Finance, Loan, Debt and Credit.

May 16, 2018

Can You Refinance A Georgia Mortgage After Bankruptcy?

Filed under: Loan — Tags: , , , , , — admin @ 12:47 pm


Getting a Georgia mortgage refinance after bankruptcy isn’t as difficult as most people think it is. Because you already have a current mortgage, and will simply be replacing this loan with a new loan, lenders don’t feel there is a great deal of risk involved when offering you an approval.
How Soon Can You Refinance?
Within 6 months of filing bankruptcy, you will be able to find a lender willing to offer you a Georgia mortgage refinance. In some cases, you may be able to refinance even sooner. That said, the longer you wait, the easier it will be to get a low interest rate.
What Will Lenders Look At?
When reviewing your request for a Georgia mortgage refinance after bankruptcy, a lender will look at several different things to determine whether of not you are eligible for the loan. Income, savings, and the ability to pay back the loan will all be items of focus, but the big deciding factor will be your credit report. Lenders want to see that you have made an effort to keep up with your current bills, as well as any lines of credit established after the bankruptcy was filed.
How Much Will the Refinance Cost?
The cost of your Georgia mortgage refinance will depend on how much money you are borrowing, the state of your credit score, and the level of risk the lender feels they are assuming. The biggest cost will be in interest. Currently, rates on Georgia refinance loans average 5.53 percent. Borrowers who have a low credit score or a bankruptcy on their credit report will most likely be expected to an additional 2 to 4 percent points more than this average. The other major expenditure for a Georgia mortgage refinance will be closing costs. These costs typically average just over $3,000 for Georgia residents. The good news is that your bankruptcy should have little to no effect on these fees.

For a list of Bad Credit Mortgage Lenders online, visit <a target=”_New” rel=”nofollow” onclick=”javascript:pageTracker._trackPageview(‘/outgoing/article_exit_link’);” href=”http://www.georgialendingcenter.com/badcredit-afterbankruptcymortgage”>Georgia Lending Center</a>.

May 15, 2018

How to Refinance Even After Bankruptcy

Filed under: Loan — Tags: , , , , , , , — admin @ 12:47 am


If you have filed for bankruptcy in the past, then you already know how difficult it can be to get a refinance loan or a home equity loan. But if you are willing to take the time to dig a little deeper into the topic, you may be surprised at the number of very viable and downright attractive offers and options. The fact that you have a bankruptcy on your credit report or a past or existing debt consolidation loan does not seem to deter many lenders from various sources in the same way that it may cause traditional lenders to run for the hills.

In fact, many of these lenders are more than willing to offer you an attractive program or rate for a home equity loan or a refinance loan. The reason for this is that they have looked at the bankruptcy statistics and realize that the majority of people who filed bankruptcy did not do so out of their personal financial mismanagement, but more often due to an unexpected financial setback which was totally out of their control, such as a job layoff or huge and unexpected medical bills that your health insurance did not cover.

If your bankruptcy was in the very recent past, even with Chapter 7 or Chapter 13 bankruptcy filings, you may have to wait six months after you have filed to be eligible for all the programs that a potential lender may have to offer you.

Whether or not you have filed bankruptcy, you must realize that in most cases you are able to retain your home, where that is typically not one of the assets that needs to be liquidated to satisfy a bankruptcy judgment. In that light, you almost certainly have some equity in your home, so lenders will look at it as a loan they are making that already has a substantial piece of collateral on it, in the form of your home. In other words, when a lender makes a loan offer, one of the major factors that determines the program or rate they will offer you is their risk factor. That risk factor is partially determined by the applicant’s credit score, but it is also heavily influenced by the collateral that is used to secure the loan, so in the case of having your home equity loan or refinance loan secured by your house, the lender’s risk is minimal.

Even with the loan secured by your home, the fact that you did file bankruptcy will not go unnoticed by the lender. The worst thing you could possibly do is to try to cover it up, because that fact is highlighted in your credit report and is virtually impossible to hide. Based on your filing, you will likely need to pay a slightly higher interest rate that somebody else with perfect credit and no bankruptcy on their credit history, but even so, this could reduce your payments and give you a bit of financial breathing room as you are getting your financial act back in order.

Finding a lender who will consider you with a bankruptcy on your credit report is not hard, but you will need to look beyond the traditional lenders. There are actually companies who specialize in loans such as this. A bit of searching can yield just the right lender as you work towards rebuilding your excellent credit history and putting the bankruptcy behind you.

For more insights and additional information about a Refinance Loan Home Equity Loan After Bankruptcy as well as getting a free online loan quote with no obligations, please visit our web site at http://www.personalloantips.com

December 23, 2016

Benefits of Getting an Auto Loan After Bankruptcy

Filed under: Loan — Tags: , , , , , — admin @ 12:47 am

When consumers in distress turn to bankruptcy for financial relief, they are seeking a clean slate from which to make a fresh start. They are often discouraged when they realize that, when it comes to their credit score, the springboard to their economic future still seems waterlogged. Bankruptcy typically lowers an already damaged credit score by an additional 160 to 220 points. While the initial effect of bankruptcy is a low credit score, proactive consumers can do much to improve their FICO score. In fact, one of the benefits of getting an auto loan after bankruptcy is the positive result it will have on a damaged credit report.

To understand how a vehicle loan helps bankrupt borrowers recuperate, it helps to know how a FICO score is calculated. The credit reporting agencies don’t divulge their exact formula for coming up with that all-important number that is the lifeblood of being deemed “credit-worthy.” Thanks to consumer advocates and ensuing legislation, however, consumers are more informed about factors that are considered and how they stack up to comprise a credit score. Payment history comprises 35 percent of a credit rating.

The heaviest determinant, payment history, is hit hard prior to a bankruptcy. Following a bankruptcy, most revolving and installment accounts have been discharged, leaving the consumer with no recourse for supplanting positive information in the payment history of the credit report. A car loan after bankruptcy is a type of installment loan that is the easiest to get. Even if the interest rate is high, an installment loan opened as soon as possible and paid on time will make a big impact on a credit score within a year.

Consumers might benefit from taking out even a high-interest car loan as soon as possible. Even if the payment is high, if the borrower takes a steady approach to building credit, then it will likely be possible to refinance that high interest rate into a lower payment when it comes time to apply for a mortgage. Then, the consumer has the best of both worlds: a long-standing credit account with a good payment history and a low car payment that falls below the recommended 10 percent threshold. Both of these factors will increase credit score and make the borrower more attractive to mortgage lenders.

To those who are overextended and drowning in debt, bankruptcy is a way to close the floodgates. However, credit scores still need to be repaired, and a vehicle loan after bankruptcy is a good way to recuperate from credit damage.

October 11, 2016

Credit Card Debt Elimination – Making a Plan to Mitigate Your Debt After Maxing Out a Credit Card

Filed under: Credit — Tags: , , , , , , , , — admin @ 12:47 pm

With the onset of economic recession many people & companies got stuck in worst financial crisis of their time. The whole economy was under big pressure. One of the major problems was credit card debt. Credit cards are used very frequently, but the repayments are less and in some case nothing at all. Even the card companies are under big pressure to recover their money. The high interest rates on credit cards make the debts even more burdensome. Even making minimum payments can make the smallest balance over a decade to payoff, along with the fine charges.But with credit card debt elimination you can get rid of your card debt woes. There are numerous settlement companies which offer various settlement packages. So if you are looking for credit card settlement you can go for a program that suits your requirement. These settlement companies negotiate with the card companies to help you get a good discount on your debts. Debt settlement helps you maintain a good credit rating. If you maintain a good credit rating then you can get low interest rates on card debts. Keeping a good credit rating is no big deal if you are making all your due payments on time and your card balances are low. Restrict yourself from applying for too many new cards and keep a check on your credit report.So if you have been maintaining good credit ratings, you can get a good discount on your card debts. Through settlement you can good discounts on your loan amounts; this can be up to 40% and in some cases even 50%. You can make good amount of savings by doing a settlement. Deals like these helps credit card companies to recover large amount of money and they even maintain good relationship with their customers. But what about the remaining uncovered debt? A good portion is covered by the fund relief provided by the federal government. All you need is to find a good settlement program that can get you credit card debt elimination. These companies are specialized in handling various debt cases.Debt settlement is a legitimate alternative to filing bankruptcy. If consumers are experiencing a financial hardship and have at least $10k in unsecured debt then debt settlement can be a legitimate way to eliminate up to 70% of that balance.Check out the following link to get a free consultation from a debt relief specialist in your area:

April 11, 2016

Reverse Mortgage Income After Retirement

Filed under: Mortgage — Tags: , , , , — admin @ 12:47 am

As you approach retirement age you may want to think about getting a reverse mortgage loan to supplement your retirement income. After going through a long and tiring life filled with hard work, you may look forward to retiring with a stable and steady stream of income and being able to live off it comfortably. For many Americans, this means income derived from retirement plans, Social Security and any investments they may have made during their working lives.

One of the other most popular and widespread ways of supplementing retirement income is to take out a reverse mortgage on your property. There are many banks and reverse mortgage lenders in the market today that provide reverse mortgages, and the market has become very competitive which makes the programs more beneficial for the customer.

We know we should begin planning for retirement early. To ensure you survive retirement comfortably it is best to plan as early as possible. For many, the best way to enhance your retirement plan is through a Reverse Mortgage. A reverse mortgage is quite simply a way to access the equity in your home to provide you tax free income with no monthly payments. Most importantly senior home owners age 62 or above are federally eligible to apply and qualify for reverse mortgage loans after going through a mandatory counseling process.

There are several options for receiving payout from a reverse mortgage. You can receive fixed, monthly payments for a period of time; get a lump-sum payment; open a line of credit that you can draw against; or you can receive some combination of these options. You don’t have to stick with a payment option forever. You may be able to change your payment option in the future.  The money doesn’t have to be paid back to the lender during the lifetime of the borrower. The principal and interest become payable only when the home owner passes away or moves out of the reverse mortgaged property.

The  additional or extra line of income derived from a reverse mortgage can help put seniors at financial ease and enable them to gain confidence about their social position and spending ability in retirement. The money can be used any way they see fit – be it for travel, vacation, medical expenses, education expenses of grand children, home remodeling, anything!

The additional level of available money from a reverse mortgage offers senior home-owners peace of mind and stability so they can live their pre-retirement lifestyles without any fear of cash deficiency.

Reverse mortgage income is not taxable either; for the government considers it inappropriate to tax you on property you already own .Taken in perspective, reverse mortgages are good as an additional line of income for the senior home-owners looking to improve upon their lifestyles with a more money in their pockets. The homeowner doesn’t pay a mortgage; instead he receives payment from the lender in exchange for a stake in the value of the home. Check how much you can get from your Reverse Mortgage? We’ve helped thousand of senior homeowners solve their financial questions, it’s time we help you.For FREE reverse mortgage counseling, Give us a call. We will be more than happy to answer any questions that you may have. Or if you’d like to find out how money you qualify for and if you’re eligible, feel free to give us a call at (800)630-0650.Tim JacobsGolden Years Mortgage SolutionsYour Money…When You Need Itwww.GoldenYearsMortgageSolutions.com(800)[email protected] Jacobs @ Golden Years Mortgage Solutions www.GoldenYearsMortgageSolutions.com  (800)630-0650 [email protected] Golden Years Mortgage Solutions is a reverse mortgage approved FHA Lender. We’ve helped thousands of senior homeowners solve their financial problems. Our agents and brokers collectively have over 60 years of experience in Reverse Mortgage Loans and general financial services, including managers who are industry pioneers with more than 12 years of reverse mortgage experience. Our dedication to providing financial solutions for seniors is evidenced by the number of referrals that come from our existing clients.

November 26, 2015

How To Refinance Your Mortgage After Bankruptcy

Filed under: Loan — Tags: , , , , — admin @ 12:47 pm

It is a general conception that getting a refinance loan after filing a bankruptcy is quite difficult. But you can avail a home loan provided you pay the interest at a slightly higher rate. Generally, lenders do not prefer taking the risk of offering mortgages to someone who has filed bankruptcy. But there are the subprime lenders who can offer you loans at higher interest rates, sometimes even after six months of finalizing your bankruptcy.Filing a bankruptcy case affects your credit status as it reflects your inability to pay down your debts. A Chapter 7 Bankruptcy stays in your credit report for at least 7 years whereas Chapter 13 Bankruptcy is featured in the report for 10 years. But this does not mean that you won’t be getting credit – the only thing is that you won’t qualify for a reasonable rate. Generally, most lenders in the primary mortgage market will consider offering you the loan only after 2 years of filing for bankruptcy. But you need to be current on your bills during this period. You will be able to re-establish a better credit profile with a Chapter 13 bankruptcy, as it requires you to follow a repayment plan to become debt-free within 3 to 5 years. This isn’t easier with a Chapter 7 bankruptcy because it allows for the discharge of all your debts, and you don’t have to repay any part of your unpaid credit. But Chapter 13 bankruptcy helps you to prove your creditworthiness while you continue to pay for a certain percentage of your debts including the mortgage.   One way to establish good credit within 2 years of declaring bankruptcy is to open a credit card account and make payments regularly. This will enable you to improve your credit score. You should also try to build up a savings account, since the more cash you have at hand, the better. You may also look for a secondary source of income so that you can pay down the debts, which are not discharged by bankruptcy. Maintaining a good credit profile thus becomes a necessity if you wish to refinance after bankruptcy. When you have build up a fair credit history, try to look for mortgage quotes that are affordable, although you may get a slightly higher interest rate on account of declaring bankruptcy. You should also consider the Annual Percentage Rate (APR) and the loan fees that come along with the refinance loan.   Refinancing after bankruptcy helps you to restore your credit profile. You can refinance your existing debts with a home equity loan that is often offered at a better rate than the other kinds of credit. Use of such credit for refinancing will help you to maintain a good payment history. With a refinance loan after bankruptcy you can thus rebuild your credit history and this helps you to qualify for loan programs with lower rates and payments.

November 2, 2015

Mortgage Loans After Bankruptcy

Filed under: Loan — Tags: , , , , — admin @ 12:47 am

by: Carrie ReederMany people believe that once they file for bankruptcy they will have a difficult time getting a mortgage loan. However, there is still hope for being approved even with a recent bankruptcy. If you have bad credit and apply for a mortgage loan, more emphasis will be placed on your income your down payment.Most lenders prefer to wait until two years after your bankruptcy before considering a person for a mortgage loan. After these two years, it should be relatively easy to get financing. In addition, you will probably be able to get one hundred percent financing. This will happen as long as all your payments have been reported as on time to the credit bureau since your bankruptcy.If you want to get a mortgage loan before the two year period is finished then you will need a pretty much flawless payment history since the time you filed for bankruptcy. In addition, you will need to provide a down payment. The down payments usually range between three and five percent to get approved.If you do not have the money for a down payment then you can consider borrowing from relatives. Once you finance your home, you should be able to get a second and third mortgage that will allow you to repay them. However, it is best to check with your lender before doing this since most lenders have regulations on where the down payment comes from.If you do not want to borrow the money then another option is to look for a down payment assistance program like Neighborhood Gold or the Nehemiah program. Such programs give the seller aid in helping you with the down payment. Normally receiving a down payment from the seller is illegal, but through these programs, it becomes legal.Obtaining mortgage loans after bankruptcy is becoming much easier today. By searching around you will likely find a lender willing to help you with your mortgage loan. To find out more about loans go to the best loan site on the web at loan info central

August 22, 2015

Auto Loans After Bankruptcy – Buy a Car Even After Bankruptcy

Filed under: Loan — Tags: , , , , , — admin @ 12:46 am

If you have suffered bankruptcy, it is very hard for you to avail a small loan, let alone get a car financed. The black mark that the bankruptcy leaves on your financial scores does not leave you until six to ten years. This means that most traditional money lenders and bankers will not offer you any loan until six to ten years after bankruptcy. The bankruptcy stays on your credit for a minimum of six years even if you have closed all your accounts. But if you need a car seriously, there are options for you. You can go for auto loans after bankruptcy.

The best method is to apply online. It is always better to review your credit report before you apply for the car loan. Make sure each account is marked close on the report. Most people do not get it done, which affects the credit report adversely. You may also explain why you had to go for bankruptcy. If the reasons were genuine, lenders may offer you loans at cheaper rates.

As with any loan, for auto loans after bankruptcy too, plan what amount you can pay as installment per month. This ensures that you pay the installment in time which also makes your credit record strong after bankruptcy. Based on the installments, you can decide your car loan budget. You can use a FREE loan calculator available on the websites of most online money lenders to reach the loan you can afford.

It is always better to apply online for auto loans after bankruptcy as these money lenders have more contacts and they help you find a good car deal. Some of these money lenders also have their own associates who deal in cars. So finding a good car won’t be a problem for you. The process does not take much time. As soon as your application is approved, you are sent the check.

July 3, 2015

Auto Loans After Bankruptcy: Having a Vehicle is not a Big Deal Now

Filed under: Loan — Tags: , , , , , , — admin @ 12:46 pm

An automobile is no longer a commodity of comfort. If you have to maintain the speed of life you must have your own vehicle. Buying an automobile is an easy task having enough funds in your hands but the opposite situation drives you to go for loans. If you are having a poor credit score problem like bankruptcy the lenders deny you as you are a high risk borrower. Auto loans after bankruptcy materialize your dreams in these circumstances.

Some basic idea about these loans

Auto loans after bankruptcy are not very long term loans. They may be considered as the personal loans that assist you to buy a vehicle even in a no credit situation. Like other loans these loans are also available in secured and unsecured formats. The flexibilities associated with these loans put them in a very distinct category.

The amount and rate of interest

The approved amount varies among lenders but on an average. You can apply for a maximum amount of £5000. The rate of interest on auto loans after bankruptcy is quite low as compared with the facilities that they provide. In terms of figures it is around 15% to 20% APR. The repayment installments begin from the next month onwards and take some time around 1 to 3 years.

Availing procedure

The online availability has added the speed to the application and approval procedures. You may locate thousands of lenders in just a few minutes of browsing. You may select their terms and conditions and select the one offering best deal. Along with the application form you have to submit some papers regarding your income and credit status. In a few working days the lender assesses your details and approves the loan that you are free to use now.

It is advisable to stick to regular repayment schedule to improve your credit score and avoid further intricacies.

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