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bankruptcy mortgage loan
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Top Featured Story:
If you have filed bankruptcy recently, you may wonder if you can
get approved for a home loan. You may also wonder if buying a
home after a recent bankruptcy is a good idea for you.
While a bankruptcy can make getting approved for a mortgage loan
more difficult, it is still possible to get approved for a
mortgage loan. In fact, there are more and more bad credit loan
programs coming out all the time. Subprime lenders are focusing
more on helping individuals with poor credit acheive home
ownership. This is happening mostly because bankruptcies are
still on the rise and there is an increasing number of people
with Click here to read more from this article
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Congress recently passed the most sweeping bankruptcy
legislation in more than twenty five years. The Bankruptcy Abuse
prevention and Consumer Protection Act was written to make it
harder for most personal bankruptcy filers to have their debt
swept away through a Chapter 7 filing. The new law will require
that potential bankruptcy filers pass a "means test" and most
will not qualify for the Chapter 7 filing.
Instead, they will have to file under Chapter 13, which requires
a court-defined repayment schedule of up to five years. This
legislation, considered by its detractors to be a "wet, sloppy
kiss" to the credit card companies, has many people justifiably
concerned Click here to read more from this article
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