About Title Loans Delray Beach – Networth Direct

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.

About Title Loans In Delray Beach Are Available To You Today!

Facts About Title Insurance

Are Title Loans Worth It

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?

Why Your Lender May Rather Go Through the Foreclosure Process

Bad Credit Title Loans

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.


NetworthDirect – Title Loan Direct Specialists

Apply Now