Many people at one point or another go through some type of financial difficulties in their life. Some of us may have experienced an illness ourselves or with one of our family members that may have resulted in a loss of job or income. Life can be hard. While you want to be committed to doing your job sometimes there are things that are more important. There are times when we don't have a choice and our hours or pay may be cut. When tough economic times arise it can also be hard to find a job to supplement your income. Many others are looking for a full or part time job for the same reason. Some times there are just no jobs to be had. The problem is that our credit report does not reflect why we may have fallen behind on our bills. Although we may have spend years improving our credit score it can be destroyed in months.
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After you get back on track with your job and are more secure in you financial situation you may want to buy a house. However you know have a lower credit score and bad marks on your report. Can you still get a bad credit mortgage loan? The answer is yes, but with a lot of work on your part.
Before applying for a mortgage loan with bad credit you should take some steps to do the best presentation you can for the mortgage lenders.
o After getting back on your feet, be sure that you are diligent on making your payments. Getting a bad credit mortgage loan usually requires you to have 12 months of on time payments. They want you to show that you are in a better financial situation and are ready for the responsibility of a new debt.
o Check your credit and make sure that any negative marks are indeed yours. You should not have to pay for others bad credit. If you find a discrepancy on your report contact the lender and the credit bureau to dispute the charges. Also remember that there are 3 credit reporting agencies and you will want to check each one thoroughly. The agencies are TransUnion. Equifax and Experian. You are entitled to get one free credit report each year from each agency. Go to http://www.annualcreditreport.com to get this free report.
o Write letters to the lenders explaining why you may have a low credit score. The agencies don't take this into consideration but your lender may. Be detailed about what happened and how you have resolved the issue. This will show that you are concerned about your credit and are responsible for your debt.
Although getting a mortgage loan with bad credit may be more difficult it can be done with a little time and effort on your part.
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