Finance, Loan, Debt and Credit.

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 8, 2017

Bad Credit Mortgage Refinance Loan– How To Get One Even If You Have Bad Credit Score

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


Having a low FICO score may limit a person’s options in refinancing, but today one can easily get a chance to refinance through bad credit mortgage refinance loans. These kinds of loans may come in different forms. Depending on what kind of equity a person has, his standing with the lending agency will be raised somewhat since this acts as a form of security for the kind of loan that he applies for.

With a bad credit mortgage refinance loan, a person avails of a secured loan wherein if they cannot meet payment terms, they will have to forego their home to the lending agency. There are families out there because of economic circumstance, may cause them to have the choice of refinancing or losing their home altogether. In this situation, bad credit mortgage refinance loans are most useful because they will allow refinancing that will help the family get friendlier deals on affordable monthly payments. This may mean that the interest is still high or the payment duration is long, but the fact that the house can still be a home makes the prime difference.

Another way of availing of refinancing is by getting cash out loans. This kind of loan is usually used to help pay off consolidated debts. Aside from home payments, many people today face the debts that they have in credit cards, bills, and other smaller debts. Debt consolidation is simply the best way that one can keep up with payments. It makes payments to one billing agency more convenient, and one no longer has the headache of worrying whether they can make the next credit card payment or not. Taking out a loan to take care of debt consolidation is also another type of secured loan wherein the equity on your house is used as a basis for you to get your loan. Ultimately, if you own a home, this accounts for the strength behind your application in applying for a refinancing loan.

Because nobody is perfect, banks and lending firms are starting to tweak policies and are becoming more open to accepting bad credit debtors as clients. This is a good thing because many times bad credit is something that may happen due to unforeseen circumstance or other happenings that are beyond our control. With lending firms extending a hand in offering bad credit loan services to poor debtors only makes the future brighter for those who only saw despair in their low FICO score reports.

Don’t let your low FICO score get you down, instead use it to your advantage to access Bad Credit Mortgage Refinance Loan available to poor debtors. Find out more about how you can let your low FICO score work to your advantage by reading more about it on http://www.bad-credit-home-mortgage-loan-refinance.com/things-to-do-before-you-get-a-bad-credit-mortgage-refinance-loan.php.

October 4, 2016

Legally Eliminate Credit Card Debt – You Can Even Write Off Some of Your Debt

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

The sudden slow down in the country’s economic conditions has led to everyone being hit in their pockets and finding themselves in credit card debt. They had all their money locked up in their bills and they didn’t have a way out of it. The debtor would plainly declare bankruptcy and his inability to pay up. This is a major loss to creditors and to the economy but there are ways to legally eliminate credit card debt that can help you.

Credit card settlements are now easier to negotiate with the creditor because of the following.

#1 The U.S. government has handed out help to those who lost money in the slow down. The banks under loss are asked to allow some debt relief to their debtors, and use up the bail out money as a cushion against it.

#2 It is easy for you, as a debtor, to negotiate now because the money taken on credit cards is not secured against any asset of yours. This makes the recovery difficult for the creditors and they easily agree to negotiate in such a dead lock.

Whatever you do you must not be tempted into taking a loan from the card company or bank to pay these debts. This is a way for the bank to get a secured loan and then make sure you pay back every cent. Instead if doing this you can legally eliminate your credit card debt and not have to worry about your payments.

#3 The only way left for a debtor under huge debt is to file bankruptcy if they cannot pay up 100% of the money. This hurts the creditors badly, and in this light it seems much better to agree to a negotiation rather than wanting the whole sum of money back. At least this way, they can get 30-40% of their money back.

 

Knowing the technicalities of how it all works may be overwhelming for someone who in debt. Debt relief companies come in to play here and create an even battle ground by assisting the debtor and bridging the gap between the two parties. You should definitely hire a firm, if you are more than $10,000 in debt, for your own good.They can reduce the debt by up to 50% in some cases and help you to ensure you can make your payments and legally eliminate your credit card debt quickly.

October 1, 2015

Bad Credit Home Mortgage Refinance – Tips In Getting One Even With The Worst Credit History!

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

In these bad times, bad credit home mortgage refinance loans are gaining popularity. These loans are especially important for people who have bad credit ratings. However, if you are one of them and thinking of acquiring such a refinancing loan, you need to be very careful and beware of scrupulous lenders out there ready to prey on you. Go through the article below to get some guidelines in landing with the right loan provider to acquire a refinance loan.

Be Patient And Take Your Time To Look For A Suitable Lender

Be patient when you are looking for a bad credit home mortgage refinance loan to help you in this difficult time. When you have a bad credit, it is natural that loan providers you approach tend to be careful when offering such loan. They are in business after all to make a profit and it is normal that they access you first carefully before extending the loan to you. Do not feel disheartened when your application is rejected. Take it slowly as there are quite a number of other lenders out there who are still willing to help you. It is just that you may take a longer time than those with good credit to locate one that is willing to offer the loan at terms suitable for you.

Being patient is one thing; you also have to do the proper homework before signing up for a loan. Since there are quite a number of lenders available out there in the market specializing with such bad credit loans, you need to find who are the top and good lenders located in your region.  A good lender have to treat you properly even if you have a poor credit and maybe a little desperate. If you find one that are rude to you, beware of them as these lenders are unlikely willing to help you and may be even try to cheat you and bring you into more debts. If one loan provider does not work for you, look for others.

Be Careful With Those Lenders Who Are Out To Benefit From Your Bad Conditions

In some cases, a person’s financial condition is so bad that his/her home maybe on the verge of foreclosure. Be careful if you are in such situation. Some scrupulous lenders may take advantage of your situation and may come up with options which have unfavorable terms. Do not fall prey to them and do not agree with the terms if they are not at all able to help you out. Just remember, the refinancing loan is supposed to help you to lessen your financial burden and not leading you to more problems and debts. If you find the lender not helpful and is all out to gain from you, move on and look for another one.

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.

May 16, 2015

Auto Loans for No Credit People: Get Auto Loans Even Without Any Credit Record

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

People who do not have any credit history are treated like one who has a bad credit history. So when no credit people wish to buy a newly launched car or plan to run a transport business with a truck or any other vehicle by taking auto loan, no credit history becomes an obstacle to apply for such a loan. However, nowadays no credit people can easily avail loan by the help of auto loans for no credit people. This loan is easier and faster to avail. People can avail this loan without any hassle.

This loan is a secured type of loan. Lenders secure their money against the same car for which they give loan, but the car ownership stays with the lender until the borrower repays the loan. However the borrowers can use the car. Only the car’s logbook stay with the lender until the loan amount is repaid. Borrowers can also deposit their house or valuable assets or jewellery or important documents as collateral instead of the new car against the loan. The loan amount depends on the make and model of a car or value of a car and repayment ability of a borrower. The loan term depends on the monthly income of a borrower and the loan amount. Borrowers can avail loan amount up to 90% to 100% of the price of the car depending on their credit history and down payment ability.

With this loan the rate of interest vary from 9% to 16% APR. If any borrower wants to get this loan with lower interest rate then they need to arrange for a co-signer. The co-signer will be the borrower’s co-debtor and the co-debtor should have a good credit score. The repayment tenure of this loan is between 5 to 10 years. People can avail this loan by applying offline as well as online.

November 7, 2014

Getting Approved for a Low Rate Car Loan Even With Bad Credit

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If bad credit car loan candidates go out in market only one or two lenders come forward to offer an auto loan, for them online financing can be a great time saver. As the online lenders have many subprime lenders in their network who offer many loans to accommodate different credit types and will helps you get the better interest rates. Thus, individuals even having a terrible credit history can get approved easily.

For the first time buyers getting a car loan is always an issue. As for a lender, the buyer is an unknown person who asks for a huge sum of money and the buyer can also not prove that he will pay it back with no lending history. Financing a new or used car requires some credit history for lenders to have an idea of the borrower’s credit habits. Thus when a car buyer with no credit history attempt to buy a car most finance companies hesitate to approve the loan application. But now with competitive marketplace, lenders are stepping up to help first time car buyers. Many a times car dealers take advantage of people with no credit history by charging higher interest rate. Although auto rates offered by online auto loan lenders to those with no credit history, are reasonable and generally lower than that offered by the dealership.

Now the market has provisions were you can get car loan even after bankruptcy. With bad credit type of loan, your interest rates are likely to be higher. However, a co-signer can help you getting better rates. Co-signers are required to sign the loan agreement in case of default on loan payments by buyers. Before few years it was impossible to get a car loan with bad credit and that too without a co-signer. But times have changed; now you can get a no cosigner bad credit auto loan with poor credit, no credit and bankruptcy.

If you have already got into the trap of higher rates on auto loan, bad credit refinance loan can be the smart solution. As it helps you reduce interest rates or a monthly payment thus saving money over although the span of the loan and make your monthly payments more affordable. Above all, bad credit car loan can also improve your credit score.

May 13, 2014

Can I Obtain Bad Credit Home Refinance Even If I Am Jobless?

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

Getting a bad credit home refinance loan is not really a simple task. It is even worse if you are without a job. Still, this type of bad credit refinance loan is still possible to get by anyone who is out of work. Continue reading through if you would like to find out more.

When you are unemployed, many questions will pop up in your head. “Is it easy for me to acquire a refinance loan even if I am jobless?” The next question which you will ask is that you will wander exactly how you can progress to obtain such loan.

Unforeseen Unemployment

Because of the global recession, the majority of companies have enormously reduced their operation. In some cases, the institutions even altogether shut down. That is the reason why lots of people became unemployed. Aside from that, plenty of property owners who have home loans to pay back and became unemployed faced foreclosure of their homes due to defaulting in their home loan.

If you are also one of the homeowners who lost your job, you will definitely get worried about your own mortgage payment and possibility of foreclosure. Therefore, you should act fast and not wait for the worst to happen. Get a bad credit home refinance loan today to help in your home loan repayment.

Is It Really Possible to Get One?

The reply is “absolutely yes”. Bear in mind, beforehand, you must evaluate your very own situation. Each homeowner has their own situation. The financial institutions undoubtedly have various home refinance policies that might best match your situation. Then, you could try to look for a mortgage or loan consultant to assist you in finding a bad credit refinance loan which can allow you pay back your home loan timely and with terms that suits your specifications best.

Get A Job First

Sequentially, try to find a job first if you are jobless now. Even if it is a non-permanent position with very low pay, you can at least prevent any serious problem such as foreclosure from happening. This way, you have adequate time to locate a home loan refinance program that can help you in this troubled time.

If you search around, you will be happy to know that bad credit home refinance loan does exist in the current real estate market that could help you pay up the mortgage loan in, hence avoiding foreclosure. For that reason, if you are determine, you will undoubtedly locate a great refinance loan provider to give you the refinancing home finance loan that you needed badly.

December 26, 2013

Is it Possible to Refinance With Bad Credit Even With a Good Rate

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

Even if you have a poor credit history, you may still need to refinance a home or automobile in order turn a difficult financial situation to your favor.  When you try to refinance with bad credit, you have a doubly difficult task.  Not only do you have a very real possibility of being denied any loan at all, but if you do get a loan, it may be that you will need to pay a much higher rate.  Still, there are many things that you will be able to do that will help you to get a better interest rate on a loan, even one issued to a poor credit risk.

Check the Timing

When you refinance with bad credit, it is important to go through the exercise of trying to get the best rate possible, even though the loan itself might be difficult to acquire. The first step in getting a better rate on a refinance loan is to make sure that the timing for the loan is as good as it can be. You should check for the typical interest rates on loans and also to see what is happening in the market for less than prime loans.

Find the Right Lender

A major part of a refinance with bad credit is to find the right lender. By finding a lender who is familiar with the links to fund bad credit loans and the information on how to package a loan application in order to help to assure approval. You can search online for the right lender or you can begin with a local lender that specializes in bad credit loans.  The rates that you get from a specialist may not be as low as those on a traditional loan, but the rate will be better than if you pick just any lender to work with.

Improve Your Credit Score

When you refinance with bad credit report, you will almost certainly improve your credit score. This is a direct result of gaining a new loan and carrying out all the requirements to keep the payments made on time and in full. The converse is also true.  If you improve your credit score, you are more likely to gain a better rate on the loans you request.  You will also find it easier to get a new loan in the future. If rebuilding your bad credit is something you are trying to do, pay attention to the above tips for improvement.

Look at Terms

No matter who your lender is or what the factors are that led you to choose a particular lender, you should always take a hard look at the terms that are included in the loan proposal.  When you refinance with bad credit, it is particularly important that you check every one of the terms that are included in the loan documents.   Rates are improved when you are careful to understand each clause of the loan from interest rate to length of time for the repayment.

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