If you have filed a bankruptcy, getting the 2nd mortgages or home equity loans is a good idea. Beside that, you should have to be aware of any possible disadvantages of the bad credit loans, as bankruptcy makes your credit scores fall deeply.
The bad thing is that many financial experts discourage bankruptcies. If you have field Chapter 7 or Chapter 13 bankruptcy, you may be charged with a high interest rate. But you can get the better rate if you have fully known and understood the basics.
Second Mortgage Loan After Bankruptcy
It is a common thing that it will be hard to get any loan if you just have filed for bankruptcy. Even if you are succeeded on getting any loans, you will have to pay a high interest rate that will automatically increase your monthly payments. However, getting new credit accounts after bankruptcy is a good way to rebuild your credit score. But it is not easy to be approved for new credit accounts. There is another choice. It is the 2nd mortgage loan.
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