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Friday, 17 January 2014

How To Refinance Your Mortgage With Bad Credit?




I never thought I will ever have to deal with bankruptcy and a bad credit score when all my life I have been a regular payer of my bills and loans until the economic slowdown in the last few years took a toll on my finances for some critical health condition of my wife during her pregnancy and then the child. I had to put my parents’ home up for mortgage in order to pay hefty bills for her treatment and the delivery. The worst that happened in this entire scenario was it never occurred to me to consult a financial or law firm that would have correctly advised me to declare my bankruptcy.

I was worried about getting my parents on roads if my company, which was going into losses, failed to pay my two months’ pending salary. Then I thought of investing in a home against poor credit mortgages loan that could help my situation.

See the following for knowing how I went about being eligible for bad credit mortgages:
·   Check if you have accidentally or by default missed paying your credit card bill. If yes, then you are marked as a defaulter and have a bad credit
·   First and foremost, check whether or not you qualify for mortgage with bad credit with the help of a mortgage calculator that is freely available on many sites online
·   Get your score checked against the official minimum required credit score for being eligible for this poor credit plan to work
·   Consider your legal background; if you have any judgment passed against you, especially the county court, then you have a bad credit.

After you determine your bad credit record for sure do not panic and start applying at as many places as possible because it may boomerang on you and hamper your credit rating further.

You know, it is not a problem if you do not have money in your account but what is important is to declare that you do not have money on you! Yes, it is true because by declaring you are putting yourself in a safe zone and the banks or lenders are already aware of your financial status. But, if you do not declare your bankruptcy then you are not only bound to pay up your regular bills but also run the risk of landing up a bad credit record, as me.


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