Living Life After Bankruptcy | We Buy Houses LA

We Buy Houses LA

Living Life After Bankruptcy | We Buy Houses LA

Going through a bankruptcy case is probably the most challenging financial situation one could be facing at a time where money could mean everything and anything. The credit score will plummet down, with nothing to stop it or slow it down. And the bankruptcy case will stay on your credit report for 10 long years.

For a period of time, it may be difficult to get a loan or apply for a new credit card. Lenders may see this as a threat since one has managed to legally write off some of the past debts. It is a dark time but it doesn’t mean no light of hope will come shimmering in the hopelessness of the situation.

“Bankruptcy filings are continuing to decline, with fewer than 800,000 people filing in federal courts last year. Although 800,000 seems like a lot, it pales in comparison to the height of the economic collapse in September 2010, which saw nearly double the number of filings, according to statistics released by the Administrative Office of the U.S. Courts,” – an excerpt from the article posted on the National Bankruptcy Forum site.

Life Doesn’t End After Owing So Much Debt

We Buy Houses LARebuilding your credit score is a priority after the bankruptcy case is discharged. We buy houses LA from households still dealing with bankruptcy, bad credit score, lien, or bad mortgage. Recover from the situation by taking slow but consistent steps that could help your smooth out your credit score.

Reflect On The Situation

First action step is not to stay in one place, which also means not to get stuck on the problem. You’re bankrupt now with an ugly credit score, that’s a fact. But it doesn’t mean it will be the same for the rest of your life. Start asking yourself important questions.

How did you get into the situation? What financial management system did you use that put you through so much debt? With the experience, what have you learned? By finding answers to these questions you’ll be able to reorganize your lifestyle and adjust your spending habits.

Create Realistic Budget Plan

Be extra vigilant about your spending from now on. You will be living with a smaller budget with little financial options at the start of your recovery. With utmost control over the money you have, managing your cash flow will help prevent more debt from piling up.

By knowing how much you have up to the last cent, you’ll try to live below your means and avoid spending excessively and impractically. Including a small amount of savings is another step to recovery. Experts also recommend having an emergency fund for future emergencies or unexpected events.

New Credit

Well, applying for a new credit card won’t be easy, but still, not impossible. There may be banks that would refuse to lend you money right after finding out about the bankruptcy case, though not all lenders follow the same policy. There are credit lenders who are willing to help financially challenged individuals gain back their score.

“A secured card is different from a prepaid debit card. With a secured card, your deposit serves as a backup in case you don’t pay your bill. With prepaid debit, the money you “load” onto the card is used to pay for your purchases. Prepaid debit cards do not help you build credit,” – a valuable Nerd Tip by Kevin Cash.

Recovering from bankruptcy is a tedious process, however, once you fully recover from it, you will be good as new. You wouldn’t have to resort to sell my house fast Los Angeles or hide away because of shame anymore. Anyone can rise up from a downfall with the right means and proper guidance.

SellAnyHouse LA is a home buying company serving Los Angeles residents by providing alternative solutions to their most difficult housing and financial issues. We buy houses LA regardless of the reason for selling or in whatever condition the property is in. If you wish to break away and have a change of scenery, sell your house to us. It will be simple, painless, and fast!

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Avoid Bad Mortgages | Which Lender Has The Lowest Rates?

sell my house fast Los Angeles

Avoid Bad Mortgages | Which Lender Has The Lowest Rates?

Many American homeowners have moved from one place to another in the span of five to ten years, often due to reasons that are either financially-driven or a career advancement decision (which are also usually financially-driven). In California, families who move often have chosen to sell my house fast Los Angeles and found it less of a hassle.

sell my house fast Los AngelesAnd some had hoped that finding a new house, making the offer, communicating, and negotiating with a realtor or home seller would only take about a week to complete. But this is the just one phase of the process. Another phase, one which determines if the house being purchased is worth the time and money, is finding a lender with the best mortgage for you.

As for mortgage rates, who knows? They were low throughout 2016, spiked higher after the election, but are still low by historical standards. They could remain low in 2017, or rise. There’s still not a lot of room for them to fall.” – Holden Lewis said in his 2017 house buying tips.

We won’t be dwelling on more predictions today, instead, we will be talking about the incredibly simple tips to finding the best lender with the lowest mortgage rates, to protect yourself from ending up with a bad mortgage loan.

How To Find The Best Lender With The Best Rates

Rate Comparison

When you are looking for the best rate, take into consideration the list of lenders your realtor, friends, and family recommend.  Finding the best mortgage plan can be a complicated process especially if you’re a first time buyer. Your realtor can be a great help in this area, since they work with many mortgage companies on a daily basis.

Invest In Down Payment

Saving up for the down payment is the first step to avoiding a bad mortgage. If you can save enough, then you have a greater selection of reputable lenders to choose from. And generally with a bigger deposi, these companies would offer lower interest rates on your monthly mortgage… which in turn leads to a lower monthly payment.

A higher deposit could also mean saving on the mortgage insurance, which is common when the down payment is lower the usual percentage. Here’s a helpful rate tool you can use to aid your search.

Credit Score Improvement

This one is easy to figure out. With a better looking credit score, more lenders will willingly offer you their better interest rates. These financial companies are more than happy to help those with higher credit scores. The higher the score, the better options available to you.

Occupancy Period

Your length of stay in the property must be taken into consideration as well. If you are looking at staying for more than ten years, then a long-term repayment plans will work best for you. However, if you plan to stay for just a couple of years, consider looking into adjustable rate mortgages (ARM).

With ARM, the interest rates are considerably lower but the repayment terms can become quite catchy and complicated. SellAnyHouse LA has seen households deal with ARMs that caused agitation when the repayment terms changed to offset the initial lowered rate. When we buy houses in Los Angeles CA, we don’t turn our backs from properties with complicated mortgage terms or extensive repairs.

When You’re Ready To Sell Your LA House

Once you find the right mortgage company to finance your loan, contact SellAnyHouse LA for additional assistance. With our speedy process, we can complete the sale of your current property in as little as 5 days. In turn you’ll get a fair all cash offer, which will be deposited right straight to your bank.

Proceed with sell my house fast Los Angeles with the assistance from one of our real estate consultants. We’re happy to help you move on!

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