Simple Bankruptcy Recovery Plan Makes Home Buying Dreams Come True

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New book spells out five of the most critical items a bank's underwriters looks for in post-bankruptcy mortgage applicants.

- With more than 1.7 million Americans filing for personal bankruptcy - an all-time high in 2005 - Anthony Kirlew, founder of Consumers Advantage Mortgage wrote a book which is an essential guide to recovering from financial hardship and becoming a homeowner.

"Serious financial distress comes in many different shapes and from many different sources," said Kirlew. "Having a plan to recover is essential in order to be in a position to get approved for a mortgage after having a bankruptcy or other major financial challenge."

Financial experts have been advocating fiscal planning for decades but recovering from bankruptcy requires more than just an effective budget. According to Kirlew, buying the home of your dreams after bankruptcy requires knowing what to do with a discharge of debts, disputing erroneous credit scores, identifying a good sub-prime loan, establishing alternate credit, avoiding credit recovery scams and finding a reputable lender who will not overcharge.

While today’s world of personal finance is complex and often frustrates individuals who are trying to recover from financial difficulties, most people don’t know that they have to be proactive updating the credit information with credit bureaus. "Whether or not a bankruptcy is shown as discharged vs. unknown status can dramatically impact a correct score."

Credit scores are reported to three separate credit agencies which results in inaccuracies - agencies are not motivated to ensure scores are accurate. Mr. Kirlew pointed out that "inaccurate credit scores can hinder approval for a home loan or can result in higher rates and fees due to a perceived higher risk by the underwriter."

"People don’t have to become mortgage experts to buy the home of their dreams, but there is critical information that they need to know to recover from a bankruptcy," said Kirlew, "The Bankruptcy Mortgage Book is a concise, easily readable action plan that makes the complex process of fiscal recovery easy to understand."

The Bankruptcy Mortgage Book is currently offered as a digital publication at a retail price of $39.00 and can be ordered at thebankruptcymortgagebook.com. The print version of the book can be pre-ordered from the web site and is scheduled to be released in late October. All purchasers also receive a 60-day Action Plan along with a free consultation from a bankruptcy mortgage specialist to help put them on the road to recovery and a step closer to home ownership.

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Anthony Kirlew