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Tips to help with a new mortgage after Chapter 13 bankruptcy

If you're trying to straighten out your financial situation in Ohio, you may be considering Chapter 13 bankruptcy so that you can reorganize your debt into something more manageable. At the same time, you may be considering refinancing your mortgage to get better terms, lengthen the mortgage or take advantage of low interest rates.

The problem you have is that your financial history may not be attractive to lenders. These tips can help you get that new mortgage, even if you've declared bankruptcy, to help with your financial overhaul.

First, you must pay all of your bills when they're due. Missing payments is going to ruin your credit score, which is a huge part of applying for the loan. Even little things -- like paying off the water bill -- contribute to this score. Making those payments on the due date shows lenders they can trust you to pay the new mortgage.

Next, you may want to get new credit cards. Taking out loans on these cards and then paying them off also improves your credit score. Even just running a few charges through them a month will help. However, you may have lost some cards during bankruptcy, so you'll need to get new ones.

Finally, if you had bank accounts that were closed during the Chapter 13 process, it's a good idea to open new ones. The lenders are going to check the balance when determining what you can afford, so having money in your account is hugely beneficial.

When you run into financial trouble, bankruptcy may help, and it's important to know how to navigate your way through such a fragile situation.

Source: Home Guides, "Tips on Refinancing After Chapter 13 Discharge," Anna Assad, accessed May. 28, 2015

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