When something drastically happens to a loan agreement the usual consequence is that the injured party will shy away from loan and credit agreement, thinking that such incidence will result to a low credit score that would result in turn a ‘no-interested’ lending party.
A ‘no-interested’ lending party doesn’t exist in the financial business. In a world of shrewd and competing businessmen, a prospect for trade isn’t ignored however small the gold nugget is compared to the rest of the market. A small fish is still classified as fish especially in the presence of other several thousands of smaller fish. That’s an economist slogan.
Mortgage loans with low credit score are available to individuals with especially low credit score. In fact, as soon as the word reaches out to lenders about the news of your filed bankruptcy, many mortgage loans with low credit score lenders will be piling up your doorstep for various plans to recover your losses. Because as long as you still hold something that is prime to them, you’re still good business.
Equally aggressive would be the property predators, and they should be the ones you should look out after. Deals made by these creditor types will only make you lose your last possession or your only asset. Especially reverse mortgage, which is a destructive option if used by the wrong hands.