Auto title loans in Delray Beach are subprime loans given to borrowers with bad credit who use their auto equity as collateral, allowing consumers to borrow money based on the value of their vehicle.
When you apply for a Title Loan Direct, you’ll have to show proof that you hold the title of your vehicle in Delray Beach. It is important that your vehicle has a clear title and that your car loan is paid off or nearly paid off. The debt is secured by the auto title or pink slip, and the vehicle can be repossessed if you default on the loan.
Some lenders may also require proof of income and/or conduct a credit check, bad credit does not disqualify you from getting approved. Auto title loans are typically considered subprime because they cater primarily to people with bad credit and/or low income, and they usually charge higher interest rates than conventional bank loans.
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If you have ever tried to get a loan modification and got denied or felt like you are getting the run around from your lender, then one reason could be is that your lender will gain more financially by letting home owners go into foreclosure. At the end of the day your lender will make a determination as to whether or not to modify you loan based on what is more beneficial to them. Loan modifications are voluntary for lenders so it's entirely up to them whether or not to modify your loan.
Loan modifications were designed for one set of home owners, which are borrowers who will not be able to continue to make their payments without a modification. Some borrowers just got in over their head and bought a house they couldn't afford from the beginning. Lenders know if they help this type of borrower that they are just delaying the inevitable, which is, even if they modify the loan, the borrower will eventually default again and still end up in foreclosure. For a lender, it's costly to go this route with a borrower and doesn't make financial sense.
Even though lenders have avoided giving loan modifications to borrowers that they know will fall behind even after a payment reduction and also borrowers that could fix the problem without their lenders help, these lenders are currently still behind the eight ball, as they are flooded with submissions and under staffed to keep up with the demand for loan modifications. And as unemployment continues to rise and property values continue to fall, lenders will be playing catch up for months to come.
Another reason lenders may prefer to foreclosure, is if you have more than one mortgage or liens on the property. Which a lot of borrowers have, as when they bought their home a few years back, they got 100% financing and to avoid mortgage insurance they got an 80/20 loan. Also since values where sky rocketing some people went a little further and got a line of credit, so now they have 3 liens against their home.
One option to get out of foreclosure is known as a Deed-in-Lieu of Foreclosure. This is basically signing the title of you home back to your lender, now this can only be done with your first mortgage. Now if you have more than one mortgage on the property then 9 out of 10 times they will tell you NO, this is not an option as the reason is, if they took over title to your property, they would now have to pay off all the other liens attached to the property in order to sell it. But if they go through the foreclosure process, then all the other liens would get wiped out by the foreclosure sale, with the exception of property taxes and the home owners association fees.
So in the case of a foreclosure, lenders would get a clean title and wouldn't have to worry about the expense of those other liens. It's also important to note that a Deed -in-Lieu of foreclosure will reflect on your credit report the same way as a foreclosure.
You need some cash, but you aren’t sure where to get it. In your research, you’ve come across different kinds of loans and options for fast cash. There are Title Loan Direct, home equity, secured loans and unsecured loans. There are so many kinds; it can be very confusing to keep them all straight. So what kind of loan sounds like the best deal for you?
Car Title Loans: Choosing the Right Financial Service
The housing market has been taking a big hit these past few years. Between fluctuating PLRs and the current credit crunch, buying a home can be a challenge. Have you considered a home in the rural areas of our great country? Well, you can finance your new home with a USDA government loan.
The United States Department of Agriculture (USDA) has a division called the RHS (Rural Housing Service) that offers a complete range of services to home buyers. The idea behind this rural housing movement is to help develop rural communities. Community services like clinics, child care services, fire departments, police and schools are dependent on property taxes as a source.
The RHS offers guaranteed loans, direct loans and grants for several purposes. Among these are purchasing a home, building a new home or repairing/renovating an existing home. Applicants need to meet a set of criteria based on income. The limits are very liberal and are attainable.
Rates start at 4.5% for low income applicants regardless of what the PLR is at the time of the purchase.
For the north central area of Florida, this is an excellent opportunity for consumers. This is especially true for first time homebuyers in the area of north central Florida. At the present time, housing prices are down and it is a good time to buy in this area. The USDA loan parameters make this a prime program.
First, north central Florida is not significantly affected by hurricanes. The areas to the east and west are where the real danger is located. As a result, hurricane insurance is available at lower rates. This makes the area very attractive for many buyers in many situations; especially first time buyers.
The USDA loans are available for not only a purchase, but to build a brand new home OR repair an existing home OR renovate an existing home. Imagine the possibilities of being able to purchase a property at tax sale prices and using the remainder of the loan money to renovate the property to your liking. Literally, you could have the home of your dreams for a song.
The level of your income is not a factor either. The loans are available at differing rates for differing levels of financial responsibility. The dividing lines for the rates are determined by the area the home is located in. For instance, a moderate income level in Alachua county Florida will differ from the same moderate income level in Dade county Florida.
The USDA's Rural Housing Service web page has a full table of these levels. You can actually look at properties in separate locations and pick the one that best fits your pocket. It is actually possible to get the house you have always dreamed of at a price you NEVER thought possible.
Add the fact that the coastlines are accessible in either direction by car. A couple of hours west and you are at the Gulf Coast, go east and there's the Atlantic Ocean.
So if you are looking at homes in the north central Florida area, take a serious look at USDA rural home loans. Great for first time buyers from all walks of life.