Credit Counseling and Mortgages

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Credit Counseling and Mortgages
Credit Counseling and Mortgages - Credit counseling in lieu of filing bankruptcy has helped many Americans out of their financial issues. Today, there are lenders who are comfortable lending money with a borrower who is currently in consumer credit counseling as long as the consumer has been on time with the monthly payments.

Some lenders are starting to see Consumer Credit Counseling as less derogatory than before. It shows a willingness to get a grip on your situation.

Consumer Credit Counseling must generally be certified as completed or satisfied prior to obtaining a mortgage.

Also, talk to your CCCS counselor if there is any restriction on refinancing you home mortgage. Sometime, the CCCS threatens to cancel the deal if there is any new debt occurred on the credit profile.

You also may want to try to contact your creditors directly before going to a Credit Counseling Service. Be honest and frank with your creditors and ask them for a decrease in your interest rate. You can ask them to do the same thing the Credit counseling service will. This may help you to retain a respectable credit rating while lowering your monthly liabilities. If for some reason the creditor is unwilling to help, then you can pursue the Credit Counseling. You have nothing to lose.

If you are considering credit counseling, please speak to a mortgage consultant first if you plan on purchasing or refinancing a home. Entering credit counseling may limit the number of lenders willing to lend to you.

Credit counseling is not for every one. the quickest way to pay off credit card debt is to use the equity in your home. If done properly you will achieve better results a lot quicker.

Many lenders look at credit counseling the same as bankruptcy or just barely a step above bankruptcy. Credit counseling is not always the best route to go to take care of credit card debt. Ask your mortgage professional if there are any options or other ways to deal with your debt first. A debt consolidation refinance can many times save you hundreds and sometimes even thousands of dollars.

CCC, Consumer Credit Counseling - What is consumer credit counseling, also referred to as CCC? Consumer credit counseling is a debt management service that helps consumers regain control of their finances. They can usually arrange for you to consolidate all of your debts, or at least most, into one debt, reduce and sometimes eliminate interest rates from certain debts, lower monthly payments and put you on a payment plan to pay off your debt much quicker than you would on your own. There are many pros and cons to consumer credit counseling companies and agencies though.

One argument for using a CCC program to assist you in paying off your bills is that one has admitted that one is unable to do something on one's own and needs assistance. If one has actually gotten to this stage then there are alternatives to paying off one's debt that doesn't damage your credit even more.

Some mortgage lenders will look at a consumer credit counseling program the same as a bankruptcy. This will reduce the availible LTV on a home loan and affect interest rates as well.

When researching companies that offer consumer credit counseling, make sure that they are registered with the Better Business Bureau and a clean record on file with them.

 

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 Information listed above is to be used for educational purposes only and is not guaranteed

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