Can A Mortgage Default Send Me Into Debt?
Can A Mortgage Default Send Me Into Debt? Table of Contents If you’re facing a mortgage default or are having difficulties making your repayments on
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If you’ve had a mortgage default listed on your credit file, you might be wondering if it will stop you from being able to buy a house later on. Generally, it can depend on the type of default listed on your credit file, and the lender you are applying with. Some lenders may choose to disregard smaller defaults, or defaults that are old. You also might find that a private lender who specialises in lending to those with a negative credit history might be able to approve you.
Read on to find out more about buying a house after having a mortgage default.
In some cases, you might be able to get approved for a home loan even if you have a default listed on your credit file. Depending on the types of defaults, how long ago they occurred and if they have been since paid off, you might find that a lender could approve a home loan application that you submit.
The total amount of the default in question may also be taken into account by your potential lender, as will the total number of defaults that you have listed. You might find it easier to apply for a home loan with a private lender that specialises in lending to those with compromised credit scores and files.
Getting approval for another mortgage after defaulting will depend on the lender you choose to apply through. Some lenders may choose to disregard some smaller defaults of less than $1,000.
However, some defaults can affect your ability to be approved for a loan. If you choose to apply with a mainstream lender, such as a bank, you could find it harder to get a mortgage application approved. This is because in some cases, lenders will require two years of good payment history from you before your application can be approved.
If you have not had any other defaults in two years, and have had a good repayment history with other loans in that time, your lender may be able to approve your application.
SR & Associates has more than 40 years of experience and has successfully helped 1,000’s of people Australia wide with their debt issues.
We aim to provide support services to those who do not know where to look, or who don’t know where to turn during the mortgage default process. We can advocate for our clients to help to stop them from being harassed and hounded by creditors. You shouldn’t have to suffer alone when support is available to you.
Our helpful advocates can give you confidential assistance, without any nasty, hidden fees. We can also assist you in finding a solution to your mortgage issues in addition to advocating for you. If you need help and support, call our supportive advocates for your free consultation today.
*Disclaimer: This article contains general comments and recommendations only. It is not intended to be and should not be construed as legal advice. This article has been prepared without taking account of your objectives, financial situation or needs. Before taking any action, you should consider the appropriateness of the comments made in the article, having regard to your objectives, financial situation and needs.
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