Need A Loan After A Bankruptcy? Possible If You Have Equity
If you have had the misfortune to declare bankruptcy recently, then you definitely know what a struggle it can be to get funds. Not only do you have a limitation on your ability to get funds from most lenders, but even getting a credit card will not be easy. However, one option that you do have, if you possess a house, is the equity that is in the house. Here is how you may still be able to get the needed loan you want by the equity in your house.
After a bankruptcy, you will probably need to wait about two years before most lenders will give you any money. They calculate that it will probably take about that long to begin to get reestablished financially. So, in the interim, you will want to be careful to build your credit rating and do nothing to make it any worse than it is. Also, look over your credit report and see if there is anything on it that is not correct. If there is, work to get the necessary corrections before you apply for any loans.
The good thing is that your creditors know that you want to keep your house. Other things may have been lost but you have kept the house. They also...
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