Home Loans For Blacklisted People

How to Secure Home Loans for Blacklisted Consumers

In today’s debt-ridden economy, it can be extremely challenging to secure home loans for blacklisted consumers. Despite the daunting challenges ahead, with the right financial assistance you will be able to achieve your goal of home ownership if you follow steps that will help you to resolve your debt problems. Home Loans is able to offer excellent advice for blacklisted individuals seeking to learn more about home financing, allowing you to find the home you have always wanted.

The biggest challenged that blacklisted individuals have when it comes to financing property is that banks are wary of high risk individuals who may not be able to deliver on monthly payments. Potential or current homeowners who have bad credit records are far higher risk than those who have a clean credit record with evidence that they are able to afford payment terms and interest levels. This is especially true in the case of second property loans or very expensive homes, but even first time buyers will struggle to secure home financing if they have been blacklisted.

The good news is that it is possible to secure blacklisted home loans if you are willing to work towards resolving your debt for good. Some of the measures that can be taken to change your credit record include the following:

  • Debt counselling – this offers the most effective way to manage your debts in a way that allows you to pay off current debts while still having enough funds for cost of living. Debt counsellors work with you to determine how much you can afford to pay your creditors, and also offer helpful tips and strategies that will help you achieve your goal of home ownership once you are able to clear your credit record.
  • Specialised loans – some banks and organisations offer homeloans for blacklisted individuals, with more flexible terms. On the downside, these organisations often charge excessive interest rates that may result in you paying far more than you would through a regular home financing provider.
  • Consolidated loans – another step for current homeowners who have been blacklisted is to consolidate your loans. This will put all loans into one large loan, including credit card, private loans and home loans. Loan repayment terms are often extended, with lower interest rates to assist you in paying off all of your debts over time.

To find out more about the wide range of loan options offered by Home Loans, simply complete the form below to have a customer service representative contact you within 24 hours.

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Blacklisted Home Loans – The Pitfalls

While it’s easier said than done, managing your debt is the best way to prevent the stress and financial difficulty of being blacklisted. Owning property is something that every person aspires to, whether you are seeking to purchase a larger house for your growing family, or even to downscale to a smaller apartment in a trendy city neighbourhood. Financing your dream home with a home loan may be a challenge, but for those who have been blacklisted, the challenge is far greater.

Some of the dangers caused by blacklisting include the following:

  • Banks and other providers are not willing to approve your loan requests
  • Creditors can add excessive interest rates for late payments
  • Court summons and even repossession are a greater risk
  • You will need to clear your credit record in order to consider property purchases or other loans
  • If debt counselling or other debt relief strategies are not employed, blacklisting can be long-term, with serious consequences

How to Achieve Your Home Ownership Dreams with Home Loans

If your debts have reached the point of no return, do not wait until the consequences become more serious. Seek help as soon as possible, and begin the steps that are needed to begin clearing your credit record for good. Once home loans providers see that you are committed to resolving your blacklisting records, your chances at securing home financing will greatly improve.

For current and potential homeowners who have not get been blacklisted, but are struggling with debt, it is imperative to take action now, before you are blacklisted. This will give you the best possible chance of securing a home loan, with the chance to find your dream home that you will be able to afford without increasing your debt.

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