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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