Is it possible to get a loan with a default?

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sendtobaka
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Joined: Fri Jun 26, 2009 11:06 am

Is it possible to get a loan with a default?

Post by sendtobaka »

I was divorced and have a default on my credit file. Long story.
Is it possible for me to get a loan?

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Otto Dargan
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Re: default

Post by Otto Dargan »

If the default has been paid, you can prove that you were divorced with some kind of evidence and you have a good reason as to why the debt was not paid backed up wit ha default letter then you may be able to get approval. If you are borrowing over 80% of the property value then the loan would need to be approved by LMI as well as the lender so you are less likely to get approved.
Otto Dargan
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