A: Your chances of getting a loan are very good. What you have to do is contact a realtor or a lending institution and ask them about lending programs they might have for people who want a second chance. Many of the most popular banks now have programs that may require you to take a homebuyers education course to qualify to buy a mortgage.

At the bank, contact the mortgage loan officer. Just be honest and upfront about your financial situation. If this is your first time applying for a mortgage, don't worry. There are programs out there for first time homebuyers as well.

Let the lending institutions decide whether or not you qualify for a loan. Never take yourself out of the running just because your credit is bad.