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After Bankruptcy, Rebuild your Credit Before Buying Real Estate

You have gone through bankruptcy and youestate lenders if you have received
do not owe anyone. Now is the perfectcredit counseling, and the counseling
time to purchase that home you havewill help you in several ways. A good
always wanted right? Wrong! Yes, youcredit counseling agency will help you
can probably locate a real estatecreate a budget and counsel you in how
mortgage lender, since you cannotto use and stick to it. They offer
declare chapter 7 bankruptcy again forcounseling on using credit in your
at least 6 years. The problem is thatfuture, as well as how to re-establish
you will pay the highest finance chargesyour credit. They can help you move
for the privilege of obtaining that realtoward your goal of buying real estate.
estate mortgage, charges that willOnce you have successfully completed
extend over the life of the real estatecredit counseling, ask them for
loan.something in writing to that effect. It
Before even looking at real estate, getcan help when applying for your real
your credit straightened up first. Theestate loan
bankruptcy will appear on all three ofThe problem is finding a reputable
your credit reports from seven-to-tenagency. Some are downright questionable.
years, which will make you a higher riskHere are a few ideas to assist you in
to real estate lenders. You cannot dolocating a reputable agency:
anything about this; however, you canThey should be a member of either the
show real estate lenders that you areNational Foundation for Credit
handling credit much better now byCounseling or the Association of
rebuilding it. This can lower your riskIndependent Consumer Credit Counseling
factor, when obtaining a real estateAgencies. Both are national trade
mortgage. Using the followingassociations.
improvement steps, you actually canAgencies approved by the U.S. Trustee's
rebuild your credit in a relativelyoffice (part of the Department of
short time.Justice) are good agencies. You can see
First, get copies of your credit reportthose for your area at:
from the credit agencies, and clean themInterview the agencies, asking what they
up. You have the right to one freeoffer and the cost for each service.
report from all three agencies annually,Good agencies should meet with you for
which can be obtained through60-to-90 minutes, reviewing your
Ensure that creditors, who were listedfinancial situation and offering
in your bankruptcy, have cleared theirbudgeting advice before doing any
information from your credit reports.credit repair.
Otherwise, it will appear as if youAsk for costs in writing from the agency
still owe them money and are not paying.you choose. They should charge around
Ensure any creditors not listed in your$50 or less, with budget counseling
bankruptcy and you are paying regularlysessions for less than $20 each.
have been reporting your good creditSteer clear of those who push their debt
record to all three agencies. Contactmanagement program, where they want you
any not reporting this and ask them toto pay all your remaining creditors
do so. This will increase your chancesthrough them.
of getting a loan for your real estate.Check for more ideas from the Federal
If there was a specific event or causeTrade Commission.
for your bankruptcy, you can add up to aUse the credit counseling agencies to
100-word explanation to your credithelp you rebuild your credit the right
report at each agency. The real estateway. It can take less than a year to
lender will get this explanation as partachieve; yet, it will make a big
of your credit report.difference when you obtain that real
It will look especially good to realestate mortgage.



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