If a person is under bad credit, then it means it is risky to lend money to that person. It means that he has already defaulted in some of his previous loan or loans. Banks and other financial institutions will not lend money to such people as they consider them unworthy of credit. Bad Credit Refinance Mortgage and They should These people have two options before them :
These are certain private lenders who give home loans even to those who are in bad credit. These people are known as subprime lenders. The terms and interest rates of these loans are much higher than the normal loans. This is because to lend such loans is very risky to the financier. When risk increases, the interest rate also increases. This may be disadvantageous and disastrous to many borrowers.
Yes this is true that private lenders finance such types of loans.
Bankers are never comfortable with loans with bad credit. Because it is considered as the most risky choice to finance a borrower with bad loan history. But if this type of home loan is taken with co-borrower, more downpayment & home as security then one can hope for little soft corner.
But this might not the case always. Such loans will need strong guarantors who can assure payments to banks.
These are really tough cases to santion with big list of conditions.
One of my known guy in friend circle.... had very bad credit history (lots of amount due in Credit card...approx 5 lakh+)...got made new pan card with "Kumar" name instead of surname (gupta, sharma etc) and got new bank a/c... so no credit history as per Pan/Bank statement... even name is changed... so everything is possible
Repaying your Home Loans with Bad Credit is very important. It may possibly almost be a better idea to have a payday loan or something like that, and repay it, than enter into the habit of failing to pay loans. Not paying tends to cost more ultimately - that is where debt gets really expensive.
Don’t take chances with Home loans with Bad Credit. Always check the registration number of their company as well as whether or not you’re able to contact them. If something goes wrong, you want to be able to be in touch with them.
Here is my story:
In the year 2006,I opted for Credit card and kept the card as it is and never use the card till six month.After six months I booked a flight ticket and thereafter paid the outstanding amount applicable on that transaction completely to bank.however when I called to customer care to find out if the amount paid by me is ok,they informed me that there is an outsanding amount of rs 33000 on my card which was not utilize by by me.We had lots of discussion at that points of time and then they assure that it will be reverted back .However It was never done.Now when I refer to CIBIL,it shows and outstanding nearly 2 L.I want to know how to tackle this as when I apply for home laon it will be difficult to convince the lender.I don"t have any prove what I communicated to bank 6 years before.Senior member please suggest .
Home loans aren't for everybody, though. Sometimes, you're merely wanting for some cash just for now.
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