Home Equity Loan Bankruptcy Repair
If you're looking for a way to repair your credit after a bankruptcy, then a home equity loan may be the way to go. Home equity loan bankruptcy repair is the newest way to help rebuild your credit after you have had to file bankruptcy. Depending on whether or not your bankruptcy is fairly recent, you may have a difficult time finding a bank that is willing to loan you the money. We have brought you this article in an effort to help you prepare better so that you can persuade a bank to loan you money after you've gone through a bankruptcy.
Present Your Best Case
If you truly think that home equity loan bankruptcy repair is the way to go, then there are several steps you will need to take in order to convince a lender to actually loan you money. Just because the money is coming from equity you have built in your home, that doesn't mean that lenders are going to be anxious to help you out. Just the opposite, in fact; as most lenders will see your home equity as the only thing that makes you credit worthy.
Using the home equity loan bankruptcy repair method will be much easier if you first make an effort to have as many of your current bills paid up to date as possible. If you need your home equity loan to pay off bills, this probably won't be easy. But it is suggested that you at least try. A common way to get your current bills paid up to date before attempting the home equity loan bankruptcy repair method is to borrow just enough money from family and friends to pay these bills current. Then, you can use the money from your loan to pay them back.
As long as you have your current bills paid up, and you have a viable and steady source of income, using the home equity loan bankruptcy repair method may be your best option. Be sure that you appeal to the lenders better nature. Be contrite, and never act as if they "owe" you the money. By presenting your best case, in the best possible light, you will greatly increase your chances of the home equity loan bankruptcy repair method working for you.
Last but not least, if you are able to get your home equity loan bankruptcy repair method approved, be sure to apply some or all of the remaining balance (after you have paid your current bills up to date) to the balance due on the new loan. This will help to repair your credit much faster than if you simply pay the loan off one monthly payment at a time.
