Bad credit mortgages are a better solution for those with not so good credit and turned around by the bank. Bad credit means a significant factor is affecting your credit score. Factors such as bankruptcy, collections, consumer proposal can drastically affect your credit score negatively. Credit scores can range from 300 to 900.
Foreclosure or Power of Sale is not something everyone is familiar with, but when it hits, you need to know what to do. Foreclosure or Power of Sale doesn’t just happen without a reason.
Let’s assume you own a home that is worth $250,000 and you owe $150,000 on your mortgage, that means you have $100,000 in home equity. With that said, home equity is the difference between the value of your home and how much you owe on your mortgage.