Portland Bankruptcy: Getting Your New Loan Approved After a Bankruptcy Filing
Will you be able to get loans approved after a bankruptcy filing in Oregon Court? Of Course you will. It will just be a case of cost and interest. There are no short cuts to this and it can be a long and complex process but it is doable.
As noted earlier you can do this. First thing to do is get your credit repaired. There are ways to do a post bankruptcy discharge dispute of credit reporting with the national agency's. This is something you should look into. Then follow the steps and notes laid out earlier in our article on how to repair your credit. Whether you are in Portland, Beaverton or Salem you can get back on track and be able to find new avenues to lending.
Next step is to understand what you can afford. Post bankruptcy you should not be looking to buy any luxury goods. You don't "need" that new motorcycle, boat or ATV. Lord knows you don't need that timeshare. Once you settle on what's required take a look at your budget and see where this new item fits in. For housing it should be around 25-30% of your gross income. Cars around 7%. Is what you are looking at in that range. If so then you can move forward.
If you are having a hard time finding a good loan you may want to approach a loan broker. These are folks who are trained and specialize in finding a miraid of loans that would work for your situation. They are not just for homes either, loan brokers can work with car loans and moble home loans too. Finding one in Oregon is just a matter of looking through google or talking to the seller of the property....many times they will have a referral for you. Be sure to check them out before signing anything. The Oregon Attorney General and the BBB are good places to start.
We suggest that before you go out and buy anything you get your credit back in shape. Once its there then your costs for borrowing will be much lower. If you need to buy a car right away then you should lower your standards a bit and pay cash for the vehicle instead of taking on a very expensive loans. No dealer in Oregon will say no to cash.
As noted earlier you can do this. First thing to do is get your credit repaired. There are ways to do a post bankruptcy discharge dispute of credit reporting with the national agency's. This is something you should look into. Then follow the steps and notes laid out earlier in our article on how to repair your credit. Whether you are in Portland, Beaverton or Salem you can get back on track and be able to find new avenues to lending.
Next step is to understand what you can afford. Post bankruptcy you should not be looking to buy any luxury goods. You don't "need" that new motorcycle, boat or ATV. Lord knows you don't need that timeshare. Once you settle on what's required take a look at your budget and see where this new item fits in. For housing it should be around 25-30% of your gross income. Cars around 7%. Is what you are looking at in that range. If so then you can move forward.
If you are having a hard time finding a good loan you may want to approach a loan broker. These are folks who are trained and specialize in finding a miraid of loans that would work for your situation. They are not just for homes either, loan brokers can work with car loans and moble home loans too. Finding one in Oregon is just a matter of looking through google or talking to the seller of the property....many times they will have a referral for you. Be sure to check them out before signing anything. The Oregon Attorney General and the BBB are good places to start.
We suggest that before you go out and buy anything you get your credit back in shape. Once its there then your costs for borrowing will be much lower. If you need to buy a car right away then you should lower your standards a bit and pay cash for the vehicle instead of taking on a very expensive loans. No dealer in Oregon will say no to cash.
