Bad Credit Mortgage - Poor Timing

Just because Congress is up in arms over lending practices of late, that doesn’t mean you can’t still find a bad credit mortgage. In fact, they’re still surprisingly aplenty. Oh yeah! Simple logic should tell you that if you have bad credit and you want a mortgage, basically no one in their right mind would lend you that money. Why would they? But the truth is, there are lots of Wall Street shenanigans which are still rewarding people with bad credit for entering into long term house payment arrangements. That is where you will have to search it out. Do a deal with a shady lender who survived the recent binge and purge.

What’s that? You want a bad credit mortgage refinance? Well it’s the same for you, bud, except a little easier. Since you already have the home it’s slightly safer to do a deal with you. But still you have to find someone: try calling up one of those numbers that play on the TV. Have you seen those fake news broadcasts which are really commercials? Those are your boys. You need to get a refinance from someone like that. Maybe you can find them online. I don’t know. The bottom line is that most people are going to want to touch your mortgage with a ten foot pole right now. You’re going to be forced to go into the dark alleys of capitalism’s bowels and probably pay a high price. That’s just the truth of modern day bad credit mortgage refinancing; so be it.

Think about it from the lender’s point of view. They are really in a pretty risk averse position right now. They are public enemy number one for giving mortgages to people who couldn’t afford them. And here you walk up, with poor credit, asking for a mortgage refinance? No one is going to touch that unless they have some shady stuff up their sleeve. So go with them and do that. It’s your only hope. Unless you can save up a ton of money, but then you probably wouldn’t be trying to refinance now would you?

The bottom line with getting a mortgage for bad credit is that this is just about the worst time in history to try to do so. Or is it? I am still surprised with how many mortgage brokers are advertising that they can get it done for you. You would think they would have been washed off the map, or that new regulations would stamp them out of existence. In fact they live! Those guys are your ticket. If one turns you down, then just go on to the next one. Just do this: going on down the line until someone agrees to loan you money.

In the meantime try to get your credit score up. If you still have a job then congratulations. Remember: the banks make money by lending so they are all but forced to do it. maybe you are their lucky next customer hopefully.