In some cases, a private lender can lose money if all the proceeds from the home sale go to prior mortgage holders. (mortgagebrokerstore.com)
This decision bears in mind the fact that after selling property prior mortgages must be cleared before the private bad credit mortgage lender can be compensated. (mortgagebrokerstore.com)
Bad credit mortgage lenders in North Bay make their profits from selling real estate so before giving out loans, they must make sure that a borrower has enough equity to guarantee them compensation after prior mortgages have been repaid in the event that you are unable to cover the debt. (mortgagebrokerstore.com)