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Asked 10/15/2009 06:48 am CT (Clinton, MI)

Hi I've been at my job for 3 years. I bring home about 20,000 a year (not much) and my credit score last time i checked (about a year ago) was 566. I had collections and almost all of them but 2 are paid off. I have others on my credit report that have been paid and i tried having them removed with no such luck. I would like to buy a cheap home say 50,000. Is this even possible for me? What can I do?

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You'lll need a minimum of a 620 FICO score at this time to qualify for a mortgage, but that's just t...

[ Total Answers: 1 ]

 
 

Asked 09/14/2009 10:20 pm CT (Sandy, UT)

My husband and I have owned out home for 13 years. It is our primary residence. Last November, 2009 we refinanced consolidate our 1st and 2nd mortgages and to pay off credit card debt. Our credit was poor at the time and we received a 11.33% interest rate on the new loan. They told us that if we could keep on the mortgage payments and not incrue any new debt, they would refinance us Nov 2010. Since then they have closed all their branches and are no longer taking any new business which included refinancing their current clients. We currently owe $158K with a payment of $1,760 per month plus a 5% prepay penalty estamated value of the home is $166k. if we refinance or sell before November 2011. The currently mortgage company states that they have chosen not to participate in the Obamha Stimulas package. We have been playing the pay them late but just in time game for month and we can\\\'t keep it up any longer. On Sept 30,2009 we will hit our first 30 days past due. We have found a rental house to move into but what are our options for getting out of this home and the mortgage. How will the options affect our credit? is one worse than the other. What are the tax implimintations? Thanks, Cathi

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Cathi, There are three options for getting out of your home. 1 – sell the home. This is the ...

[ Total Answers: 1 ]

 
 

Asked 09/14/2009 12:48 pm CT (Chicago, IL)

I was engaged to my husband in 2001. In August 2002 moved into a home. We both paid money at the closing. However my name was never put on the deed or the mortgage. We were married in August 2003. Since then the house has been refinanced 3 times because of my husband's credit card debt. The initial loan was for $109K and is now $192K. In 2007 when we refinanced I signed a homestead waiver, if for any reason he could not pay the mortgage I did not want to be held responsible for the mortgage. He is now in debt again and I am considering a divorce. Even though my name is not on the mortgage or deed and I signed a homestead waiver, do I lose all rights to the property.

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Asked 08/23/2009 11:10 am CT (Germantown, TN)

My daughter and her husband are separated - he left the house about 4 months ago. He has not given her any support since he left. They have a house with a loan of approximately $322,000 - a mortgage payment of $2,200 principle and interest only. The tax appraisal on the house is near the load amount. Taxes and insurance would add approximately $500 more per month. She has been laid off from her job and has applied for unemployment - should draw about $230 unemployment pay plus $1500 per month child support ($750 after 9 more months as the oldest child will turn 18). Husband is self employed but tells her that his business is down and he is now only drawing one pay check per month ($500 net). He also works part time and makes approximately $1,200 per month. Medical insurance for him and my daughter currently comes out of the part time money ($100 per month). He has told her that he will take her off the insurance in December. He also just purchased a new care through the clunker campaign. My daughter's name is on the deed to the property but not on the mortgage. She has managed to keep the payments current until this month but she can no longer pay the full amount. When she contacted the mortgage company regarding a loan modification she was told that they did not qualify because they were not behind on their payments. She was told that she should try to refinance and try to sell the house even if it was a short sale. Husband wants to let the house foreclose - she does not - he has not agree to put it up for sale. Questions are: 1. Does he have to agree to put the house up for sale or can she do it on her own? 2. Does foreclosure affect her credit? 3. Does she have any obligation to pay the mortgage payment? He continuously tells her that she is as responsible for the payment as he is since her name is on the deed. 4. The loan company told her that foreclosure proceedings would not begin until the payments were three months behind. Is that true? In other words, if she makes a partial payment, say $1,000 per month, will the house ever go into foreclosure? She wants to do the right thing but needs whatever assistance is available to her - what are her options? This is a case of someone not being able to afford the amount of money that was loaned to him.

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Patricia, If, in fact, your daughter is not on the mortgage then she is NOT responsible for the mor...

[ Total Answers: 1 ]

 
 

Asked 08/11/2009 12:20 pm CT (Camden, NJ)

hi i am currenly looking to buy my first house i have an icome of 30000 my wife bring about 40000 but have a defalut in his student loan can we have a mortgage togerther i dont have credit .i want a mortgage of 150000 or do i need co sign and can i have a joint income with my wife or it is wise to go it alone

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Asked 07/24/2009 07:36 am CT (Bayonne, NJ)

Hi, my name is Pete. I have a few questions. I am looking to purchase a condo in Manchester for $80K. I am inquiring as to your rates for a 30 year mortgage and as to if a 10% down payment is an option. Also, my credit is awful and I would need a cosigner, I’m 100% confident that my cosigner would be approved. With that assumption, would I still be eligible for an FHA loan?

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Asked 06/03/2009 05:10 pm CT (New Bedford, MA)

my wife purchased a home through a nonconventional loan prior to our marrige in 2007 basically the hight of the market, mortgage and deed both in her name only. Due to the economy we have gotten behind a bit on the mortgage which has caused her some credit issues, my credit is still good. We wanted to refiance but were told my name had to be listed on the deed before they could do this for us. We filed the paper work to list me 45 days ago and have just found out today they will not refinance with us because we have lost so much equity in the house, upside down almost 50,000. Being this far behind we are almost ready to just let it go or possibly try a short sale and start over again with something much smaller and more affordable. will i no longer qualify for an FHA loan in my name now because of the deed status, and also if this is the case is there a way to reverse it, kinda like a nullification period where it has only been 45 days since the addition of my name? any answer or advice is greatly appreciated, thank you

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Now that you are on title, you could potentially refinance under new programs that just came out whi...

[ Total Answers: 1 ]

 
 

Asked 06/02/2009 11:05 am CT (Columbia, SC)

Hi! Mine and my husband's bankrumpcty has been discharges for almost a year( chapter 13). His credit score is 575 and mine is 566. We really would like to trade our double wide mobile home in for a new one. We do not have much money to put down on a new one but we can afford to make payments. Do you have any suggestions?

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Asked 05/30/2009 10:01 am CT (Bridgeport, CT)

Is it possible to refinance your with bad credit? It may be between 400-500. What can I do?

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While you can not refinance if you have bad credit, thru the use of an attorney based credit repair ...

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Asked 05/29/2009 11:09 am CT (Tacoma, WA)

My husband and I bought house 4-1/2 years ago using our money but my Uncle's credit. My uncle no longer wants the house and has agreed to let us take it over, I know we cannot assume the loan but can he Quit Deed the house to us? How does that work? Do we have to contact his mortgage company on the home? What's the best way to do this?

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Quit Claim deed transfer ownership only, Your uncle would still be responcible for the mortgage....

[ Total Answers: 1 ]

 
 

Asked 05/29/2009 06:17 am CT (Medford, MA)

I filed for chapter 7 August 2007 and dischaged on January 2008. I maintained my credit very well after the bankrabcy. My credit score from transunion is 732. Can get approved for a mortgage if I apply for it. Can you help me find a mortgage company that could approve a mortgage for me?

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Asked 05/13/2009 12:01 am CT (Modesto, CA)

im two years in a chapter 13 bankrupcy i have one year to go i want to buy a house california morg is trying to get me approved. but every lender is turning me down i missed a payment about 15 months ago. so i have 15 months of clean payment history.my credit score is about 640 is it possible to get a lender to take me.i make about 54000 a year

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On a FHA loan the requirement is at least 12 months of current payments to the trustee. you would ha...

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Asked 05/04/2009 05:06 pm CT (Albany, NY)

My credit score is 715 and my wife is 750 first time buyers,putting down about 5% what kind of morgage are we looking at.....thank you

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Penny, With your excellent credit and a 5% down you will qualify for an FHA loan to purchase your...

[ Total Answers: 1 ]

 
 

Asked 05/02/2009 12:24 pm CT (Abilene, TX)

My question is, my husband\'s credit score is 566, i am not sure what mine is but is probably lower than that, we have been leasing a house for the last 4 years but would like to purchase it now. The price on the house is $70,000, are there any lenders to go through without putting a huge amount of money down?

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Laura, We have programs that can help you, with our free credit repair service. Depending on your...

[ Total Answers: 1 ]

 
 

Asked 04/22/2009 10:37 am CT (Louisville, KY)

My husband and I are wanting to sell our home and buy another home in a nicer neighborhood. The house asking price is $199, we have seven thousand saved to put down... my husbands credit score is 652, I do not know mine, but it is probably really bad. Can he be approved for a 199 loan on his income alone of $50 grand? We will also more than likely take a loss on our house of $6 grand. Any ideas as of where to go for assistance on a down payment loan or if a lender will allow us to borrow more than the asking price to cover the loss in the current house. We are really clueless as what to do!! My income is $33 grand a year

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Asked 04/20/2009 06:24 pm CT (San Francisco, CA)

my dad and i are foreclosing the house. his name is solely on the loan, but my name is added onto the title when we refy. is my credit going to be affected and also, will it show in my history record that the house was foreclose?

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If your name is not on the loan then it won't affect your credit....

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Asked 04/20/2009 03:30 pm CT (Colorado Springs, CO)

Three years ago I purchased a home with an 80/20 loan. I automatically went to a bank soon thereafter to set the terms of the 20 into a 15 year mortgage at over 8 percent. The 80 is still interest only due to set at as an ARM in two years. The house was purchased at 335, 000 but on current mean estimates like Zillow is currently at 311. I obviously have little equity in the house. I am wondering if I can refinance the 80 into a payment that will not be too much higher than what I currently have. I am not having trouble making payments and could afford higher. My credit is excellent, but I am beginning to consider options at this point. Thank you.

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Hi: In order to refinance your first mortgage, the second mortgage holder must agree to subordinate,...

[ Total Answers: 1 ]

 
 

Asked 04/08/2009 09:36 pm CT (Houston, TX)

Is it possible to refinance your home when you have bad credit? It may be between 400-500. Am I just out of luck until I fix my credit? What are my options right now?

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Dear S M, We have a program to help people with bad credit, typically, we set a plan and you will...

[ Total Answers: 1 ]

 
 

Asked 04/08/2009 11:16 am CT (Minneapolis, MN)

I need some help! I bought a condo in 06 with an ARM thinking I could refinace to a fixed rate to get a lower payment before it goes up again but Countrywide (who bought my loan) says since my apprasial is less than I paid for the condo there is nothing no one can do to help me and it is what it is. they did offer a modification of $4 a month for an ARM loan. I have a car payment/credit card payments and 2 jobs. Can anyone help me?

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My advice would be to contact Bank of America since they now own Countrywide. They may be able to d...

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Asked 04/08/2009 09:51 am CT (Des Moines, IA)

My boyfriend and I live together. He was divorced over a year ago and part of the divorce decree stated that his ex wife got there home and all the responsibilty she was supposed to remove him from everything in a certain day period. Which would have been Nov 08. Well she did not do this and now the house is being foreclosed on and she NEVER got him off any of it. So now we are getting letters and phone calls saying they will be foreclosing on the house and it is going to effect his credit. The morgage companies say that there is nothing they can do even though the divorce says it is all her responsibilty. The lawyer we talked to said that the only thing they can do is get her arrested on contempt of court? This does not seem right is there any help!! We plan to have a life together and I do not want this hanging over our heads for the next 7 years =(

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Unfortunately the lender on the house was never invited to the divorce. The divorce was only an agre...

[ Total Answers: 1 ]



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