Bad things can happen to good people…job loss, illness, market crash or other life events can cause hardships that result in unintended financial trouble.
Bankruptcy, Short Sales and Foreclosures are all examples of what happened to good people who got hit by the recent economic meltdown.
With the economy in recovery many people who lost their homes are considering buying again, but are hesitant to move forward because of the uncertainty of obtaining financing.
Although there are waiting periods intended to allow a borrower to re-establish credit, they may not be as long as you might think.
- If you experienced a Bankruptcy, read this article to learn how and when you’ll qualify for a home loan.
- If you experienced a Foreclosure, read this article to learn how and when you’ll qualify for a home loan.
- If you experienced a Short Sale, read this article to learn how and when you’ll qualify for a home loan.
- If you went through a period of hardship that resulted in late payments and credit score damage, but did not experience any of the 3 above scenarios, read this article to find out how to best improve your credit score to qualify for a home loan.
The fact is that many good people were financially harmed during the recent “great recession” and are hesitant to ask about a loan for fear of being judged – please do not be. Often times things simply happen that are outside of your control and you simply do the best you can to move through life’s impact. There is no shame in this, and you should not feel that your lender will judge you for this.
Your home loan lender should be a source of help and guidance to improving your credit score and overall financial future.