Home loans for blacklisted

Find out why home loans for blacklisted doesn’t exist in South Africa and why you need to clear your credit first.

As a South African resident, knowing the meaning of blacklisting and how it can effect you financially is very important. Here are few tips you can follow to stay out of the trap and to be able to cope should you find yourself blacklisted.

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Home loans for blacklisted

When you are blacklisted, you are put on a list of people who have been determined to be a credit risk because of past nonpayments of financial obligations. Don’t worry, though. This is not a personal blemish, but a business one. Lots of companies and even wealthy businesspeople end up on the list. It just means that there has been a problem that raises concern about credit worthiness. Actually, it has been reported that as many as twenty-five percent of all South Africans are on a credit blacklist.

People often overlook the fact that they are on the verge of financial problems by not being organized and keeping up with their obligations. Missing payments, late payments and letting loans go into default are all ways that you can get yourself put on a blacklist.

So you may be thinking that if you are on a credit blacklist, your dreams of owning a home are dashed. While it will be much more difficult to mortgage a home when your credit is in the gutter, there are things you can do.

First, make sure that you are currently able to meet your financial obligations. What was the cause of getting put onto the blacklist to begin with? Were you out of work? Too many bills piling up? Procrastinating to pay your bills? You first need to make sure you have taken care of your problems and that you are back on your feet before adding new financial obligations to your plate.

After that, you will probably have to pursue alternate avenues for getting your new home financed. The banks are going to look at your credit score, see that you are on the blacklist and slam the door in your face. And it can take years to get your credit back to a point where a bank will take a chance on you. Ask relatives to borrow money. You may have a wealthy uncle or aunt who could put up the capital. The benefits of borrowing from a relative is that they know your circumstances better than the loan officer at the bank, and they know whether you really are capable of paying back the loan.

Another option is to seek financing from a private investor. These are groups of private individuals who collectively pool their money to offer funds or investments in return for the interest made on the loan. Private investors do not have to follow all of the strict requirements that the banks have to follow, but they also sometimes require that you own a high percentage of equity in your new home if you have a poor credit score. Consequently you may have to pay a higher premium on your mortgage insurance.

Once you secure a loan from a private source, make sure you pay back regularly. There is nothing that will put you deeper in the hole like burning a creditor who took a chance on you while you were down and out. Any future lender will look at this and see that your claims that you were just going through a bad spell were baloney. You just don’t pay your bills.

Finally, you need to get your credit turned around if you want to get off of that blacklist. This can take years, and so it involves a certain degree of acceptance. You just have to plug away at paying your bills and don’t think about it too much. Eventually one day you will realize that you have been a good payer of all your obligations and that you are finally off of the bad credit list. This is a welcome feeling, especially when it sneaks up on you.

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Home Loans for Blacklisted

Home Loans for Blacklisted

2 thoughts on “Home loans for blacklisted

  1. goodday
    im currently renting a house for5000 a month and the owner wishes to sell it . i would like to purchase the house as the amount is R700000. i am blacklisted but can make a payment up to 6500 for a bond as i am paying rent and can get a place to rent for 7500 a month. please hellp me to get a home loan to pay my own place instead of paying an amount of 7500 on someone elses place

    thankyou
    zthomas

  2. I have been blacklisted and have a judgement against my name and need a home loan. I have a bond with Ithala bank and missed a few payments when I lost my job. I have since been up to date with payments but the judgement cannot be removed until the bond is paid in full.

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