Realogy Corp., owner of Century 21 and Coldwell Banker, is offering to swap securities in return for new loans in a move to reduce debt by around $600 million and fight off potential default risk amid a troubled housing market, a regulatory filing showed.

Realogy is offering bonds at a discounted rate in return for about $500 million in new loans, according to a Securities and Exchange Commission filing Thursday.

Should all eligible noteholders agree to the debt exchange, the deal could lower the company’s debt by about $592 million, the filing showed.

At the end of September, Realogy had total long term debt of $6.49 billion.

The Parsippany, N.J.-based company said falling home prices and sales are challenges moving into next year.

Realogy warned, “…there can be no assurance that we will not violate this or other covenants under our senior secured credit facility or that this will not result in a default under our indentures.”

“In addition, we cannot predict how long the current volatility in the financial marketplace, decline in consumer confidence and current recessionary conditions will continue to affect home sales and prices,” said the company, which is owned by affiliates of Apollo Management, a private equity firm.

The deal was extended to eligible holders of each of its 10.5 percent senior notes due 2014; its 11 percent/11.75 percent senior toggle notes due 2014; and its 12.375 percent senior subordinated notes due 2015.

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Very Bad Credit Car Loans – Bad Credit No Hurdle In Owning Car

You aspire for owning a car. But are you afraid of your very bad credit that it will become an impediment in the way of availing required amount of loan and lenders will return you back empty handed? Your fears are unfounded for there is this especially designed vary bad credit car loans to take care of your very bad credit.

You are labeled very bad credit because due to some unavoidable reasons you could not pay off the loan and installments in time and therefore had to face CCJs and may have filed for bankruptcy. Surely on FICO credit score scale of 300 to 850 your credit score is way below 600 to be labeled as very bad credit. This indicates a high risk for lenders in offering a loan.

However, very bad credit car loans providers do not make your very bad credit a major issue. This is because the loan is usually a secured one in some way. The lenders very often take the deal papers of the very car the loan seeker intends to buy as security of the loan. Lenders thus offset the payment default factor. In case of a payment default, the lender has the option of selling the car to recover the loaned amount. But there is a risk that the market value of the car may fall drastically and lender may not recover the amount. So if a regular property is not offered to the lender as collateral the loan is still an unsecured loan.

If a property is given as collateral, very bad credit car loans are offered at lower interest rate and a greater amount can be borrowed for larger repayment period. Lenders like to take a look at the repayment capacity of the borrower in case no collateral is offered. Lenders may ask for proof of annual income, employment or financial status. You should mention these in the loan application and the lender will later verify the facts for him and if necessary may ask for the documents.

Because of your very bad credit and in the absence of any collateral, lenders may charge a higher interest rate on very bad credit car loans to cover their risks. The loan seekers can counter higher interest rate by taking advantage of cut throat competition in the loan market.

Compare as many very bad credit car loans offer that have been displayed for your benefit on internet. Each lender has own terms-condition including interest rates. Ask for their quotes and compare them. Apply online to the suitable lender. Online lenders take no fee on loan processing and approve the loan fast for a quick purchase of the car.

Very bad credit car loans are an opportunity for repairing your credit score also. For this make each loan installment payment in time. The loan enables you in owning a car despite your very bad credit. Make the best use of the loan and avail after carefully studying the loan aspects.

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The mortgage squeeze continues to tighten with a further drop in lending, says the Council of Mortgage Lenders.

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