Unfortunately... 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 Deal.
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.
The 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!
If you've 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.
Getting Help
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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