Experiencing Mortgage Stress? Why You Should Talk to a Specialist Mortgage Broker

Are you having a hard time making your monthly mortgage payments? Perhaps your income has significantly declined over the last couple of weeks due to a relationship breakup or an unexpected financial dip. You are probably experiencing mortgage stress and you should reach out for help.

If you have missed a couple of mortgage payments and the bank doesn’t seem to understand your situation, you should call a bad credit mortgage broker. They look beyond your credit score or bad credit history to understand your situation and help you to get out-of-the-box solutions.

Read on and find out why you should reach out to a bad credit mortgage broker experiencing mortgage stress.

Who are Specialist Bad-Credit Mortgage Brokers and How can they Help?

These are mortgage brokers who specialize in advising homeowners who are in mortgage trouble, have bad credit and need out-of-the-box solutions.

Bankers and ordinary mortgage brokers often focus on “normal” applications. If your case doesn’t meet standard policy, they would most likely reject you.

However, bad-credit mortgage brokers have an outlook that everyone deserves another chance. After all mortgage stress often comes about due to an unfortunate event like losing a job or divorce. All you need is a financial break.

Bad credit mortgage brokers work with an array of lenders, including second-tier lenders. They may help you get a fair deal with a more flexible alternative lender.

 

Why Speak with a Specialist Broker?

When you encounter financial headwinds and miss a couple of mortgage payments, the bank will demand payments. Most banks have very stringent lending, and loan management criteria. Sometimes banks may not understand your situation. If the computer says no, it’s a big NO.

That’s not the kind of audience you’d want when you are experiencing mortgage stress. Moreover, making too many applications with different lenders will make your credit score worse.

If you have missed a couple of payments, you may be staring at ultimatums and threats of a mortgagee sale.

Are you in such a fix?

A specialist bad credit mortgage broker will take the time to listen to your story. He or she will gather information about your defaults and the circumstances and propose out-of-the-box solutions. It’s much better than walking straight into a rejection by your bank or other standard brokers and lenders.

What Will the Broker Do?

When you approach a bad credit mortgage broker, expect the same kind of personal questions as you would from an ordinary broker or bank. They will also request you to complete a brief form giving details of your financial position.

However, unlike a normal mortgage broker, they will help you comb your credit report, identify and understand the ‘dark spots’ and assess if it is viable to continue with the mortgage.

If it is not viable, the broker will advise you on how to make the best of the situation. If it’s viable, the broker won’t just hand you another mortgage document looking to close a deal. They will help you find alternative lenders. They will also help you to formulate a way through the current crisis.

 

It doesn’t matter whether it’s mortgage stress due to recent events or a bankruptcy issue. You can reach out to a bad-credit mortgage broker and seek help.

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