Bad Credit Debt Consolidation Loan
“Toronto Bad Credit Debt Consolidation Loans Are Possible, But Only Through Particular Mortgage Financing Sources”
A Toronto bad credit debt consolidation loan is definitely something than can be secured, provided that you’re looking in the right place and making sure that you’re putting your best foot forward in the process.
If you truly have bad credit, then there is not likely going to be any, yes any, bank or institutional lender that will be able to help you. And if you’re in any type of a time crunch, its very easy to waste time with a conventional lender before they actually tell you “No” or decline your application.
And many times, individuals seeking debt consolidation will waste an inordinate amount of time trying to locate financing from a source that is not going to provide anything to them.
The main source (and many times only source) of bad credit debt consolidation loans is private mortgage lending sources. Private mortgage lenders take more of a home equity mortgage approach in that their target market is basically those individuals who cannot meet the credit and/or repayment requirements of the bank or institutional lender.
Most private mortgage for the purpose of debt consolidation are provided via a private second mortgage behind an existing bank or institutional residential home mortgage.
But even with private lenders, it can be hard to secure a bad credit debt consolidation loan if the applicant is viewed to not only have bad credit, but can only demonstrate very little if any responsible credit management practices.
Its one thing to have bad credit, but yet another to be making no positive steps to improving your credit.
As an example, a private lender is more likely to provide a mortgage to someone with bad credit that can show that they have been able to keep everything up to date for the last few months and have a plan towards improving their overall credit profile than to someone who has late payments every month and shows no regard whatsoever towards meeting their credit obligations.
Not too many people are prepared to take on a headache account, so even basic improvements to your near term story that leads up to the point where you’re applying for financing can be of benefit.
That being said, there are still private lenders that will take on some of the worst bad credit profiles. These lenders are basically expecting the mortgage to fall behind and are prepared to immediate take foreclosure action to get their money back if required.
In order to increase your chance of getting a Toronto bad credit debt consolidation loan at a reasonable rate, I suggest that you give me a call so I can quickly go through your situation and provide relevant private lending options from the extensive list of private mortgage lenders I work with.
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About the Author Joe Walsh
I'm a Toronto Mortgage Broker that arranges mortgage solutions on residential and commercial real estate property. With over 30 years of mortgage financing experience, I'm able to quickly assess your financing requirements and provide relevant solutions for your immediate consideration. Joe Walsh Google+ YouTube Channel