Mortgage After Individual Voluntary Agreement

Mortgage After Individual Voluntary Agreement

An individual voluntary agreement normally adversely affects the debtor's credit ratings. These agreements are however very useful as they offer the debtor a solution by which they can avoid bankruptcy and also succeed in freeing them of all their debts. In many ways, these agreements are like a counseling arrangement that is offered to debtors in the USA. The trouble starts when you are in an individual voluntary agreement and you are applying for mortgage after individual voluntary agreement.

Individual voluntary agreement – many challenges

There are many challenges that the debtor that is applying for mortgage after individual voluntary agreement will have to face. The good news is that obtaining mortgage after individual voluntary agreement is still possible but the costs involved will be higher than for a regular person. To apply for mortgage after individual voluntary agreement and stand a good chance of being accepted you must follow a few guidelines.

Obtain credit report

To start with, you have to obtain your credit report as it stands after you have completed your individual voluntary program but before you start checking out mortgage lenders. Next, conduct some thorough research to find the best subprime lending agencies. These agencies are the only ones that will be willing to offer you mortgage after individual voluntary agreement.

Regular lenders

A regular lender like your bank or credit union will only handle applications for mortgage after individual voluntary agreement from borrowers whose reputation and credit are in excellent condition. So, you should not waste your time applying for mortgage after individual voluntary agreement from such lenders.

There are many reputable subprime lending agencies such as HSBC Financial Corporation, Norton Finance and CitiFinancial UK that you should apply to for your mortgage after individual voluntary agreement. It also makes sense to send your applications for mortgage after individual voluntary agreement to at least two if not four different subprime lending agencies. You should also attach your documents pertaining to your income and send these to the loan officials. This will help them to thoroughly appraise your application for mortgage after individual voluntary agreement.

Next, spend some time in comparing various mortgage offers and be very careful that you closely inspect their interest rates and fees. Mostly, when applying for mortgage after individual voluntary agreement, the interest rates and the fees charged are going to be quite high. It is therefore in your best interests to ensure that the fees (no matter how exorbitant they are) are affordable for you.

It is also important to keep in mind the fact that applying for mortgage after individual voluntary agreement to a subprime lending agency should be a solution to your problems that is temporary at best. if you make this a permanent solution you will be entrapped in debt for a considerably longer period of time.

Finally, before applying for mortgage after individual voluntary agreement, be sure to go over your present individual voluntary agreement with a fine comb. It is quite possible that the individual voluntary agreement counselors have already mandated that you cannot get fresh credit while you are still involved in making your repayments. So, unless the full payment has not been confirmed by the counselor, you will not succeed in your mission to obtain mortgage after individual voluntary agreement.

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