| Bankruptcy can make getting any kind of | | | | loan (bad credit loan) now comes with a |
| financing much more difficult. However, it's | | | | pre-payment penalty. This penalty is usually |
| not impossible anymore to get financing, even | | | | about 6 months worth of house payments. The |
| a few days after the discharge of a | | | | pre-payment penalty period usually lasts 2-3 |
| bankruptcy. But, is getting a loan soon after | | | | years. That means, if you want to refinance |
| a bankruptcy a smart thing to do? | | | | or sell your house in that period of time, |
| | | | that will make it very difficult, if not |
| It can be tempting to buy a new home, new | | | | impossible to sell or refinance. That means |
| car, etc., after a bankruptcy discharge you | | | | that you are locked in. Once you sign those |
| have no debt left. You will probably feel | | | | mortgage papers you absolutely have to make |
| like you can afford a larger house payment. | | | | those payments. If you don't have the amount |
| Here are some factors to consider before | | | | of the pre-payment penalty in savings, you |
| committing yourself to a new house payment. | | | | are locked into making the payments or losing |
| | | | the house. |
| Pre-Payment Penalty - Almost every subprime | | | | |