So you thought that your bad credit line doesn't give you the negotiating space to strike a new home mortgage deal in the financial market. If you have such ideas in your mind, you can be hardly blamed given the general feelings about bad credit record and its negative fallout. However, this precisely is not the case. There are still enough avenues available for you. There is a huge battery of sub-prime lenders in the market who can come to your aid and help you in realising your coveted dreams.
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A recent bankruptcy or foreclosure case is potent enough to leave you sulking with the feeling that all credit lines to you are choked. But many of these sub-prime or bad credit mortgage lenders do have concrete solutions to dispel your state of despair.
These lenders subscribe to guidelines for bankruptcy or foreclosure seasoning which makes things easier for you. In practical terms, these guidelines mean that after the passage of a particular denoted time frame since that bankruptcy or foreclosure disaster, these lenders will be open to the idea of lending to the borrower who was embroiled in that disaster.
Normally, this time frame is pegged at 2-3 years. But for most of the sub-prime lenders truncate this seasoning time to 6 months to a year. Going a step ahead, some of these lenders even do not strictly care about seasoning time concept. For them what is important is your current credit score on the basis of which they can give you even the day after your bankruptcy discharge.
Your credit score becomes a key factor here and the kind of score which could really catch the attention of these sub-prime brokers is 600 or above. So this a vital benchmark which you must attain and for this you can follow a set of rules.
First of all, you need to ensure that accurate information is given in bankruptcy or foreclosure documents In any case; no account mentioned in the document should appear out to be an unpaid account. Or else your credit score may slump on account of it. Accounts shown must be categorised either as paid off or closed to sustain your credit score. If you have any due obligation or any small obligation, get them cleared immediately. Every settled account will swell your credit score.
Now you need to possess the letter of notification for the settlement of all due accounts. This is vital for initiating the deal process with the lender. With these letters, your sub-prime lender will move to the credit bureaus and submit the proofs of account settlement. Subsequently, your credit and credit score will be adjusted in next 24-48 hours. This service is called "wrap it up" service and for this your broker may charge you a fee of $75 per item.
The next thing which you can do to enhance your credit score is by settling the balances on any open lines of credit. This has been found to be a very effective method which contributes considerably to give a boost to your credit worthiness.
After having undertaken these basics, get in touch with as many lenders or brokers as possible. Some of them may tell you that your proposition of granting you loan is impossible. But don't take any such response as the final word. There are many who will tell you exactly the opposite thing --- that is, the proposed deal is quite possible. If your score is around 600 or more, the chances are good that any lending firm or broker will strike a deal with you though with a pre-payment penalty.
Don't feel scared of this term. Pre-payment penalty is an essential rider with all bad credit mortgage loans. Elicit all details from your lender pertaining to this penalty, like the exact duration and quantum of the penalty. Another crucial detail you need to gather is the kind of fine you will have to pay in the event of pre-payment of the loan. This detail can help you in comparing the offers made by different lenders and then choose the best deal.
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