With the recent economic downturn in Florida, many Floridians have had to file bankruptcy due to job layoffs or failed industries. Once they file bankruptcy it is not the end of their credit future. There is a mortgage loan program available to help those who have filed bankruptcy. This new loan program can either “buy” them out of a Chapter 13 bankruptcy or it can help with mortgage refinance after their bankruptcy is discharged.
Since the loan program is geared toward helping Florida homeowners who have filed bankruptcy, the loan to values on this product remain very high. This is very good news because until now there have been other loan programs in the market place in the past that have extremely low loan to value qualifications and most do not qualify.
In the past, once a consumer has filed bankruptcy it is almost impossible to refinance their mortgage let alone purchase a home. It was the proverbial catch 22. After a bankruptcy is filed, the consumer is frequently told to rebuild their credit but they are declined at every application. Now, with the new bankruptcy mortgage loan, the consumer has a better chance of being approved because it is tailored to bankrupts. This way, the bankruptcy is not held against the consumer when trying to get approved for the new mortgage loan.
Yes, there is a credit life after bankruptcy. For further information on this loan program or to apply for this special bankruptcy mortgage loan, you may contact the author.