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I filed bankruptcy last year. Now I am looking for a mortgage. But lenders are not ready to fund me because of the bankruptcy and charging high rates. Some credit repair firms say that bankruptcy can be removed. Is it true? Is credit repair legal?
Bankruptcy generally stays in your credit report for seven to ten years from the date of discharge. As far as I know a bankruptcy cannot be removed from your credit report by a so called credit repair firm. If any such companies are saying so, they are just scamming you for bucks ($$). Since bankruptcy is filed in the federal court records (public records) .. no one can remove it.
My advice: don’t follow short cuts.
Thanks
Hi Max,
Welcome to Creditmagic forums.
It is a common belief among people that once they file bankruptcy they will have a hard time in getting a mortgage loan. But believe me ..... there is still hope. Now that you have filed bankruptcy give as much stress as you can on maintaining a flawless payment history. Most lenders prefer to wait for a period of two years before they extend credit. If you need a mortgage loan before this two year period you may need to furnish a down payment (ranges between 3 to 5 percent) to the lenders.
As far as removal of bankruptcy by a credit repair firm is concerned I have heard of people succeeding in doing that. But I am not sure as to how much this is possible. I agree with Mary .. no shortcuts ;)
Regards,
Richard