0
How can someone get a second mortgage loan if they have bad credit?
Wiki User
∙ 10y ago
One can demonstrate that they are now handling money more responsibility. One could do this by making payments on time and start making payments in full.
Wiki User
∙ 10y ago
Add your answer:
Earn +20 pts
How can someone apply for a mortgage loan?
Someone can apply for a mortgage loan by going to the Realtor website. The website has information on how people including those with bad credit can apply for a mortgage loan.
Where can someone get a mortgage loan for people with bad credit?
One can get a mortgage loan for people with bad credit in two different places. The first place that one can get a mortgage loan for people with bad credit is a bank, like Wells Fargo. Another place that one can get a mortgage loan is a credit card company, like American Express.
Where can someone with bad credit apply for a home loan mortgage?
Having bad credit does not stop a person from applying wherever they wish to for a home loan mortgage. It does, however, make it significantly less likely that they will be approved.
I am not on the 1st mortgage loan but I co-signed a loan for the second mortgage The 1st mortgage lender is foreclosing If I stay current on the second will my credit show a foreclosure?
the second mortgage is based on the house as collateral. If the house is gone, the bill is due. It is not an unsecured line of credit. When the house goes the 2nd has to be paid in full or it will count against you. The only way around this is to get another line of credit/cash somewhere and pay it in full.
How can someone be released from cosigning a mortgage loan without ruining their credit?
The only way to be removed from the obligation of cosigner is for the loan to be refinanced.
What should one do if they have bad credit but need a loan on their first mortgage?
If someone has got a bad credit record and wants a loan linked to their first mortgage then they will need to convince a bank that they do have a good and realistic chance that the loan will be paid back. As it stands they are probably a bad credit risk so they will find getting the loan hard.
Can I get a mortgage with bad credit?
It is possible to get a mortgage loan with bad credit but you will have to pay a lot higher interest rate and the loan amount will be lower. You can go to HUD and talk to a counselor about securing a mortgage loan with bad credit. There are a few different options for people with bad credit.
What are some reasons why one may need to take out bad credit second mortgage loans?
There are a few reasons why one may need to take out bad credit second mortgage loans. If one has a poor credit rating a regular bank loan will not be available so bad credit loan is the only option. A second mortgage may be taken out when one has capital tied up in a house that they need to release to pay for home improvements.
How can someone get a second mortgage in Canada?
You can get a second mortgage in Canada by applying to a bank such as State Farm. There will be conditions on the total loan to value ratio and also one your ability to repay the mortgage.
What is a tradline?
any credit line that you have- credit card, car loan, mortgage and student loan
What is second home mortgage?
A second home mortgage is a loan that you take to purchase your second home.
How can one get poor credit mortgage loan in Ottawa?
To get a poor credit mortgage loan in Ottawa a person needs to seek the advice of a lending company who can help you with getting a loan. Many times they will tell you how to get your credit in better standings so that you may get the loan.
