No Credit Bad Credit No Problem [Part 2]
Answering a questions
It's good to have comments on my blog, but I would like to answer a question that was brought up during my last post. "How can you afford to pay a mortgage if you have bad credit? Well for starters there are some people that filed for bankruptcy for starters. For some people it's a fresh start, but the downside is your credit is bad for about 7 years. I know someone that filed for bankruptcy and now has enough money to pay for a mortgage, but there are no lenders that will lend him money because of the bankruptcy. There are people out there that have bad credit and still can afford to carry a mortgage. Basically people that rebounded from past problems with credit can use these methods to acquire a house (Sellers financing and lease option).
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Unfortunately with bad credit, you can’t afford not to refinance a high interest mortgage. But working with the right lender, you can trim your loan costs and help your monthly budget. You even have the option to cash out part or all of your equity to pay off high interest credit card debt. Subprime lenders can help you secure financing and reestablish your credit.
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