Mortgage deniers?
The tests that must be done to avoid this
If enforcement cases have been opened against you in recent years and your checks have returned - you will have a hard time getting a mortgage.
How do you know this in advance and prepare for battle?
All the details are in front of you
Martin Boxdorf, co-legal zap
01/12/2021
Wednesday, 01 December 2021, 13:31 Updated: 13:40
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Mortgage denied (Photo: ShutterStock)
Not everyone dreams of buying a home.
There are those for whom rent is right, and that's fine.
But there is no reason why someone who dreams of buying his own home, which will guarantee him security and stability, will not be able to fulfill that dream.
So far the theory.
In practice, the reality is much more complex, and does not bode well for many of us.
Who do I mean?
Especially for mortgage defaults.
Those who have suffered from financial problems and now have difficulty obtaining the bank's consent to grant a mortgage.
If you have returned at least two checks or two standing orders in the last two years or you have accumulated cases of more than NIS 5,000 in execution, it is probably you.
Want more examples of potential refusals?
you are welcome.
If your account has been restricted in the last four years or you have been foreclosed on by banks in the last decade, you are in danger.
Have you been declared bankrupt or have you fallen behind in repaying loans in recent years?
All of these will probably make you reluctant.
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In conjunction with Legal Zap
The first thing that needs to be done is potential refusals
Have you identified yourself in the previous lines and are you afraid that the bank will refuse to give you a mortgage?
The first thing you need to do to allay your concerns is to order a credit report.
What is a credit report?
This is a document, based on a government database, in which all your credit data in recent years are gathered in one place.
The report replaces the BDI report that was once used.
The report includes a very accurate description of your financial situation in the last three years. Have you had a lien on your bank account? Has your check returned or a standing order not honored?
The report allows financial institutions to quickly know who they are dealing with.
Why is it especially important to pay attention to your credit report?
Anyone who wants to take out a mortgage, and fears that he may face a refusal by the banks, should check in the credit data report the number of problems revealed in its framework. You have not met your obligations.
The key question is whether it is a regular pattern or not. It is much easier for a mortgage adviser to explain to the bank why he should ignore a one-time return check. It is much harder for him to convince the bank to consider someone whose standing orders and checks Keep coming back.
Martin Boxdorf (Photo: PR)
The longer the time has passed since the problems you had, the better you will be
Important to know: What interests the banks is when your problems ended.
The longer a period of time, the better your situation.
And one more surprising thing: if you had serious problems, but these ended two and a half years ago, your situation is better than those who had minor problems, which were solved only 6 months ago.
Banks will be much easier to persuade to give a mortgage to someone who has had financial problems and they have been resolved than to someone who has only recently faced financial difficulties, and some financial cloud is still hovering over him.
It is also important to know that the banks do look at the severity of the financial problems that those who apply for a mortgage have, and take this into account.
For example, a person who was previously defined as severely restricted in banks will have a much harder time getting a mortgage in a bank, compared to a person who was defined as a regular restricted and also this for a year only.
Is there another way to check your credit rating other than a credit report?
Definitely!
There is an app called Captain Credit, which is basically the smartphone version of a credit report. The app which is completely free gives anyone who logs into it (after entering their ID number) a score ranging from 0 (bad) to 1000 (excellent).
The score reflects that person's financial situation very quickly and efficiently.The purpose of the system is to make the whole process easier - and to allow everyone to get a clear score regarding their financial situation.
What does the score I received in the app say?
How do I know I'm likely to be denied a mortgage?
If your score on the app is lower than 750 - you may be denied a mortgage.
Even if that's the case, know that this is not the end of the world.
Very many who were defined as mortgage refusers eventually managed to get a loan from the bank, but to get out of their situation they had to enlist the help of a person who specializes in advising mortgage refusers.
Martin Boksdorf
specializes in obtaining mortgages of rejects, and has rich experience in this field, especially with regard to the bankruptcy
Telephone:
053-9382060
article
courtesy of Zap legal
information presented in the article does not constitute legal advice or a substitute for it and does not constitute a recommendation for proceedings or avoiding proceedings.
Anyone who relies on the information in the article does so at his own risk
Sentence
Real estate and real estate
Tags
Mortgages