Discussion on bad credit loans?

[LoanskeyDotCoDotUk]

Hello guys,
Let us discuss about bad credit loans here?

[LoanskeyDotCoDotUk]

There is a myth in the society that if a person has filled a bankruptcy or developed a bad credit, he can take car loan or mortgage loans.Although this myth was developed in prior decades still continues to exist through inaccurate warnings made by ruthless credit collectors. But this not true, such individuals can take car loans and mortgage loans too.

[OregonLO]

bad credit? With the turning of the market I don't see them being able to get as many loans. We'll see a surge in rentals which has its ups and downs. The market is getting tighter but I think over the course of the next 6 months we'll see the market find a happy medium. They will have to meet some tougher guidelines.

Some people should work on fixing their credit before they buy a home. I try to coach all of my "subprime" clients so they can repair their credit and become a homeowner..

[Lockett The Lender]

I think we are witnessing the end of the subprime market. Public pressure is going to eventually force government action. With a record number of foreclosures in 06 the media has gone on a witch hunt and it looks like they are blaming the lenders for the current foreclosure woes. In the very near future I think we can expect tighter government regulations on all loan programs especially those geared toward the subprime market. I actually think the alt A market will become the subprime market and the subprime market will vanish.

This is going to be a great market for the LO who has clients who are investors. The housing prices will continue to drop, (since inventory is high and demand is low), and rents will nudge upward which is an attractive position for an investor.

Those LO's who only have subprime clientèle may be left in the cold, unless they can find a way to capitalize on credit repair strategies.

[OregonLO]

Yeah, I feel kind of bad for the people who rely on subprime loans for their business. That will be gone. I don't even waste my time on them now. Its just not worth it. I'd rather tell them sorry and save myself the headache and focus on my solid clients that I know I can get done. If you have bad credit in the future you'd better have money to put down.

No more SISA's to 100% with a 620 fico ;-)

[Lockett The Lender]

I have also gotten out of the subprime market, and it also looks like alt - A is in jeopardy, which was a great deal of my client base. However it is good to see things coming back in line, because some of the loans that were being offered were simply off the charts insane.

[OregonLO]

yeah, I do more ALT-A and conforming than subprime so I'm fine with telling them sorry. There was definitely some crazy stuff happening. It is probably for the better.

There will be a lot of homes out there for people to pick up out of foreclosure though. I think I'm going to try to get one :)

[Lockett The Lender]

We are about to witness the return of the real investor, not the little middles, I just watched 32 hrs of HGTV and know everything there is to know about real estate investor, 620 fico, who wants to put down 0%, get a 5% note and not only cash flow the property, but make a substantial profit each month. Or the investor who wants to purchase a property put about 50 bucks worth of paint on the walls and sell it for a 100k profit.

These guys are gone and I wish them good riddance, these types of so called investors are the time bandits of the industry and can now be avoided.

I welcome the real investor 20 -30 % down, realistic expectations and 700 plus credit scores. I have said it before but any LO with these types of clients should start hitting them up because in this market is how the wealthy stay wealthy and the rest of us can get a little piece.

[OregonLO]

exactly...I'm glad that these people will be gone as well! See ya later!! All they did was hurt the industry. The good people last the others come and go with the fad of the moment.

[carlel]

There is a myth in the society that if a person has filled a bankruptcy or developed a bad credit, he can take car loan or mortgage loans.Although this myth was developed in prior decades still continues to exist through inaccurate warnings made by ruthless credit collectors. But this not true, such individuals can take car loans and mortgage loans too.
It depends on how long ago the y declared for bankruptcy; eventually it will come off your credit record(after 7 years i think), and if you've been responsible, your credit rating can raise enough for you to get a loan or a mortgage.