Bad credit loan mortgage people aren't necessarily bad lenders or borrowers. Most lenders would categorize non paying borrowers as a bad risk and often throw in a bit of sarcasm when dealing with them!
OK some lenders in the sub prime market are like hyenas waiting for a weak borrower to come along and then devour them by foreclosing on them if they miss a few payments but then there is also the other side of the coin. Have you ever heard of 'Lie Loans'? Well these are loans made out to individuals who have borrowed, usually online, and have 'lied' about their credit record to obtain credit - Let's face it how bad is that? So you just can't blame lenders all the time!
Lenders aren't Bullies!
OK enough of that - most of the lenders are big corporations and can afford to pull in the 'heavyweights' and have your house repossessed and lose no sleep. That doesn't make them bad - it's just business. If you don't pay and the rest of their customers don't pay then they go out of business and a lot of people (especially shareholders lose money and sleep), so you can see what angle they are coming from.
Now what about you? Have you ever heard the advice that prevention is better than a cure? As far as bad credit is concerned this saying is so true! But unfortunately you only know you have a bad credit situation when it 'hits' you!
If you're reading this article then all I can assume is that you do have an adverse credit record, you are having trouble financially and you are being 'leaned on' by one of these companies - then think very carefully about how you can solve the problem.
The first step is to look honestly at the situation and admit that 'you' are ultimately responsible for your dilemma and that 'you' are the only person that can resolve it and most likely with professional help.
What can you do?
This is why it is so important to do your research first - no matter how desperate you are. If it's advice specific to debts that you have then there are many debt counselling companies that can review your situation and will help you find a solution. If you do go down this route then be sure to get testimonials and try and check out how good this company really is - you don't want to be worse off than when you started!! There are 'sharks' out there so beware!
You must also take into account that if you are a home owner your chances of getting financial help are greatly increased irrespective of the poor credit circumstances but again you must be careful so as to get the right solution. If it's a debt consolidation situation that you want resolved and the bad credit record is preventing you from refinancing then seek out a reputable broker or adviser.
Even if you are a home owner - get advice!
As a home owner with a low credit score then you will find it more difficult to get a loan, especially with the current credit squeeze. If you have a job then it's a bit easier and it may be better to go to a debt counsellor first. If you haven't got a job then life is going to get very tough (hopefully not for long!) At the very least you should try and get a job if you are unemployed before trying to re-mortgage - that way you can get a better rate. If you don't have a job, you have a bad credit record and you need to refinance the best advice is to get quick professional help before it's too late and you end up as what the lenders refer to as one of those bad credit loan mortgage people - too risky to deal with!
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