Second Mortgage Outlet

Poor Credit Second Mortgages

Consider a 2nd Mortgage for Cash Out or Paying off Bills, even if you have low fico scores.

Free Quote

Home Loan Type Property Type Credit Rating
Property Value Mortgage Balance Preferred Phone Number
Full Name Email

Homeowners with poor credit still need a home financing option to consolidate credit cards and refinance adjustable rate loans. SMO offers a variety loan solutions that help borrowers get back on their feet. We offer second mortgages for people with bad credit who are looking to paying off debts and consolidate adjustable rate loans. Finding a lender that still extends credit to people with low credit scores continues to be a challenge for many consumers shopping loans online.

SMO provides poor credit mortgages for refinancing, debt consolidation and financing home improvements. We suggest that you look at all your 2nd mortgage and home refinancing options before taking on a new second mortgage that uses your home as collateral. If you are shopping to find mortgage loans for people with poor credit scores, then we can help. Take a minute and complete this simple form below and we will pair you with finance companies that best suit your credentials.

  • Poor Credit Mortgage Refinancing
  • Home Equity Mortgages up to $500,000 Loan Sizes
  • Poor Credit Second Mortgages with 550 Fico Scores
  • 2nd Mortgage Credit Lines
  • Fixed Rate Sub-Prime Refinancing

You can learn more about consolidating debt and home improvement financing for first time homebuyers by reading some of our recommended articles online. You will gain financial advantages and get specific loan program parameters for financing that is applicable to your situation. Get a free 2nd loan quote for a Second Mortgage and Bad Credit that can help you consolidate some credit card debt. We suggest that you get more information about the guidelines for a Bad Credit Refinance Mortgage because it could help lower your monthly payments by refinancing. Article Source:http://EzineArticles.com/?expert=Maria_Ny

Consolidating Poor Credit and Bad Debt with Second Mortgage Loans

Under the old bankruptcy laws, most debtors chose between a liquidation proceeding under Chapter 7 of the Bankruptcy Code and a wage-earner repayment plan under Chapter 13. Under the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA), new bankruptcy law, a two-part means (income) test now determines if you are eligible for Chapter 7 or must file under Chapter 13 for relief.

The new law mandates that all debtors must get credit counseling with an agency approved by the United States Trustee's office before they can file for bankruptcy. Once the bankruptcy case is over, all debtors must attend additional counseling on budgeting and debt management before bankruptcy discharge of debts can occur.

"The strategy of the people who supported this bill appears to be death by a thousand cuts. There are a lot of deceptive traps designed to snare people and keep them from discharging debt that they really may need to get out from under."

Filing for bankruptcy should always be a last resort, since it significantly taints your credit for many years. With the new bankruptcy law, it much more expensive and time-consuming to file. Unsecured loans probably will not provide enough money for to pay off bad debts, so consider secure debt consolidation loans. So, if you are a homeowner a home equity loan may provide you some relief by saving you money on interest when you refinance your revolving debt into a fixed simple interest home equity loan. You may want to consider refinancing your home or taking out a second mortgage loan to eliminate your credit card debt and secured loans, especially if the new law for minimum payments has you considering bankruptcy.

It is recommended that you apply for a fixed home equity loan due to the Federal Reserve's recent hikes in interest rates. But, if you need a line of credit and plan to refinance later on when your finances are in order or you plan on moving soon, variable rate mortgages may work out well for you due to their initial lower interest and lower monthly payments because most lenders only require the interest to be paid each month.

Maria Ny, a free-lance writer from San Diego is highly respected for her published articles that covered a broad range of subjects ranging from Home Equity, Debt Consolidation, Bankruptcy Reform, Credit Repair to Real estate Financing.

Poor Credit Refinance Mortgages: Consider a loan that save you money by reducing your mortgage payment without the risk of an adjustable rate loan. Even if you have been rejected by banks because of low credit scores, insufficient equity, late mortgage payments and past bankruptcies or foreclosures, there are lending alternatives.

Get approved for a 2nd mortgage in just a few minutes and compare several affordable lending options regardless of your credit score.

A home equity line of credit offers access to money for home improvements and 2nd home construction.

Company Pages

Recommended 2nd Mortgage Articles

Pros and cons of an adjustable rate 2nd loan
Can I get a second mortgage on my vacation home?

SMO recently announced a new credit line product that was created to provide home equity lines to people with low credit scores.

2nd Mortgages for people with poor credit are available from $10,000 to $500,000.