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Buying a home after filing bankruptcy is no easy feat. Mortgage lenders, like anyone else who is going to lend you money, is going to look at your credit report and score to determine if you are a bad credit risk or a good credit risk. Having a bankruptcy on your credit record is a major red flag to any creditor that signifies that you have gotten into trouble in the past and that you might not be able to pay them in the future. As such, you are likely to be turned down by many mortgage lenders and you may also become the target of sub prime lenders who charge exorbitantly high interest rates.
So, what are your options for buying a home after filing bankruptcy?
Bankruptcy is a serious decision with serious consequences. To fully understand what you are getting into when you declare bankruptcy, you should seek guidance from an experienced attorney.
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