Mortgage With Bad Credit - My Experience & What I Learned

I recently tried to get a mortgage with bad credit and let me tell you: it was a real eye-opening, learning experience. First of all, I got turned down a whole lot. It was really annoying. I don’t even know how many applications I submitted only to subsequently get rejected. But what I learned I want to pass on to you my friend, because it will save you a lot of time, hassle, and frustration.

The basic thing about obtaining mortgages with bad credit these days is that we are in a post mortgage meltdown era. Maybe you have watched the news over the past year? Yeah, it’s been bad; horrible even. Record foreclosures for as far as the eye can see. In places like Florida, Nevada, and California you practically have 5% of the population losing their homes.

But you know what? Not a lot of heads have rolled, have they? You would think with all the hubbub at Congress and from the mouths of the President that maybe at least someone would have went to jail for making shady loans. Besides Bernie Madoff (unrelated) I can’t think of one wealthy person who has gone to prison over this time. On CNBC, they even interview a lot of people who admit to doing immoral, if not illegal, things to generate all this toxic mortgage garbage. Yet those people are free. And you know what the kicker is on top of that? Most of those guys are still in the business of making mortgage loans with bad credit to people like you and me! But this is our in. At least, it was mine.

You have to seek out the mortgage broker in your town who can make it happen for you. Believe me, he’s still hanging around somewhere. Find him and tell him you have bad credit and you need a mortgage. Let him know you don’t care if you have to tell some white lies in order to get on board. Give him a little wink. He’s probably hungry for someone like you.

This is how I did it, more or less. It’s just a matter of realizing that no real new laws have been passed since the mortgage fiasco, so you can still do a lot of the stuff that got all those other people into homes despite their bad credit. You can be just like them; the only difference is you might have to look a little harder now that there are more eyes prying around.

Every day in the US and abroad people are getting mortgages with bad credit, so don’t leave here believing that you can’t accomplish the same thing. Often, the difference is just one of some people give up sooner than others. Shop til you drop folks. That’s what I did. And now I am sitting in a brand new house that I probably shouldn’t own right now. Oh well, I hope I don’t default! I’m sure I won’t. Just because you have poor credit it doesn’t mean that you can’t change. Life is good.