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California Bad Credit Personal Loans -- Questions To Answer Before You Apply For A Hard Money Loan

What caused you to fall behind on your present mortgage payment?

You need to be able to explain how you came to your present financial difficulties. A private money lender will certainly want to know what led to your problem how you lost your job, incurred medical expenses, happened into a failed investment or real estate venture, etc. It is important to be truthful on this point because the lender will most likely find out sooner or later, and hiding facts will get you no closer to obtaining your bad credit personal loan.

From a long term perspective, it is important to insure that you do not get into another difficult financial situation in the future. If you really stop to analyze how you came to be in the situation you are in, you can better prepare to insulate yourself for any potential problems going forward.

What is your monthly income level?

Understanding your resource and income base will give you an accurate idea of what you can afford for your California bad credit personal loan. The interest that you will pay on a bad credit personal loan will be significantly higher than on an institutional loan from a bank. You need to be sure that you can afford these payments -- missing your payments could result in the loss of your property.

In order to assess your resource and income base, write down your monthly income this should include your salary, any disability or insurance payouts, retirement income, welfare benefits, investment income, etc.

What are your monthly expenses?

Your actual income level is derived by subtracting your monthly expenses and financial obligations from your monthly income level that you determined in the previous step. Your monthly expenses should include your existing mortgage payments, car payments, credit cards, insurance, school loans, child support, utilities, etc. If you are transitioning into a bad credit personal loan, you need to determine how much more your payments will be each month and also subtract this from your income amount. What you are left with is your disposable income this figure should be enough to allow you to cover your day to day expenses.

What are your present and future financial plans?

Sitting down and figuring out how to solve your current crisis today is an important step in insuring a comfortable financial future. Reducing your monthly expenses, or at least budgeting for all of your expenses, will insure that you can make your minimum monthly payments helping you avoid missing payments and further hurting your credit score.

Perhaps more importantly, begin to develop a plan that addresses your long term financial goals. Your attitude, outlook, and plan may affect how willing a bad credit lender is to helping you out with your bad credit personal loan. A bad credit personal loan term should ideally be between 12 and 18 months. By the end of this loan term, your credit should be high enough to qualify for a sub-prime loan or A paper loan.

The intrinsic idea behind a bad credit personal loan is to obtain a loan to hold onto your property and, in doing so, to mend your credit and thus build a solid financial future. This is coincidentally why obtaining a bad credit personal loan is always a better alternative to declaring bankruptcy.

Corey Senn is a Senior Partner with Bad Credit Lender, a California based private lender that specializes in hard money and bad credit loans. Located in La Jolla, California, Bad Credit Lender provides competitive private California bad credit loans, bad credit personal loans, and bridge loans. In addition, Corey is one of the main contributors to the California Home Mortgage Loan web blog.

More Useful Resource and Updates on debt free refinance home student loans debt l

Home builders see shares rise (The Record)
U.S. home builders, including Hovnanian Enterprises Inc., Meritage Homes Corp. and Standard Pacific Corp., saw shares rise in New York after mortgage applications surged and a report said housing supply is tightening in California.

Proposal could drop mortgage rates to 4.5 percent (San Jose Mercury News)
If Treasury Department approves plan, said one mortgage broker, 'We would have everybody and their brother who had equity in their homes coming to refinance. That would be an amazing influx of loan applications. It would keep things going for a long, long time.' Rates drop to 11-month low Bernanke: More foreclosure help needed Real estate news | Economic crisis news

Mortgage freeze hard on self-employed (Rocky Mountain News)
The government?s recent moves to backstop the mortgage market have made it easier for many people with decent credit scores to get a loan. But for many self-employed people ? even those with pristine credit ? the mortgage freeze has yet to thaw.

Are you an idiot to keep paying your mortgage? (ABC 15 Phoenix)
Should you keep paying your mortgage? If you have significant equity in your home, absolutely. If you don't, it's getting harder to answer that question, especially when our government keeps giving people who owe more than their homes are worth so many reasons not to pay.

Florida leads nation in fraudulent mortgage applications (Miami Herald)
Despite more stringent underwriting of mortgages in the wake of record foreclosures, lenders continued to battle the problem of home loan fraud during the second quarter of theyear, with Florida borrowers again submitting more questionable loan applications than borrowers in any state in the nation, according to an industry report released Tuesday.

Mortgage Refinance Applications Soar As Rates Fall (Nasdaq)
NEW YORK -(Dow Jones)- Applications to refinance mortgages soared last week as interest rates dipped by almost 1 percentage point after the Federal Reserve announced that it would purchase billions in mortgage related debt.

Proposal could drop mortgage rates to 4.5 percent (The Monterey County Herald)
Mortgage brokers could barely contain their enthusiasm as news leaked from Washington of a proposal to reignite the dormant housing market by driving down mortgage rates to the 4.5 percent range.

Business briefs: Dec. 4, 2008 (Rocky Mountain News)
Productivity slows to 1.3% in third quarter Calif. congressman might be trade rep Mortgage application volume more than doubles Yahoo plugs int to CBS Harvard endowment down

Home Loan Fraud Still Rising; Florida Leads Nation (HispanicBusiness.com)
Despite more stringent underwriting of mortgages in the wake of record foreclosures, lenders continued to battle home loan fraud during the second quarter of the year, with Florida borrowers again submitting more questionable loan applications than borrowers in any state in the nation, according to an industry report released Tuesday.

Lower mortgage rates spur refinancing (San Diego Union-Tribune)
The housing market may finally be getting some much-needed relief, with lower mortgage rates already encouraging refinancing and Treasury officials considering ways to entice new buyers.

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