Home Loans For Blacklisted People: Is it possible to secure a home loan if you’re blacklisted or have bad credit?
The recent credit crunch and subsequent economic recession resulted in many people losing their jobs. As a result of not having an income those people, who number in the tens of thousands, were unable to maintain their debt commitments. This caused many to default on their loan repayments, which negatively affected their credit rating. Some simply have Bad Credit scores while others were even Blacklisted.
On the positive side, a whole industry of service providers has since emerged to assist first time buyers with bad credit rating. These service providers range from bond consultants that work to secure home loans for blacklisted people to companies that focus of helping people with bad credit ratings to clear their records.
Residential and Commercial Auction Houses are another product of the recession. These companies have been setup to assist struggling homeowners. They are a lifeline for many distressed sellers, by giving the homeowner an opportunity to settle their outstanding debts through the quick sale of their property.
Here are just two solutions for blacklisted people:
- Debt Consolidation
- Debt Counselling
Note that home loans for blacklisted people will usually have a Very High interest rate attached to it. Meaning you’ll be paying a high premium for your bond.