A
mortgage is defined as any real
estate property
that is collaterally pledged with the lender. In this type of loan, the
interest on a property is transferred to the lender of the loan. However, today
the term "mortgage" is used in many forms. Before we proceed with our
topic, let us first define the term mortgage.
·
According
to Dean Graziosi, mortgage loans are also known as mortgage financing.
·
In
mortgage, the bank or loan provider, gives the borrower money equivalent to the
amount of property the borrower is willing to purchase.
·
The
real estate property purchased with the loan is a collateral property of the
lender and the borrower.
·
Legal
documents are used to pledge the property as a mortgage property.
·
In
most of the mortgages, if the lender fails to pay the debt of the lender, the
property is automatically transferred to the lender.
Mortgage Given After Bankruptcy:
As the
name suggests, it is the mortgage given after the borrower is announced
bankrupt. Primary process of bankruptcy mortgage is similar to usual mortgage.
Following
are given important characteristics of a bankruptcy mortgage.
·
According
to Dean Graziosi, after bankruptcy a person's credit score goes to lowest level,
which is 300 if expressed in numerical.
·
Some
of the companies or banks might refuse to offer mortgage after bankruptcy.
·
However,
if the borrower has a financial backup, say he has a good job or income
resource, then there are good chances that the banks or lending companies will
give a mortgage.
·
Mortgage
after foreclosure is almost similar to the mortgage bankruptcy.
·
If
your application for bankruptcy mortgage is rejected, you can try once again
after establishing a secure income (job or running business).
·
The
interests and installments of bankruptcy mortgage are usually calculated on the
basis of borrowers current income.
·
The
chances of a bankrupt business or corporation to get bankruptcy mortgage are
low as compare to an individual applicant for bankruptcy mortgage.
Dean
Graziosi believes that if you improve your overall credit, the chances of
getting mortgage after bankruptcy increases. Dean Graziosi is a real estate
millionaire. He started his career with dealing motor parts. He started his
first business at the age of 16. This young entrepreneur entered in to the field
of real estate at the age of 18. His first real estate project was a run-down
apartment building.
He
renovated the building and sold it on a good profit. After that, he officially
took real estate as a career path. He has an experience of over two decades. He
is a famous entrepreneur; he conducts seminars and live events. American people
are seeing and appreciating infomercials of Dean since 1998. When this soft-spoken
person,
convincingly delivers informative sermons people found them bound to listen to
him.
Today
Dean lives in a very well built and well equipped home at Phoenix, Arizona. He
was not born as a millionaire; neither had he belonged to a Richie rich family.
He belonged to a lower middle class broken family. His mother served day and
night just to earn 90$ a week. This courageous man never took harsh
circumstances as a hurdle in his way. Instead, he used his conditions to climb
up the stair of success.
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