The Truth About Bankruptcy Mortgages [mortgageprotectiontips.blogspot.com]
(Reuters) - Residential Capital LLC, the bankrupt mortgage lending unit of Ally Financial Inc, has asked a judge for permission to pay as much as $ 17.8 million of bonuses and incentive payments to hold onto 191 key employees. The request came even ... ResCap eyes up to .8 million bankruptcy bonuses, payouts
Leahcoss.ca Hi, everyone! How are you? It's Leah Coss with the Mortgage Center. I wanted to get a very common question out of the way real quick for you guys. And that is I've had a bankruptcy in the past, can I ever get a mortgage again? Quick answer, absolutely! Now, if you come to me and you say, "I have two previous bankruptcies." Well, now we're real limited but does that mean you cannot get a mortgage? Absolutely not! You can still get a mortgage, you just simply have different requirements than the average Joe. So, to quickly go through bankruptcies, if you've had a bankruptcy, not the end of the world. And no, it is not the seven year rule of bad luck where you cannot get any debt given to you ie lines of credit, credit cards, mortgages, things of that nature, car debts, car loans. You don't have to wait seven years before you can get that. You can get that right off the bat sometimes for some of those types of lending, OK? Obviously you can't get a mortgage right off the bat but you can get things like credit cards, whether it be unsecured or secured, it just depends on the person and what your situation is exactly. But from the point of discharge you can be getting a mortgage, a regular mortgage, meaning from a regular lender, this isn't talking about private. A regular mortgage in two years, OK? It's not seven years. The thing is though, if you want to be able to buy within two years of your discharge, you are going to have to find someone like myself or ...
mortgageprotectiontips.blogspot.com Bankruptcy? Yes, You Can Get a Mortgage
What is a Bankruptcy Mortgage?
A bankruptcy mortgage is a mortgage application for people who have declared themselves bankrupt in the past. While turning to bankruptcy or individual voluntary arrangements may be the only way to get out of debt for some people it leaves a bad mark on their credit rating: a bankruptcy mortgage is aware of the borrower’s credit history but is willing to lend them the money under certain circumstances where they would be refused by a standard mortgage.
When it comes to Bankruptcy mortgages and financing, those who have become Bankrupt through lack of mortgage funds may find that the picture is not as bleak as it was 10 years ago. In the past many lenders stopped debtors from borrowing for up to 7 years after Bankruptcy. Today, due to lenders specialising in adverse credit, borrowers may still be able to keep their home even if they have considerable arrears. However, even the most specialised Bankruptcy Mortgage lender will apply restrictions to Bankruptcy mortgage refinancing, in order to make sure they are covered if the lender cannot pay.
What are the differences between a Bankruptcy Mortgage and a Standard Mortgage?
A bankruptcy mortgage is higher risk than a standard mortgage because it is designed for people who have had financial difficulties in the past. As such it is called a sub prime mortgage and is only available from specialised lenders, although the number of companies offering mortgages for individuals with adverse credit is growing. Currently there are around 30 lenders that offer bankruptcy mortgage services according to research done by the Council of Mortgage Lenders (CML). The rates for a bankruptcy mortgage are likely to be a couple of percentage points higher than a standard mortgage but individual case history and the circumstance of your debt will be considered.
How soon after Bankruptcy can I apply for a Mortgage?
Usually bankruptcy lasts for a year, therefore after this time you can apply for a mortgage although whether or not it is granted will depend on your credit record and the circumstance. Bankruptcy will stay on your credit record for six years. Usually individuals will have to show evidence that the circumstances that caused bankruptcy no longer apply.
Will getting a Bankruptcy Mortgage improve my credit rating?
Getting a bankruptcy mortgage is a good way to improve your credit rating if you have been bankrupt in the past, as long as you can keep up with your mortgage repayments you will be proving to future lenders that your financial management has improved.
Should I use a Broker to find a Bankruptcy Mortgage?
Bankruptcy mortgages are particularly specialist, therefore many firms that offer them only do so through a broker. Approaching a broker will give you access to a large amount of deals from a range of firms, because the rate you get quoted will depend so much on your previous case history going through an intermediary who knows the industry is the surest way to get a good deal and save you money.
What will I need to provide when applying for a Bankruptcy Mortgage?
When applying for a mortgage in adverse credit circumstances providing full details of your credit history is important, the more information you give the more they will understand your personal circumstances. You will also need to provide proof of your income. Before you approach a lender it is a good idea to think realistically about the amount you can afford to borrow and what monthly repayments you would be able to keep up with.
Increase your chances of success:
• Following bankruptcy keep your payments up to date and on time
• Put down a large deposit or down-payment
• Choose a mortgage lender who is FSA regulated and approved
• Get bankruptcy advice from an independent third party
• Use a broker or comparison tool to compare different bankruptcy mortgage quotes
Question by : Is there a legit Mortgage Lender that guarantees Financing for people with Bad credit,No credit,Bankruptcies? I am seeking a well known or legit Mortgage Company within the U.S. that will Finance and work with Married couple with Bad Credit, No Credit, Personal Bankruptcies, Previous Foreclosure. We were screwed before with a past Mortgage Co. that hit us with very high Interest rates and we never got ahead paying toward a home Mortgage,nothing was Ever applied to the house and just paying high interest. There is always some SCAM! On top of that, this Company wasn't legit and taking money from people. We researched with the BBB and contacted them. I can not find any Mortgage company or Bank that will give us Financing for the home we are living now. Financing $ 100,000.00+ We have the income and funds to cover monthly mortgage cost.down payment,etc., but there's always a catch! They always want every bit of info from your life and accounts. I'm tired of Mortgage Co.'s screwing the medium living people trying to own a home. We see advertisements and they charge a fee, do a credit/history check- take our money and say No, but yet they say- 100% they give financing to anyone with Bad No credit Bankruptcy,etc I'm tired of the bullshit with these Companies- half don't even exist and very frustrated!! Serious replies only please! Best answer for Is there a legit Mortgage Lender that guarantees Financing for people with Bad credit,No credit,Bankruptcies?:
Answer by Kennedy
Well I was shoppin' for a new car, which one's me? A cool Convertible or an SUV? Too bad I didn't know my credit was whack, Cuz' now I'm drivin' off the lot in a used Subcompact. F-R-E-E that spells free, Credit report dot com baby. Saw their ads on my T.V. Thought about going, but was too lazy. Now instead of lookin' fly & rollin' phat, My legs are sticking to the vinyl and my posse's gettin' laughed at. F-R-E-E that spells free, Credit report dot com baby.
Answer by dablarr
No one "guarantees" financing, no matter how high risk they are.
Answer by fefe4faith
Reading this is like I myself wrote it. I experienced the same with a home I purchased newly built in 2005 when I tried refi in 2009 with all of the publicity of a brand new day. My end result & findings are none of them are legit. It is about greed & how to cheat u in life not about doing the decent,correct or humane thing in the eyes of God. It is a shame the president initiates a program and those who should be implementing them have already undermined what his intentions were. the game is the same- what was said is not being done & we are the ones who suffer because I don't think it was meant for the banks to hold on to properties that have been foreclosed on and not made available as stated. It seems like from several experiences and numerous phone calls to bank,lenders,& mortgage companies including m y own that we are being fed &%$ #, One says your home has lost value yet your tax assessors are continuing to assess increase of market value & property taxes they conflict. It is one or the other. Our lives will not get better until man gives life in its entirety to our creator and live in the eyes of our creator not in the greed &deception of man. They are all crooked, actually always have been. In chasing the American dream we want to believe them but as always the system fails because of Greed & neglect for human preservation.
Answer by amberstubbs
I am sorry to hear about your situation. A lot of lenders were doing shady bad credit loans and that's a big part of why we are in the biggest recession since the great depression. Unfortunately, 'good financing for bad credit' is an oxymoron. I do not know of any such company.
