MonthFebruary 2019

Insolvency and Mortgage Loan

Insolvency and Mortgage

Some time ago, an unfortunate situation forced you to make a session of your property, or if you prefer, you went bankrupt. Today, your financial situation has improved significantly, you want to buy a property, but what will the reaction of mortgage lenders face this bankruptcy?

Insolvency and Mortgage

The majority of regular financial institutions will 
additional conditions to those usually required. There are some 
who will refuse to consider your request. 
What are these conditions? 
• The financial institution you are addressing does not need to 
to have lost money in this bankruptcy; 
• You must have been released from bankruptcy for two years; 
• Your credit must have been reinstated using credit products 
for at least one year and sometimes two years; 
• A down payment equivalent to 5% or 10% of the purchase price 
will be required, according to the lender; 
• Some institutions will only consider your request 
if your bankruptcy was for a reason deemed acceptable and a 
large amount.

Some time ago, an unfortunate situation forced you to make a session of your property, or if you prefer, you went bankrupt. Today, your financial situation has improved significantly, you want to buy a property, but what will the reaction of mortgage lenders face this bankruptcy?

In case of financial difficulties

Your income no longer allows you to meet your obligations, but you refuse to go bankrupt? An advisor can suggest you proceed by consumer proposal. This proposal is in fact a mechanism that allows you to reach agreement with your creditors to extend the partial or full payment of your debts. This procedure allows you to avoid facing justice and a judgment against you for non-compliance with your obligations. Other similar mechanisms, such as the proposal for debtors (for business owners) and voluntary deposit (for individuals) can also be used. All these possibilities have the same goal: to avoid the seizure of your property by your creditors.

What will be the position of mortgage lenders if you have used one of these mechanisms?

Although you have made arrangements to pay off all or part of your debts, the lenders will consider you as an ex-bankrupt. You will have to meet the same conditions as those required for these, mentioned on the previous page. Fortunately, mortgage brokers should still be able to help you with your project. Indeed, they can find temporary solutions by directing your file to alternative lenders. The rates offered by these are higher than the current rates, but the standard is that these loans are short-term. This period will allow you to restore your credit and, at the end of the term, your broker may direct your file to a conventional financial institution.

 

How To Find Money

Today in Bulgaria, getting your money on loan is sometimes a real challenge. One of the easiest and quickest options is the application for credit from a non-bank credit company, registered and licensed by the Bulgarian National Bank.

This type of lending to individuals in practice turns out to be widely preferred in our country as a form of rapid response, in case of need of increased financial resources at a specific moment. In view of the economic situation in the country, this is one of the best options that people prefer to use.

Thanks to the high-speed loans granted by the Gandalf Credit, every citizen can secure the funds he urgently needs in just a few minutes. Imagine how quickly you can solve your financial problems, yet with perfectly clear and clear absorption conditions.

What are the requirements for money laundering

We at Gandalf Credit believe that the answer to complex questions can very often be quite easy if you provide a trusted and loyal partner. That’s why we believe we can help each of our clients in a more effective way. This is true when it is in a situation that is financially out of the question and needs fresh resources to deal with.

Enough to apply for an emergency Gandalf Credit is:

  • Be at the age of 18;

  • Own a valid passport of a Bulgarian citizen;

  • Have Internet.
    Yes, it is so easy to find a quick answer to your financial needs and to guarantee the peace of mind that you deserve even in the most difficult moments because we are there when even your friends are not.

You can continue to think about and look for variants or do something to solve your problem with the need for money on a loan in minutes. Choice, nerves and time are yours, we’re just trying to help you save them and not worry about problems that you can solve lightning fast.

If you are still unsure whether our credit services meet your needs, you can contact us for a 100% free consultation with our associate on our free phone 0800 200 88 to offer you the most profitable solution to suit your needs.