Mortgage Match is one of the Net’s leading websites for assisting borrowers who have had to file bankruptcy to obtain mortgages after their bankruptcies have been discharged. Now, while it’s entirely possible that a borrower can obtain a mortgage just one day after bankruptcy discharge, it’s not typical that a borrower has been able to sustain a credit score high enough, after reorganizing through a bankruptcy, to be able to qualify for a new mortgage… especially a zero down mortgage.

The vast majority of lenders who make mortgages available to borrowers who have filed bankruptcy require a minimum, midscore FICO of 580 for a zero down mortgage. In fact, it’s practically impossible to obtain a zero down mortgage with anything less than a 580 midscore FICO after a bankruptcy is reported by any of the three major credit bureaus.

Now, the vast majority of borrowers who have filed bankruptcy typically sustain a midscore FICO of around 550. Moreover, after filing bankruptcy, it’s quite rare that a borrower comes through the bankruptcy process with a FICO too much higher than this common 550 score. Therefore, if the borrower is looking for a zero down mortgage, or a zero down mortgage is the only way the borrower can purchase a property, then the borrower will have to employ some method of credit repair or improvement to raise their midscore FICO to the magic number of 580.

The author of the PDQ DIY Credit Repair Guide offers this free tip for those borrowers who need to employ a quick fix for their credit after a bankruptcy filing… “When you file bankruptcy, there is a difference between your creditors and the credit bureaus. A successful bankruptcy petition erases your debts with the creditors, but does not erase the record of the debts reported by the credit bureaus. For the fastest fix, and by far the most important and meaningful improvement to your credit reports after a bankruptcy, take the following steps:

First, collect the following materials: your driver’s license (or some other official, photo ID), your Social Security card, and Schedule F (the schedule of debts from your bankruptcy petition which lists the name, account number and address of the creditors). Then, make three copies of this package — one for each of the three major credit bureaus… Experian, Equifax and TransUnion. Next, go through the dispute resolution process. For the proper and most effective way to approach the dispute process, please refer to the PDQ DIY Credit Repair Guide (click here). Send a copy of your dispute package to each credit bureau with a letter explaining that each creditor, listed as either active or derogatory, was included in your petition, and should therefore be removed or deleted from your credit report.

It is important to be aware that even if you mistakenly left out a creditor from your list of debts… that debt is still discharged. Under Beezley v. California Land Title (994 F.2d 1433), a bankruptcy discharge, discharges all debts that arose before the filing of the bankruptcy, whether or not the debt was listed in the schedule of debts. If this is your situation, you do not need to re-open your bankruptcy to include the omitted debt. However, the creditor must be notified, so send your dispute package to the credit bureaus… and any creditors… who were left out of your bankruptcy petition.

Last, but not least… you may need to keep after the credit bureaus to make sure they follow through and remove the inaccurate items.”

After you’ve enlisted this credit repair step, your Mortgage Match Loan Consultant may be able to employ our Rapid Rescore process to effectively raise your credit score as fast as possible.

Roommate finder Roommate search Roommate tips and

Mar 25, 2006, 4:05 pm.

Roommate, Roommate finder, Roommate search, Roommate tips and roommate articles, all you can find and serch about roommates, living wtih roommates and other info.

Apartments in Pittsburgh

Mar 14, 2006, 7:40 am.

Rental Guide Magazine offers listings of apartments and townhomes,corporate – short term housing and relocation services within and around Pittsburgh, PA. View community photos, floorplans, amenities, school information and location maps for free!

Topsail Island Rentals

Mar 13, 2006, 10:44 am.

Want to stay on a beautiful island along the Atlantic ocean? Topsail Island Rentals can be found at Blue Water making your dream a reality.

Popular Incoming Search Queries For This Topic gt4ns bsjvc3

This Post Is Filed Under The Following Categories Real Estate Updates

Tags Associated with This Post

PGS Real Estate News Archives March 2010  February 2010  January 2010  December 2009  November 2009  October 2009  September 2009  August 2009  July 2009  June 2009  May 2009  April 2009  March 2009  February 2009  January 2009  December 2008  November 2008  October 2008  September 2008  August 2008  July 2008  June 2008  May 2008  April 2008  March 2008  February 2008  January 2008  December 2007  November 2007  October 2007  September 2007  August 2007  July 2007  May 2007  April 2007  March 2007  February 2007  January 2007  December 2006  November 2006  October 2006  September 2006  August 2006  July 2006  June 2006  May 2006  April 2006  March 2006  February 2006  January 2006  December 2005  September 2005  July 2005  January 2004  April 2003  December 1969

Next Page →