| If you've filed bankruptcy in Georgia or a different | | | | foreclosure is your inability to keep up with the |
| state, you likely have many questions when it comes | | | | mortgage. While few lenders will foreclose for one |
| to future home buying. You went though a foreclosure, | | | | missed payment, you need to take immediate action if |
| or narrowly averted one. Your credit cards were | | | | you're going to miss several mortgage payments. If |
| maxed out, so you had to file bankruptcy. You had a | | | | you can stop the foreclosure process before it begins, |
| huge medical bill come in because you have no | | | | you have a better chance of keeping your home. |
| insurance, and you just couldn't pay it. There are a | | | | Bad Credit Does Not Equal No Home |
| variety of scenarios, but the end result is the same: | | | | Just because you file for bankruptcy does not mean |
| filing for help. | | | | you can never buy a home in Georgia or elsewhere |
| Filing bankruptcy has many pluses. Georgia, | | | | again. True, if you have perfect credit, you pay much |
| unfortunately, has experience with filers who were | | | | less. But few cannot buy a home because of credit. It |
| about to lose their home or in fact did. Sub prime | | | | may cost you more, but if lenders could only loan |
| mortgages are one major reason. | | | | money to borrowers with perfect credit scores, there |
| Therefore, you may wonder if home buying is possible | | | | would be few homes selling. What you can do is |
| for you. Even if you've never owned a home, but filed | | | | improve upon your credit after bankruptcy, perhaps |
| bankruptcy, it's more than possible. You can consult | | | | buying a secured credit card and always making |
| with an experienced bankruptcy attorney if you have | | | | on-time payments with it. |
| questions. | | | | Waiting Period |
| Why Bankruptcy? | | | | If you file bankruptcy, it will stay on your credit report |
| First, you should be clear on why you filed bankruptcy | | | | for 10 years. If you ever have to file again, it must be |
| before. If you've been considering it, this guide can | | | | after 7 years. The good news is, the longer you wait, |
| clearly help you see what occurs to your credit. You | | | | the more you build your credit, the better interest rate |
| can file Chapter 7 to discharge debt, or Chapter 13 to | | | | you'll get on your home. If you buy immediately after |
| pay on debts and stave off foreclosure. Bankruptcy | | | | bankruptcy or foreclosure, you will pay much more. If |
| does hurt your credit scores in the eyes of lenders, but | | | | you wait a few years, you have more options. |
| it does not mean you can never buy again. | | | | Bankruptcy can be hard on your credit, but you can |
| Why Foreclosure? | | | | buy a home or get a loan for a car again. You can |
| The Georgia foreclosure process can be quite | | | | pay more, but lenders still give loans to those with bad |
| complex. It was mentioned above that sub prime | | | | credit. If you want to buy a home, it's recommended |
| mortgages hurt many Georgia home owners; | | | | you wait some time to rebuild your credit and get a |
| Georgians were hit hard by sub prime mortgages | | | | reasonable interest rate. |
| leading to foreclosure. Basically, what occurs in | | | | |