Hi
Now, this could be the wrong place for info but any help is propably more than what i know. In short: 2 rental properties, in arreas on loans, also 2 defaults (due to car accident) Excellent credit till then.
Cant get re-financed or borrow for arreas. So now that things have moved along and finances have changed a bit, interest rates have gone down, what can i do?
I also learnt in this proccess that arreas means major high default percentage rate. So even making a major effort to get back on track, the interest was continually going up. How was I meant to catch up?
Any ideas would be greatly appreciated……………..Thanx
Have you approached non-bank lenders
go to google and type in the search box the following
bad credit rating refinanceor
bad credit debt consolidationthis web site looked interesting
http://www.fundsnational.com.au/You may need to use a mortgage broker that specialises in bad credit loans . It saves you time searching all he banks
google search for
Bad credit mortgage brokerBorrowing your way out of arrears is (a) hard and (b) dumb.
If you can get it done, you will end up with more debt than you have now at a higher rate.
If you can't carry the debt, reduce it.
All depends on the LVR and general security and feel of the deal.
Richard Taylor | Australia's leading private lender
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