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Unformatted text preview: risks not seeing a dime. They’ll be more desperate to negotiate and may even settle the loan for pennies on the dollar and not risk being left out if your home goes to the auction block. Bad credit mortgage refinance is also an option. If you just can’t handle seeing your credit slide even further then applying for bad credit mortgage refinancing might work for you. In this situation, a new lender will pay off your old loan and make arraignments with you for a new loan with different terms. Some of these lenders are backed by different sources and have different requirements. They my put more emphasis on your employment record than your credit score. No matter whom your lender is or going to be, you can bet that they will want to make sure you can make the payments. So make sure you’re secure in your job and let your debt restructuring begin....
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This note was uploaded on 03/06/2010 for the course ART 121 taught by Professor Mack during the Spring '10 term at Academy of Design Tampa.
- Spring '10