For many years, the American consumer was misinformed about bad credit mortgages as greedy, unscrupulous lenders lured them in with super low rates (known as teaser rates) while failing to inform them fully about the potential for an interest rate hike in the future. Those same homeowners, and you may be among them, are now stuck with subprime mortgages that they simply cannot handle.
In fact, many of those homeowners who bought their homes during the subprime mortgage boom have now been forced out of their homes and into bankruptcy. Do not let this happen to you. If you are behind on your mortgage payments, the time to act is now. Interest rates have never looked better, even for those whose credit has been damaged by their inability to meet their monthly obligations while trying to pay a mortgage that might have tripled in size since it was first written.
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Stay In Your Home With Bad Credit Mortgage Refinance Options
While many lenders are nervous when it comes to making out a new mortgage for those with bad credit, there are many out there who understand that the average person who has found themselves with a mortgage payment that they cannot pay is simply a victim of a risqué lending practice that has fortunately come to an end with stricter legislation on subprime lending being passed.
Basically what happened with the subprime mortgage problem is that borrowers were sold houses that were beyond their payment range. Mortgage refinancing can put your home mortgage payment within your ability to pay and, more importantly, keep you in your home.
Improve Your Credit Before Refinancing If Possible
Before pursuing a mortgage refinance option, it is always pertinent to check your credit report and score to see just exactly where you stand in the eyes of potential lending companies who offer bad credit mortgages. There are three major credit bureaus doing business in the U.S. (Equifax, Experian, and Trans Union), and you should check with each of them to see your status as it applies to the records that they hold on you. Is there an item on your credit report that could easily be taken care of and removed? Are there are falsely reported items or erroneous information that you could dispute with the credit bureau?
By law, the credit bureaus must provide proof of all items that are reported against you if you dispute the item, or they must remove the item timely from your report. Oftentimes a borrower will find that their credit report does contain errors, and raising your credit score by just a few points by having incorrect entries removed can save you a ton of money on your mortgage refinance.
Lower Monthly Mortgage Payments For Bad Credit Borrowers
The reasons for refinancing your existing mortgage are various, but the most widely used reason is that you can get a lower interest rate (and just one-half point difference in the rate of interest that you pay can save you thousands of dollars over the life of your mortgage). Additionally, when you refinance your mortgage, you typically will be given a longer term to repay the lender on the balance owed. This translates to a lower payment that fits more easily within your budget.
Interest rates right now on home mortgage refinancing are at their lowest. Now is the best time to refinance. Be sure that you only agree to terms and conditions for your mortgage refinance that are truly livable based on your current income and other financial obligations that you have. Work with your bad credit mortgage refinance company to come up with a plan that works for you - and you will save yourself a lot of heartache by avoiding bankruptcy and foreclosure.
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