Archive for October 22nd, 2009

Bad Credit House Loans

Where Can I Find Bad Credit House Loans?

are you looking for a House loan? Do you have bad credit? If you have the combination of these two things, you may be thinking that it is a futile effort to try to get any kind of mortgage loan or any kind of loan to buy a house.

There was a time when you were able to get a house the matter what your credit situation was like. Those were called subprime loans they are also called a liar loans. The way these loans worked was all you had to do was state the income that you made on an application and based on your statement, the bank decided whether or not they were going to issue you a loan. In many of these cases they did not even verify whether or not you are telling the truth on the application.

Well, I don’t think I need to explain what happened. Eventually many of the people that have these kinds of loans were not able to pay them and they went into default. Because of such huge defaults on loans, the financial crisis was born. Because of this, credit has tightened up significantly and getting bad credit house loans is going to be virtually impossible at this point. Read more »

How To Get Back On Your Feet After Bankruptcy

How To Get Back On Your Feet After Bankruptcy

dealing with and going through bankruptcy can be very stressful on the person. Not only are you doing with the fact that you had to basically admit that you are in a terrible financial situation, he had to open up and go to court to seek assistance from the judge to either help you get protection or liquidate their assets.

While that may be the case, you should feel completely bad about it. After all, bankruptcy court was designed so that he can help give people a fresh start. What’s most important aboutdealing with bankruptcy is the fact that you want to make sure you learn from your past mistakes. If you can be objective and honest with yourself, you can learn how to improve your situation.

One of the most important things is having a positive outlook and making the determination that you’re going to work it out and do what it takes to become successful. Read more »

Mortgage Modification After Bankruptcy

How do I get a mortgage modification after bankruptcy?

That is a tough question to answer. I am assuming that you already have gone through bankruptcy, and were able to keep your home. And, now you are in the situation that you can no longer make the payments on the current mortgage that was approved by the bankruptcy judge.

It is possible to get a mortgage modification after bankruptcy. The thing is, you need to be able to either spend a great deal of time working with the server server of your loan or find someone who can help negotiate the terms for you.

In general, getting a mortgage modification depends on your ability to show the owner of the note that you are no longer able to pay the current mortgage note rate. At that point the person that owns the loan needs to make the decision as to whether they would rather lower or change the terms of the loan so that you can stay current, or forgo that and file for foreclosure. Read more »

Home Refinance Conditions

What are the home refinance conditions that I need?

That’s a great question and one that really depends. and varies. In general, the best home refinance conditions are such that you have a good credit score, meaning a credit score over 700, and you have a steady income.

After that you need to make sure you have some equity in your property. Ideally you want to have at least 20% equity in your home. Most home loans these days will requre you to have at least a 20% owner ship in your home and they won’t finance more than that.

The final thing you need is 3-5% of the home loan value that you will be paying in closing costs. That’s pretty much it. Read more »