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Asked 03/12/2008 07:34 pm CT (kitchener, Ontario)

Hi, I was wondering if you could help me with some information. I make $30,000 a year and have near perfect credit , no debts other then $1000 on a Credit Card and payments of about $15 a month , My work covers all my Cell phone bills , Gives me a Car and Fuel card , plus all upkeep , The only real bill I have is Rent. My Girlfriend on the other hand , has recently gone though a bankruptcy in the last 2 years. Has some Student loans and is trying to re-build her credit but don't have much of a new history since the bankruptcy. However she makes 50,000 a year and pays all the bills for the place we rent no problem. We are planning on buying a home in the future but are not sure what are price range would be. I have been looking into putting it just in my name but all the online quote calculators I try give me low numbers. Any info would be great. Thanks

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Here is how it works if the BK is over 24 months and with a good letter of explanation both of you c...

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Asked 03/12/2008 04:28 pm CT (east liverpool, OH)

My husband & I had a bankruptcy discharged 7/25/07. ( we filed under 1 time only, unforeseen circumstances- SUDDEN DISABILITY...) I have re-established credit & my score is still rather low- my middle score is 606. My husband, however, has been unable to qualify for credit & his mid score remains around 530-540. I know we would get a better rate if we waited 2 yrs since the bankruptcy, but we need to move soon. We are both on SSD now & make a combined monthly income of $1293, & right now we are paying almost $500 a month for rent. ( we have been here 2 1/2 yrs & we have never been a day late) We want to buy a modest home - a loan for maybe $40,000-$45,000. PLEASE, I know there has to be a loan program out there for us. I WOULD REALLY APPRECIATE IT IF YOU COULD TAKE TIME OUT OF YOUR BUSY SCHEDULE TO TELL US WHAT TO DO & MAYBE POINT ME IN THE RIGHT DIRECTION. THANK YOU SO MUCH,CJ

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Asked 03/12/2008 12:46 pm CT (capital height, MD)

I trying to get from my lender the 1003 form- uniform residential loan application. why did my lender fail to give me the form?

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Asked 03/12/2008 06:43 am CT (Washington, DC)

I am relocating, and my employer is paying my relocation expenses. My empl9oyer utilizes a Third Party Relocation Company who provides a Guaranteed Home Sale Offer. I have learned that the Third Party Relocation Company does not pay off the mortgage, but assumes or services my loan until the home is sold by them. Does this impact my Credit Score, or my ability to obtain another mortgage?

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Asked 03/12/2008 06:41 am CT (Washington, DC)

I am relocating, and my employer is paying my relocation expenses. My empl9oyer utilizes a Third Party Relocation Company who provides a Guaranteed Home Sale Offer. I have learned that the Third Party Relocation Company does not pay off the mortgage, but assumes or services my loan until the home is sold by them. Does this impact my Credit Score, or my ability to obtain another mortgage?

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Asked 03/10/2008 12:49 pm CT (Jackson, MS)

If a house is asking 50,000 to buy is it possible to apply for a loan that is greater than 50,000? and If so, how much more can you apply for?

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Just about anything is possible. However, it would likely be what is called a Hard Money Loan which ...

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Asked 03/09/2008 11:50 am CT (Brentwood, NY)

I am unable to get a mortgage or loan on my own to purchase a mobile home in NYS, on Long Island. A friend in Texas is willing to try and apply for one in her name for this home in NY. Will she be able to originate the loan in Texas. There are only two banks in NY who do this in NY for NY - will this make a difference?

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Find a mortgage broker who deals w/ mobile homes. They will likely have access to lenders & investor...

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Asked 03/05/2008 05:48 pm CT (fayetteville, NC)

MY LOANS HAS BEEN APPROVED BUT NOW IT IN UNDERWRITING. IT HAS BEEN 3 WEEKS SINCE I HEARD FROM THE LENDER ON YEA OR NA.WHATS GOING ON?

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3 wks is unacceptable if you haven't heard from anyone on status. That's a long, long time for under...

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Asked 03/01/2008 08:15 pm CT (South Bend, IN)

I have a credit score just over 700, a steady job, I own my car outright, and have about 12k of school loans. (no credit card debt). I make just over 33k a year and am wondering if I could ever get approved for a mortgage with such an income. Should I bother applying?

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Of course you can, Tracy. Questions are...can you afford the pymts AND is the approved loan amount ...

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Asked 02/29/2008 10:51 am CT (Minniapolis, MN)

I was wondering, there are several new construction homes going up for forclosure and My wife anfd I were wanting to try and get into one. The problem is our credit is not good, Im about a 545 and she is 530. the house we are wanting is 200,000. She does not work and I work seasonaly. I really cant prove my income. Is it possible for us to get into a home with no money down. I have a mortgage right now and have had it for about 7 yrs and have about 6 30 day lates...My wife is not on my hoe laon or car loans. Is this possible?

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It's not realistic. Work on building up a down pymt and improving your credit score. That will go a ...

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Asked 02/29/2008 04:21 am CT (baltimore, MD)

Hi I am doing a refiance of a mortgage from a bank in house closing and received the closing paper by mail to sign as of 2/27 i \'ve closed ,now i must send in the closing paper and closing cost plus extra cash to pay off some credit card debt ,on 3/4 the fund will be debust my prolem is i must get this extra cash for a line of credit accont because i did not expect to pay off my credit cards if i borrow this money will this stop the closing of this loan , the funds will be at the agent office on time I just have to get it from my line of credit account

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Asked 02/26/2008 04:52 pm CT (houston, TX)

I am in the process of selling my home in a minority area of Houston that has been plagued with foreclosures and short sales. Unfortunatly, most homes aren't even covering the loan amount in the sale and I'm worried. I will be relocating to another city and must sale. However, I have credit score of about 700 and have never been late on a payment. How will this effect me for getting a house within the next 2 years or a car? Is it possible for a credit score not to drop 80-100 pts? Is moving to another city due to family even considered a hardship? I can't afford to pay for 2 places at 1 time, so if they don't approve me for a short sale, the house will probably go into foreclosure? Do you know of a home advisor, CPA, attorney that doesn't charge a huge fee to discuss my specific financial situation in Houston? Thanks.

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Protect your credit score w/ your life if you can. Consider offering it as a lease option where the ...

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Asked 02/26/2008 03:10 pm CT (west babylon, NY)

Back in May 2007 I purchased a home but could not get a mortgage therefore my father took out a mortgage for me. We both are currently on teh deed but not on the mortgage, how can I transfer the loan over in my name and remove him off the deed.

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All the options available would require you to qualify on your own for the existing mortgage if it's...

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Asked 02/25/2008 07:34 am CT (Conyers, GA)

I contacted my mortgage company 4 months ago for help. My husband\'s pay decreased and we were beginning to have a difficult time paying our mortgage. They told me I qualified for a Loan Modification. I did as they asked and sent in a financial worksheet, pay stubs etc.. They said I would get an answer in about 4 to 6 weeks and I didn\'t need to make any payments until I heard from them. Two months later I hadn\'t heard anything. I contacted them to find out the status. They said they were running behind and I should hear something soon. Well last week I received a letter from an attornys office informing us that our home was going into foreclosure. My mortgage company now tells me they need my information to be sent in again and if they are not done by the date of foreclosure they would postpone it. I am afraid at this point. I have a feeling they won\'t be done with my modification in time. Is it true a mortgage company would postpone a foreclosure in order to work out a loan modification? What should I do?

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Asked 02/22/2008 09:57 am CT (Philadelphia, PA)

I recently refinanced my home mortgage in order to pay off my car loan. Now I feel uncomfortable with the high mortgage payment I have as a result. How soon can I refinance in order to bring my mortgage payment down?

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If you consolidated your car loan into your mortgage, I can only assume that there was a pymt saving...

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Asked 02/22/2008 08:35 am CT (Chantilly, VA)

My mother and bough a home together in 03 suing the 80/20 principle which mean we have two mortgages. We are both listed on them both and share a 50/50 payment and ownership rule. I am having a nightmare time applying for an auto loan due to my dept to income ratio which is primarily the home. I have a few credit card that hold a very low balance to credit limit. I have heard that I can claim my mothers contributions as income to help my debt/credit ratio. Since the bank does not look at the fact that there are two head of household here that are both claiming 50/50 ownership and payments. Please provide me with any information that could potentially help both of us reduce this ratio to obtain credit for an auto loan.

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Asked 02/21/2008 04:15 pm CT (RENTON, WA)

I have been seperated from my wife for 2 years. She is living in the house. When we refinanced 3 years ago the loan was only in my name. Her parents had been making the mortgage payments for her. To help make things easier I signed a quit claim deed to my wife and then she in turned did the same to her parents so they could refiance the property to lower the payments. After 9 months they still hadn't refied. They also always late with the mortgage but kept telling me they were working on it. Now the mortgage is 3 months late and they are now my inlaws and wife are going to let it go into foreclosure. Now I am scrambling because one the mortgage company says I'm responsible for the loan but now my credit is ruined and they also informed me that we did not have their permission to do the quit claiming. However county records are showing my inlaws. I do understand that I am responsible for the loan. What is the resonsiblity of my inlaws? When they did they were aware of an IRS tax lien and a unpaid sewer lien. Are they liable at all? What course can I take here? I'm scrambling to try to sell it but I haven't had any luck. Thanks Tom

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Tom, I am sorry to hear about your troubles. Your situation is very complex, and my best advice is...

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Asked 02/21/2008 01:45 pm CT (arleta, CA)

My Parents have a conv jumbo pay option ARM loan, their payments are $2600-$3000 a month and have an adjustable interest rate which at times has gone up to 8.25%.They have a prepayment penalty which is 6 months advance interest. The loan was for $360,000.00 and it is now $382,000 because they pay the minimum payment.Is there anything that someone can recommend? Thank You

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Alice...Brian is right...another issue is that if they continue to defer interest and home values co...

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Asked 02/19/2008 06:29 pm CT (saraland, AL)

my wife and i are looking to buy our first home and our credit scores are just below 600. i have recently been discharged from a chapter 13 and have no debt at all. my wife has kept a clean nose for a year now with no late payments and have never been late on the mobile home we are financing now (with only 10,000 left owing).our income together is 85k. what options due we have during this credit crunch we keep hearing about? can my wife alone finance without me on the loan?

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Rick, it is possible for your wife to obtain a home loan without you on the loan providing she can q...

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Asked 02/17/2008 06:03 pm CT (Bloomington, IN)

I am currently renting a nice townhouse and my lease ends the last day of May, 2008. I am looking to buy a house but have less than good credit. My scores are 575, 610 and 641. Do I have any chance of getting a 100% financed home loan? I have been at the same job for 6 years and make 41K/year. I live in Indiana and am really looking for an expert to help me out. Thanks!

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Hi Teresa, 100% financing generally starts at 620 fico...you're pretty close - perhaps we can give y...

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