DebtSolutions.com Discusses Refinancing Mortgage after Bankruptcy

    CHICAGO, IL, March 22, 2009 /24-7PressRelease/ -- It's a time when many Americans are looking to other avenues than their job for some much-needed income; most are cutting corners, budgeting only for the barest of necessities. And in other more unfortunate situations, too many--from the individual homeowners to the big-money corporations--are being forced to bankruptcy every day.

Filing for bankruptcy is usually a difficult decision to make, followed by a long and arduous process. But life after bankruptcy can be just as daunting, especially for a homeowner. You may think bankruptcy is going to follow you for the rest of your life. It's true that it can take up to 7-10 years for your credit to be what it once was before you filed for bankruptcy. But that doesn't mean you can't make any financial choices that can benefit you in the meantime.

A big concern for homeowners who have filed for bankruptcy is refinancing. How long will you have to wait before you can be eligible to refinance your home mortgage? According to a recent article released on Debtsolutions.com, you may not have to wait long.

"Only one year after you file for bankruptcy, you will be able to find refinancing rates that are affordable and desirable in the long run," according to the article, 'Refinancing After Bankrupcty," on Debtsolutions.com. "For the first two years after bankruptcy, you will be termed a sub-prime borrower, and many companies will be reluctant to lend to you. However, if you have equity in your home, you will be able to find some companies that will lend to you at a minimum of 4 percent over prime."

The first thing you'll need is a talented and experienced bankruptcy lawyer. A lawyer can provide the homeowner with many tools to get a refinance done quickly, legally and easily.

It's very important for any homeowners, especially one in the wake of filing for bankruptcy, to consult a professional debt counselor or lawyer before making any major financial decisions, including refinancing your mortgage.

The economic climate isn't ideal, and you may be suffering, but that doesn't mean there isn't hope to lighten your financial load.

Staff Contribution by Meha Ahmad

About DebtSolutions.com

Debt Solutions offers consumers the unique opportunity to get out of debt using our debt management resources.

Source: DebtSolutions.com
Website: http://www.debtsolutions.com/

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