Archive for August 14th, 2009

Refinance Home With Bad Credit

Refinance home with bad credit.

Is it possible to refinance home with bad credit? That question is asked all the time. In general, it is offered to refinance a home with bad credit. There are many reasons for that. One of the big reasons is that the financial industry is currently in the biggest meltdown in history. As discussed in earlier posts, subprime lending and lax legislation have all added to the huge increases in mortgage default and foreclosure.

While it may have been easy to refinance home with bad credit in the past, with a credit crunch, the availability of cash has significantly decreased. If you do have bad credit and you are trying to refinance your home, you may have to wait until the economy recovers.

How many you have come across ads about refinancing your home with bad credit? Read more »

After Bankruptcy Mortgage Refinance

After Bankruptcy Mortgage Refinance

An after bankruptcy mortgage refinance can be a big problem. Afterall, the reason you went into bankruptcy was because you were unable to make all of your mortgage obligations, and you had to go to the legal system to help you get out of debt.

While that is probably the case, there is life after bankruptcy. In general, you may not be able to refinance or get any kind of credit for up to 11 years after a bankruptcy. While the reason for a bankruptcy is to get a fresh start, and that is why the legal system created it, the financial system i.e. the people with whom you want to refinance with may not be too excited to help you. Read more »

Home Loan For People With Bad Credit

Home Loan For People With Bad Credit

If you are looking for a home loan and have bad credit, the current state of the economy may not be best for you right now. In general, currently, banks who are issuing home loans are looking for someone with a credit score above 700. Part of the problem that has been created was due to the sub prime crisis that was created when major banks started to issue lots of risky credit, and then insured those loans with credit default swaps.

What has happened is that all of the people that qualified for home loans for people with bad credit are now going into default on their loans. They were duped into thinking that they would be able to refinance their home in 1-3 years because their home would appreciate. In the last 2 years, the entire housing industry has seen major declines in home values due to the huge rise in defaults. Read more »

Bad Credit Refinance Home Loans

Bad Credit Refinance Home Loans

Bad credit refinance home loans. Is it possible to refinance home loans with bad credit? Especially in this economic environment, that can be a challenge. With the mortgage melt down, and the increases in forclosures across the country, many lenders are not dealing with people that don’t have a stellar credit score. If you have bad credit and are trying to find a way to refinance your home loan, you would do best to try to talk with your current mortgage loan servicer and see if you can work out a loan modification.

People with bad credit but can pay a modified loan amount may qualify for a bad credit mortgage loan modification. In this situation,what happens is the loan or note holder will make an assessment as to the mortgagee ability to pay the note. If the underwriters believe that the person with the bad credit can make payments, they may refinance with no closing costs. Read more »