It Can Happen to Anyone.
No one is immune to accidents, illness, unemployment
or other misfortunes. Sometimes these lead to bankruptcy. Unfortunately, if your
bankruptcy was discharged fairly recently, you're probably going to pay a lot
more than normal for a mortgage loan.
Take Time Wait for a Better
If you're credit is comatose, you're better served by reviving
it and waiting for a better deal. Take some time to refinance your debt and pay
off some bills. The longer you stay on sound financial ground, the better. After
12 - 24 months of zealously paying your bills on time, and establishing some new
credit, you could move to the head of your class with an A+ credit rating.
Wimpy Scenario Sloppy Bill Paying.
Perhaps your credit picture
is not as black as the bankruptcy scenario but not picture perfect, either. Remember
Wimpy? If your sloppy bill-paying habits came back to haunt you with a poor credit
rating, the cure is basically the same-take time to consolidate your debt and
pay off your bills.
Get Professional Help Now!
had credit problems in the past, or feel you need help managing your budget to
prepare for home ownership, you may want to engage a housing and/or credit-counseling
agency to help you develop a plan. Some community-based nonprofit groups specialize
in homebuyer education and credit counseling, and charge little or nothing for
their services. Others charge.
If you need help
from the professionals, make sure that's exactly what you're getting: PROFESSIONAL
help, NOT a fly-by-night, pie-in-the-sky promise. Here's how.
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