Being a homeowner – if you have started taking interest in the real estate industry, you might know what makes the homeowners or the Winter Park Realtors, intimidated by the process of the mortgage loan.

According to Downtown Orlando realtors, when you opt for a mortgage loan and converse with lenders, you might stumble upon some lenders who would ask you intrusive questions, sounding a tad bit personal. But considering the strict regulations of getting a mortgage loan, it has now become a necessity to keep everything, from paperwork to your credit score, absolutely picture perfect.

So what would you do if you have bad credit history or if you are bankrupt?

Well, despite the stringent regulations, you must be relieved to know that sometimes, you can get a mortgage loan even if you are bankrupt.

Wondering how?

Then read on, as we discuss some of the major factors that must be considered if you want to land a mortgage, being bankrupt.

The Duration of Your Bankruptcy

One of the factors that influence your possibilities of landing a mortgage during bankruptcy is the time passed since your bankruptcy. Even though you might come across different requirements from different lenders, the majority of times, the acceptable time frame, since the bankruptcy is filed, is two years.

Similarly, some lenders may require a time period of at least five years before a person can opt for a mortgage. However, if at the time of mortgage application, your credit history is exceptionally good, chances are you can have some exceptions.

Credit Report

We all know how important a credit report is when it comes to the approval or denial of our mortgage loan. Particularly, this report reflects the credit history of a person and represents a complete picture of their prevailing financial position. As per the Winter Park Realtors, many lenders check the credit report thoroughly to ascertain if any improvement can be expected in terms of your history.

Hence, once the bankruptcy is discharged, you must ensure it does not reflect any other negative signs as this can disrupt your credit status for future loans. So if your credit report shows a downward trend to your lender, after the discharge of bankruptcy, chances of obtaining a mortgage loan will eventually decrease, even more.

Reason behind Bankruptcy

It is obvious that the reason behind your bankruptcy itself is a major factor that can make or break the mortgage deal for you. So if your bankruptcy was due to loss of a job or maybe a severe medical emergency, you still have a chance to avail mortgage loan. But if the reason is frivolous spending practices and failing to handle finances responsibly, you must not expect your lender to approve your mortgage – as the Downtown Orlando realtors suggest.

In a nutshell, you must consider the above-discussed factors before applying for a mortgage when bankrupt. Moreover, if you choose to go with a well-reputed and professional buyer’s agent such as one offered by Megan Dowdy, you will definitely receive complete professional insight to resolve such complex credit issues.

Megan Dowdy

Megan Dowdy is a seasoned real estate broker, educator, and entrepreneur. A native of Orlando, she is one of its biggest promoters and is familiar with all that Orlando has to offer. She attended Lake Highland Preparatory School, obtained a business degree from The Calloway School of Business at Wake Forest University, and then obtained her Masters in Hospitality and Tourism Management from The University of Central Florida’s Rosen College of Hospitality Management.

Her passion for bringing hospitality and service to real estate is a rare find in the industry. Building relationships that begin with the first transaction and carry on over years is what Megan thrives on. Communication and accessibility are of the utmost importance to providing a high level of service – and Megan prides herself on those!

When she isn’t representing clients in the purchase of real estate, Megan is teaching, as an Adjunct Instructor, at The University of Central Florida’s Rosen College of Hospitality Management. She teaches the future leaders of the industry numerous courses ranging from Guest Services Management, to Marketing, to Hospitality Communications.

Giving back is also a major theme in Megan’s life. Megan is a Founder, Board of Directors President, and Hospitality Committee Chair of The AutoNation Cure Bowl; Orlando’s newest NCAA post season college football game set to kickoff on December 19, 2015. All proceeds from the game go directly to the Breast Cancer Research Foundation where ninety-one cents of every dollar raised goes directly to research, and finding a cure for cancer. She also maintains strong relationships with each of her alma maters, even holding a position on the Alumni Board of Directors at Lake Highland Preparatory School in downtown Orlando.

Megan is also a licensed Real Estate Instructor and holds two designations: Accredited Buyer’s Representative and Graduate Realtor Institute; also, two certifications: Florida Military Specialist and Military Relocation Professional.