A bankruptcy filing delivers a devastating blow to your credit and FICO score, but it doesn’t mean you have to wait 10 years before you can qualify for a mortgage. Many consumers who have filed for bankruptcy have been able to obtain a mortgage, although it is often at a higher rate than someone qualifying for a prime or "A-paper" loan.

Some of our programs we offer can refinace one day out of a bankrupcy.

While credit card companies may care about what happened before you filed for bankruptcy, many mortgage lenders are more interested in your recovery — what you’ve done since your filing. It won’t happen over night, but here are some tips and things to keep in mind when you inquire about a mortgage with a tarnished credit past:

Give explanations. No mortgage lender is going to ignore the fact that you’ve filed bankruptcy and he or she will likely want to know the cause of the filing. Your lender will be particularly interested in whether the same situation could happen again. Your chances of being qualified are much better if your bankruptcy was caused by a single     event such as a loss of employment, a death in the family, or a one time medical event, than if it was the result of “just spending too much.”

If the bankruptcy resulted from a single event, it is important to show your lender paperwork describing the incident, such as the layoff notice or death certificate. You may also want to bring in court documents to indicate when the bankruptcy was filed.

Demonstrate good money habits now. Many people who file bankruptcy swear off credit altogether, however, it is important to re-establish your credit rating. Get a secured credit card or take on some sort of loan — furniture, a car or a major appliance — to demonstrate that you are able to make timely payments. Make sure you are making other payments (utility bills, cell phone, etc.) on time as well. You won't turn things around in a year but your credit score will improve over time.

Dispute any credit report errors. There’s no need to add to your troubled credit history with errors on your credit report. Get a copy of your credit report from each of the three major credit reporting agencies: Equifax, http://www.equifax.com; Experian, http://www.experian.com; and TransUnion, http://www.tuc.com. If you encounter any errors, inform the CRA in writing what information you believe to be inaccurate and request deletion or correction. If an account is an old account and has not been updated in a while you might however want to not dipute the account as it refreshes with a fresh negative hit to your credit. Please consult with Erick Fleischmann at Integrity Mortgage Inc for further information on how to clean up your credit in a practical and wise way.  We have free credit clean up guides and I can analyze your credit for you and tell you the quickest way to get your score higher. Our application process often enables people to use all the tools available to get the best rates by cleaning up their credit.

Save your money. Lenders may be more willing to loan you money if you’ve saved up a considerable amount of money for a down payment. Or if you are refinancing it may be important to demonstrate the ability to save money after a bankruptcy.

Live within your means. Even subprime lenders won’t risk loaning you money for an opulent oceanfront mansion. Think small when the time comes to look for a home. Smaller homes often mean smaller mortgages.

Please call Erick Fleischmann today to ensure your credit recovers as quick as possible form your BK. It is important that you have all the pages of your BK available when we meet. If you are missing some of the forms they all are in the city of Butte at the reginal bankruptcy court and can be requested at the this reginal court. If you are in an area of Washington or Idaho all you have to do is call the court house

that you filed at!