Are Sub Prime Lenders All Washed Up? [mortgagegoalrates.blogspot.com]
Congress is considering a mortgage lending bailout, but most Americans agree its the wrong approach by a 2-1 margin. The housing market is adjusting to an oversupply of housing stock and the failure of some high risk borrowers to meet their mortgage agreements. After years of steady growth in housing prices and a historic expansion of homeownership, a market correction is to be expected. Rather than aiding the situation, government intervention would distort the natural correction and prolong the uncertainty and turmoil in the housing market. Americans understand this and believe that individual homeowners and lenders will need to adjust to market realities, according to a newly released Public Opinion Strategies poll. Between October 18 and 21, 1000 likely voters were questioned over their opinions on the mortgage crisis. With a margin of error of 3.1 percent., 90 percent of those surveyed viewed sub-prime mortgages as a serious crisis, but only 31 percent of respondents believed the federal government should get involved.
mortgagegoalrates.blogspot.com Poll: Americans Oppose Sub-Prime Mortgage Bailout
It looks as if sub prime lenders are all but a memory. These lenders made a habit of issuing mortgages and loans to those who did not qualify for regular loans, usually because of credit issues. When the foreclosure crisis hit, many of the sub prime loans were the first to default. While the real estate crisis cannot be blamed on the sub prime lenders, they were a contributory factor in getting people to purchase homes that they could not really afford.
Many people who had adjustable rate mortgages found that they were unable to maintain their mortgage any longer because of the new rates. Others found that because they borrowed so heavily against their home, they owed way more than the house was worth. This precipitated many foreclosures. Today, sub prime lending is virtually non-existent. Most people have noticed a decrease in the amount of credit card invitations that they used to get in the mail as well as offers to refinance or borrow against the equity in their home.
The credit market has dried up considerably. The sub prime lending market was the first to go. Most of the sub prime lenders found themselves in bad shape after the housing collapse and ended up being purchased by larger banks.Those who lost their homes due to being involved with sub prime lenders can work on rebuilding their credit rating by using a credit repair service. There are many cases when late payments and even foreclosures can be removed from credit reports. This can enable someone to have good credit as well as access to loans if they need them.
While sub prime lenders are a thing of the past, there is credit available to those with good credit. In order to bring your credit score higher so that you can qualify for a loan, you need to get a credit rewind.
This can allow you to have a better credit score and enable you to qualify for loans and mortgages that are available in the market right now.Having good credit is not as difficult as you may think. When you use credit repair services, you can qualify for better quality loans at lower interest rates and fees as the service will eliminate the negative comments on your credit reports. The sub prime lenders have bit the dust and in their place are lenders that require very good to perfect credit in order for anyone to borrow money.
Suggest Are Sub Prime Lenders All Washed Up? ArticlesQuestion by Jeremy M: Who is a dependable, flexible, sub-prime mortgage lender that would be able to do a 553 mid score? I live in NM by the way. Best answer for Who is a dependable, flexible, sub-prime mortgage lender that would be able to do a 553 mid score?:
Answer by vkjoey
What state do you live in? I am mortgage broker and I do a lot of loans for people with scores in the 500's.
Answer by "All About Business"
Im a real estate agent in The O.C Cali. we can do a fico with that score.
Answer by Danny
Go to MSN.com and click on their "Money" page. They'll tell you that the days of the sub-prime mortgage are just about over.You won't find too many lenders out there nowadays. Get your things in order quick if you expect to get onboard with a sub-prime lender (if you can even find one now.)! Just make sure that you can meet the FUTURE requirements of your new loan! It might be easy to get the funds at first,but things get really crazy (money-wise) after the first few years. The main reason that the housing market went crazy was because of sub-prime lenders.Suddenly there were lots more people that could get homes.It's the law of supply and demand.But now lots of these folks can't afford to make the payments.That means lots of bad loans out there,and the banks don't want to risk any more of their money. The sub-prime market is about to go away,so get onboard now if you think you can pull it off!
Answer by lovingnights_4you
Hiya! My hubby and I went through Countrywide Full Spectrum Lending to get our loan. His credit score was around the 550's and they did it off of just his. I have the direct line to the guy we delt with. He was fantastic. This was our first home we purchased and Andy (our loan officer) explained every little detail to us. I have never delt with anyone so professional, friendly and helpfull as he was! You can e-mail me at LovingNights_4You@yahoo.com and I will give you his contact info if you would like it. Good Luck on your home purchase!!!
Answer by SndChaser
New Century Financial!!!!!
