Hello friends, do you ever heard a word `Bankruptcy` ??, the depression condition for financial cashflow, A bankruptcy can makes a major impact on your credit score and makes it much more difficult to qualify for a home mortgage. So maybe first, you can expect a drop of 100 or more points. That immediately takes you from excellent to poor.
This is the deep impact, then a record of the bankruptcy stays on your credit history for 10 years. A foreclosure stays on for seven years. Oh how destructive is that, other negative information such as a late payment stays on for three years by now.
As we know, that qualifying for a home mortgage with a bankruptcy on your credit history requires time and money. Yet by understanding the requirements to get a mortgage after a bankruptcy and by carefully rebuilding your credit standing, you can apply for a loan and buy a home.
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