Under the Insolvency Act of 1986, Bankruptcy applies to any individual debtor who is unable to repay their debts within a given time. If you as first time home buyer Fort Worth are declared Bankrupt and need a Bankruptcy mortgage from a professional Bankruptcy mortgage lender, you will be subject to certain restrictions which include access to credit. Around 12 months later, once creditors are satisfied that the Bankruptcy debt is being dealt with, the debtor will be discharged from Bankruptcy and may find they can begin to borrow once more.
What is a Bankruptcy Mortgage?
A bankruptcy mortgage is a mortgage application for people who have declared themselves bankrupt in the past. While turning to bankruptcy or individual voluntary arrangements may be the only way to get out of debt for some people it leaves a bad mark on their credit rating: a bankruptcy mortgage is aware of the … Read More
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