Filing Bankruptcy does not mean that you cannot purchase a new home or refinance the existing home you presently own.

In fact refinancing and/or purchasing may be a very smart business move. Your lending team at Mortgage Max are bankruptcy and foreclosure specialists. Our Team of mortgage professionals are specially trained to work with the court system and your Trustee. With our knowledge; Bankruptcy does not prevent refinancing or the purchase of a new home.With the permission of your Trustee refinancing your present home will allow you to discharge the bankruptcy and remove yourselves from the court system many months ahead of schedule.

A bankruptcy filing does deliver a devastating blow to your credit and FICO score, but it doesn't mean you must wait 10 years before you can qualify for a mortgage. Many consumers who have filed for bankruptcy have been able to obtain a mortgage, although it may be at a higher rate than someone qualifying for a prime or "A-paper" loan, the payments are generally much cheaper than the payments to the Trustee. And, after this closing, we can refinance you within a few months into a mortgage at prevailing interest rates. It is a win-win situation for you and the court system.

While credit card companies may care about what happened before you filed for bankruptcy, many mortgage lenders are more interested in your recovery and what you've done since your filing.

Give explanations. No mortgage lender is going to ignore the fact that you've filed bankruptcy and the Underwriter will likely want to know the cause of the filing. Your lender will be particularly interested in whether the same situation could happen again. Your chances of being qualified are much better if your bankruptcy was caused by a single event such as a loss of employment or a death in the family, than if it was the result of just spending too much over a period of time. If the bankruptcy resulted from a single event, it is important to show your lender paperwork describing the incident, such as the layoff notice or death certificate. You may also want to bring in court documents to indicate when the bankruptcy was filed.

Demonstrate good money habits now. Many people who file bankruptcy swear off credit altogether, however, it is important to re-establish your credit rating. Get a secured credit card or take on some sort of loan with a stellar payment history; furniture, car or a major appliance to demonstrate that you are able to make timely payments. Make sure you are making other payments (rent or mortgage, the Trustee payments, utility bills, cell phone, etc.) on time as well. You won't turn things around in a few weeks, but your credit score will improve ovlefter time.

Dispute any credit report errors. There is no need to add to your troubled credit history with errors on your credit report. We can provide a copy of your credit report from each of the three major credit reporting agencies: Equifax, http://www.equifax.com; Experian, http://www.experian.com; and TransUnion, http://www.tuc.com. We will help you to analyze your credit and show you areas that have the possibility of improvement. If you encounter any errors, inform the credit bureaus in writing regarding information you believe to be inaccurate and request deletion or correction.

TO FILE DISPUTES OR REPORT FRAUD OR INACCURATE CREDIT

Click here:

https://www.experian.com/consumer/cac/FCRegistration.do?alertType=INITIAL_ALERT

This site will allow you to examine your credit report and to request corrections immediately.

Save your money. Lenders may be more willing to loan you money if you've saved some money and demonstrated good money management in order to provide a down payment.

Live within your means. Even subprime lenders won't risk loaning you money for an opulent ocean-front mansion. Think small when the time comes to look for a home. Smaller homes often mean smaller mortgages.