If you currently have a subprime mortgage your interest rate is over 8%. More like in the 10s range right now. About 30% of borrowers shouldn't even have a subprime mortgage. In my opinion most of subprime lenders and brokers are loan sharks. They prey on the hopeless and uneducated borrowers. There are so many things wrong with that market I don't know where to begin. They charge exessive fees, hit you with prepayment penalties, unnecessary fees, overcharging by hiking interest rates, sweet kickbacks to their brokers 4% -6% YSP (for giving you the highest rate possible). If you have a subprime mortgage you need to clear your eyes and ears and listen closely!

1) If you've been offered a subprime loan or currently have one you should check your credit history. I can't express enough how important it is for a borrower to know their credit history and credit scores Walking around without knowning your scores is like a blind man walking without his stick...you will get hurt!

2) Compare Mortgage Loans & Rates From Top Refinance Lenders. No Fees. Get Free Quotes! When it comes to mortgage industry the grass is always greener on the other side.

3) If you had a subprime mortgage for over a year now and paid on time your credit scores should be better and you can qualify for much lower rates. Don't be afraid to break out of it! You can get much better rates! Find out you credit scores and start shopping around.

"The system is not fair! It is set up for you to fail!"

4) Many people have bad credit due to divorce, unexpected life circumstances, sickness, etc. The credit reporting system doesn't care nor does the bank lending the money care. When they look at the borrower they see a score, and if that score doesn't look good to them you are in trouble. You come out of bankruptcy trying to start a new life but how can you if your scores are 500 and the only interest rate you can get is 12%. There is a 70% chances that you'll face bankruptcy again. The system is not fair...nobody is going to change it...that's why you need to change your system! You can improve your credit history and scores by making monthly payments early. If you mortgage is due on June 1st, you should pay on May 10th. Get into a habit of paying your mortgage within 5 days of statement received. You should try to pay all your debt at least 10 days ahead of due date. It will improve your credit history. If you have credit cards and credit lines lenders will increase your credit limit.

I believe 80% of people who are facing foreclosure can be turned around and put back on track! Most of these borrower just need to refinance to a lower fixed rate and pay off bad debt. Anyone can refinance! Refinance means paying off old high interest loan with a new loan that has lower interest rate. When you refinance you can pay off your mortgage, credit cards, auto loans, college loans, anything you want.

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Ask Ally: If you have any questions at all or you are in deep sh*t and need help e-mail AskAllyQuestion@gmail.com