{"id":2674,"date":"2014-09-11T08:00:34","date_gmt":"2014-09-11T13:00:34","guid":{"rendered":"https:\/\/nybankruptcy.net\/main\/?p=2674"},"modified":"2018-12-07T07:49:46","modified_gmt":"2018-12-07T07:49:46","slug":"steps-ex-debtors-can-take-to-hasten-a-home-buy-after-bankruptcy","status":"publish","type":"post","link":"https:\/\/nybankruptcy.net\/main\/steps-ex-debtors-can-take-to-hasten-a-home-buy-after-bankruptcy\/","title":{"rendered":"Steps Ex-Debtors Can Take to Hasten a Home-Buy After Bankruptcy"},"content":{"rendered":"

There is an argument that New York bankruptcy can lead to homeownership<\/a>. It’s also possible that a Federal Housing Authority loan<\/a> can accelerate the process. But what else can ex-debtors do to hasten the day when they own their own homes? Here are a few tips.<\/p>\n

(1) \u00a0Save money for emergencies. This is good idea for everyone who’s exited bankruptcy, but if you plan on taking on new debts in the near future, then saving money will certainly take on a higher priority. In particular, it’s important to save in case of emergencies that derail you on the path to homeownership. Having a cash buffer to deal with emergency situations might sound counterintuitive, but it definitely prevents people from going back into debts that might become difficult to repay, especially because another discharge might not be available for up to eight years since your previous filing.<\/p>\n

(2) \u00a0Save for the down payment by cutting extraneous purchases. The more money you have for a down payment, the better, so cutting spending can help. A big expenditure is needless restaurant meals\u2014and not just dinner. Many workers buy their lunches. It’s much better (and probably healthier) to make your own. That money adds up fast. If you can, live with nearby family members to cut rent costs. Cutting the cable television and unneeded subscriptions (whether to magazines or music Web sites) also helps. It might be tough, but cutting your Internet service provider and data plans on your mobile phone can save a lot of cash quickly.<\/p>\n

(3) \u00a0Repair your credit score. At first bankruptcy filings seriously reduce debtors’ credit scores. However, once the case closes, ex-debtors frequently see their credit scores rise\u2014sometimes to higher levels than before they filed. That’s not an endorsement of complacency. There are plenty of tactics you can use to improve your credit score after bankruptcy that will improve the odds of a lender extending a mortgage to you. Paying down debts that couldn’t be discharged is obviously a smart move. It prevents not only penalties and delinquencies but also improves your credit score. One idea, which you should consider optional is paying down discharged debts and using it as evidence to lenders of your trustworthiness.<\/p>\n

Homeownership is a goal of many New Yorkers, even after bankruptcy. It’s both a possible and realizable goal for people who have encountered financial difficulties and are considering bankruptcy.<\/p>\n

For answers to more questions about bankruptcy, the automatic stay, effective strategies for dealing with foreclosure, and protecting your assets in bankruptcy please feel free to contact experienced Brooklyn bankruptcy attorney near me<\/a> Bruce Weiner for a free initial consultation.<\/p>\n","protected":false},"excerpt":{"rendered":"

There is an argument that New York bankruptcy can lead to homeownership. It’s also possible that a Federal Housing Authority loan can accelerate the process. But what else can ex-debtors do to hasten the day when they own their own homes? Here are a few tips. (1) \u00a0Save money for emergencies. This is good idea …<\/p>\n

Steps Ex-Debtors Can Take to Hasten a Home-Buy After Bankruptcy<\/span> Read More \u00bb<\/a><\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"default","ast-global-header-display":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":""},"categories":[16,14],"tags":[2,15],"acf":[],"yoast_head":"\nSteps Ex-Debtors Can Take to Hasten a Home-Buy After Bankruptcy<\/title>\n<meta name=\"description\" content=\"There is an argument that New York bankruptcy can lead to homeownership. 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