Categories: Real Estate

Did You Know Real Estate Attorneys Can Help If You Have a Bankruptcy in Your Past

If you have declared bankruptcy in recent years, you may be concerned about your ability to purchase a home. While it is true that bankruptcies will stay on your credit report for up to ten years, they don’t necessarily make it impossible to get a mortgage. In fact, bankruptcies are designed to help you get your finances under control so you can repair your credit in order to qualify for mortgages and other loans. Here are some of the ways a real estate attorney can help you deal with your bankruptcy.

They Can Offer Reassurance

The first, and many might even same the most important, thing a real estate attorney can do is to reassure you that your bankruptcy isn’t going to stand in your way of homeownership. If you provide your lawyer with information regarding your finances, assets, and credit history, they will be able to determine how likely it is you will be able to secure the mortgage for the home you want at the terms you want. While the myth is that a bankruptcy makes getting a mortgage impossible, the truth is that it truly depends on your unique financial situation. A legal expert who understands real estateand lending laws can walk you through your finances and offer reassurance.

They Can Point You Towards the Right Resources

There are a number of mortgage companies and other programs out there that will work with those who have bankruptcies. Some of these programs will assist you with rebuilding your credit. Some lenders will even work with you to get the best rate or may offer options such as a two-year adjustable rate mortgage that can later be converted over to a conventional loan if your finances remain strong. If you’ve built your credit up enough, you may even be able to qualify for a prime rate mortgage now. FHA and VA loans, for example, can often be secured in as little as a year after your bankruptcy is finalized.

Looking for a real estate attorney who can help you secure financing for your dream home? Contact Bell & Shah Law today.

Bell Shah Law, LLC

Recent Posts

Who Has Legal Claim to a Property Based on Adverse Possession?

Whether you are the owner of a Chicago townhouse or a Champaign County farm, your…

10 hours ago

Are You on the Verge of Losing Your Licensing?

Losing a fishing license simply means not having the ability to legally enjoy a common…

1 week ago

Benefits of Setting up a Trust for Your Family

A family trust is any legal trust that you set up for the benefit of…

2 weeks ago

Need to Ensure Your Business is Safe? Call Us to manage Your Business Transactions

All the responsibilities and risks of starting or running a business, things like contracts for…

4 weeks ago

How to Leave Your Kids and Grandkids Money for the Future

Bell & Shah Law, LLC understands the nuances of estate planning. Leaving your hard-earned assets…

1 month ago

Things to Never Overlook When Creating Your Estate Plan

Even young people should consider how to handle their assets after a life changing event.…

1 month ago