2007-02-12 05:09:04 · 8 answers · asked by AMANDA M 1 in Business & Finance ➔ Personal Finance
Bad credit is one of the worst problems to have... however there exists a solution.
I will hereby talk from my personal experience.
I did debt consolidation a couple of years ago, however If I had to do it again I would pay to some minor details,
if someone wants to get out of debt today it is pretty easy with a debt consolidation plan, however it may get a bit tricky at times, I suggest you get as much information as possible online on this first,
a good place to start in my humble opinion is astraight to the point ebook with question and answer I found :
http://umgarticles.atspace.com/debt-consolidation.htm
if it helps kindly remember me in your voting!.. cheers!
2007-02-12 21:54:31 · answer #1 · answered by gabriel jones 4 · 1⤊ 0⤋
Yes, you may still be able to get a mortgage, but you will pay a higher interest rate. You can also look into some creative financing such as owner finance, contract for deed, or lease with a purchase option. Start by contacting a real estate agent and see what they can help you with. Also watch the newspapers and signs in neighborhoods. Just be careful and research whatever you do look into. Don't jump into anything just because you can get it. Make sure it's right for you and that you're willing to pay the added expenses or higher prices for financing.
2007-02-12 13:21:38 · answer #2 · answered by Anonymous · 1⤊ 0⤋
probably, but from a credit house that is going to charge you a high interest to cover the risk that you obviously are. Be honest - would YOU lend you some money? Probably not. So a mortgage company will want to charge you a high amount to insure against you defaulting which, given your bad credit rating, is more likely than for the average guy.
2007-02-12 13:16:54 · answer #3 · answered by gorgeousfluffpot 5 · 1⤊ 0⤋
the simple answer is yes!
to get started you may have to take a mortgage with higher repayment rates etc, but don't worry too much about this as once one company has lent to you (assuming you keep up repayments) others will be more willing to give you a go and you'll find that those that said no in the first place are now fighting to get your custom!!
and never be afraid of changing your mortgage to a better deal. also using a financial adviser would be a wise move at this stage, and their fees can usually be added to your mortgage terms.
2007-02-12 16:17:50 · answer #4 · answered by just trying to make a difference 5 · 1⤊ 0⤋
depending on how bad is bad. It can be done but be prepared to pay extremely high interest rates with a bad rating. Also you will probably need to be prepared to put down 20% to secure a loan with bad credit. But every mortgage broker will advise you to clean up your credit before taking out a loan, even if you can't get it to excellent, everything you do to clean it up will save you in the long run.
2007-02-12 13:18:33 · answer #5 · answered by j_loden 2 · 1⤊ 0⤋
Yes you can, but the rate of interest you pay may be higher than those offered by the High Street banks
2007-02-12 13:20:30 · answer #6 · answered by Ms Fabulosity 3 · 1⤊ 0⤋
You can nearly always find somebody to lend you money, especially if it is secured on your home, but the problem is with a bad credit rating it will cost you more.
2007-02-13 03:10:36 · answer #7 · answered by gerrifriend 6 · 0⤊ 0⤋
You can always get a mortgage. The real question is can you afford the higher interest you'll be charged as a high risk.
2007-02-12 13:16:54 · answer #8 · answered by Bullwinkle Moose 6 · 1⤊ 0⤋