Subprime Lenders
Subprime lenders focus on lower credit situations. Often times they are specialized branches of larger lenders that focus on other borrowers.
Because they are used to dealing with challenging credit situations they are more likely to approve loans for people with lower credit.
Many lenders will not show much flexibility on their loan programs and don't approve certain lenders.
Sometimes the reasons can seem trivial, but their loan guidelines simply do not let them approve certain types of borrowers or circumstances.
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Subprime Loan Programs
These lenders can often have very aggressive or unusual loan programs.
Some subprime lenders can deal with people who have late on their mortgages repeatedly by 30 or 60 days.
Some subprime lenders can deal with people who are 90 days or more past due on the their mortgage.
Collections
Some subprime lenders will work with people who have a lot of outstanding collections.
Often times lenders will insist that as part of your refinance the lender directly pay off some or all of your bad debts. Borrowers are often not fond of this, as it lowers the cash they get from the
refinance.
Sometimes these bad debts that are listed on their credit report are there incorrectly, or people are on the hook for a loan they co-signed. Sometimes people end up paying off a car they co-signed for a sibling or kid (and that person who has the car uses it but doesn't make the payments and doesn't tell the co-signer either). It happens.
Some subprime lenders will not require you to pay off all the bad debt or most of it. Some of them will cap the amount they require you pay off in bad debt. This can help keep more of your refinance money in your pocket.
Subprime Lenders and Other Options
Some subprime lenders can handle borrowers with recent bankruptcies and credit that has been impaired because of messy divorces.
There are a wide range of different subprime lenders out there. Sometimes they don't have the right programs, but if you have enough equity in your property than a hard money lender may be able to help you instead.
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