Bad Credit Mortgage | Loan Modification | Avoid Foreclosure
Bad Credit Mortgage | Loan Modification | Avoid Foreclosure
How can I get a business credit card despite bad credit rating in Canada?
Help! I’m trying to start up a business and all I need is a $10k business credit card. But I have a bad credit rating and so far lenders insist I must have a strong co-signer. But I can’t get anyone to do this for me (long story) Any suggestions?
In answer to the first responder, it’s a self-employed business. I’m the only employee. It’s a long story but my personal financial mess is a combination of the high tech collapse (I’m an engineer) that has gone on 6 years, 3.5 years unemployed for myself. Plus, I have a medical condition. I finally made a bold move to get around the medical condition so I can start my own business, now all that is stopping me is a co-signer. I agree, it’s not an enviable position but I have no other choice. Is there any way to get a credit card without a co-signer when you have a bad credit rating?
Actually, it’s a short story. No one else wants to stick their neck out (co-signing) to cover your debts after you have shown little ability to handle your own affairs. They will be 100% financially responsible if you default on your debts and they know it. Operating a business is like operating your own financial affairs on steriods.
Who in their right mind would start a business on credit card with up to 32% anual interest? That is a very large nut to crack on top of paying for employees,your wages, materials, rent,phone and lights…. then look for making a profit too???
Tell me what kind of business you are going into that has a 32% profit after all expenses and I will start one in a heartbeat (as long as it is legal to do so)
Maybe you had better sit down and work out a business financial plan… then work towards fulfilling it and obtaining the capital you need by working and saving the start-up funds… then someone might be willing to listen to your business idea. If you don’t believe in yourself then others will not believe any differently. There is no shortcut to success. Those who cut corners are the first to fail.
Response to additional details:
The most probable way you will get a card is with that much money in their account. Your credit limit will match the amount of money in the savings account held by the credit card company. That way you can start building up a history of purchases and paying the bill on time. You have to re-establish a history of being reliable. After a couple of years of a spotless record, you may find someone who is willing to issue you limited credit and further build from that. I know you are looking for a fast way to do this…. sorry probably not going to happen.
I am not trying to beat up on you… I am trying to show you how others (creditors and co-signers) will look at this. Even if you have lost your job,any work is better than none… even fliping burgers. 10 G’s is not an undoable amount but it might take you 1 year to get there working minimum wage. Hopefull you will do the numbers and see that if you are holding 10Grand worth of debt on a credit card, your whole business profit will go to support the debt and you are working for nothing.
If you were an engineer then you are used to solving problems with a systems approach and a thorough evaluation. It doesn’t sound like you are using your formal education on this new problem. Please write up a plan and look at all the issues systematically. Form a feasable plan and go after your dreams.
Hope that helps
Co borrower on mortgage refuses to pay half of payment, how can I avoid foreclosure? I’m in house, ex is out.?
He moved out when we separated and had been making half of the payment. Can I refinance, borrow enough to pay him off his half and get him off the loan? I don’t want to sell and move.
Ex? Husband or just boyfriend. If boyfriend, then you much less rights – reason you don’t buy real estate with "friends".
If ex husband, then the courts will decide what happens to the house and if he continues to pay.
Either way, I would try to refin and get him off the mortgage and deed. You can tell him that it will protect him if you default. However, I’m guessing you will have to pay him off.
are there any programs to financially help first time homebuyers with bad credit?
i am looking to buy a home. i work full time and except for a jaded financial past, i am trying to get things straight. is there any help?
1. Contact the credit bureaus, pull your reports and correct anything that is wrong.
2. Contact a mortgage broker, there are a lot of programs out there but expect a much higher interest rate then the norm
3. The larger the down payment the more likely you will qualify for something.
4. Wait a year, take out a consolidation loan, and establish some good credit
Home Loan Modification Advertisements on Newer loan?
We just bought our house in August last year. We keep getting advertisements for home loan modifications. Although I am not jumping up and down to pay closing costs again, the idea of reducing our payment is interesting. Should we look into this or not?
many scams out there – especialy if they mention the "stimulus plan" – I just read a story on it.
The scammers will charge you a fee ($1000-3000+)and will disappear
and if you just bought the house 7 months ago, thinking about a loan modification is ridiculous
I got one of those scam notices – has a big government looking form # on it – not even a company name though
What are the chances of getting a loan modification through Saxon Mortgage even though I am current on my loan?
I am current on my mortgage and I have never missed a payment. I have read that If I am behind the lender is more willing to work with me. Are those loan modification companies offering to assit with your loan modification legit?
most loan mods are based on NEED! You must have a HARDSHIP that is the reason for your Payment Distress! ie Job Loss, health catastrophe, Divorce etc…
They can smell a scammer who just wants to get a free ride off the taxpayer so be legit!
Edit: speaking of scammers….¡¡¡¡ I bet it originated in Nigeria!!
Is there any way to get a mortgage loan with bad credit?
Hi there, I was wondering if there is any way at all to obtain a mortgage loan with bad credit, my home is sold and I am looking at a condo, I have half of the money for the condo but will need another half through a mortgage loan.
Is there any way possible to do this?
credit-report-score.10001mb.com – try this service to boost you credit score before getting loan. After credit repair you can get the loan with minimal interest rate.
I have bad credit and am desperate to find an apartment in Mass?
I am currently going through a divorce and one of the main reasons I am divorcing my soon to be ex is that he has ruined me financially. My house is foreclosing and I need to find an apartment between Dighton, Ma and Bridgewater, Ma. Here’s my problem. My credit since I have been married is terrible. I am very dependable and have been at the same job for almost 8 years. I can provide personal and professional references and pay a few months rent in advance if need be. What can I do? People with bad credit have to live somewhere, right? Help.. I don’t want to end up homeless. Any ideas or suggestions would be great.
Listen. Credit scores are VERY overrated when it comes to renting. Normally they only make a difference if you are looking at a place you probably cant afford to begin with. In my life I have never heard of anyone I know getting rejected from an apartment. And i know some people with AWFUL credit. Just look around and someone will let you in no problem.
is it possible to talk to my bank and ask for a lower payment in order to avoid foreclosure ?/?
what are the odds of my bank giving me a lower payment in order to avoid going into default ??
My payments are $3100 per month, MY retirement is only $2000 per month , the money that I was recieving from baby sitting is no longer available to make up the difference, how can I get my bank to give me a payment reduction so that I can avoid defaulting ? what are some other options, I don’t have the money to update the house to sell , I had it on the market 3 times and it did not sell because it needs updating. thanks for your thoughts
Banks are not in the business of foreclosing on property, and will actually do anything reasonable and within their underwriting standards to avoid it. They will not, however, violate those standards. Raise the question; it can’t hurt.
If you have significant equity in your home and you’re over age 62, you might try a reverse mortgage. I have seen this prevent a number of foreclosures; plus, it will rid you of the payment.
Are residential leasing programs that help people with bad credit get apartments scams?
Well my boyfriend has bad credit and he searched for a way that he could be able to rent an apartment although his credit is bad. He found this site : http://www.apartments.synthasite.com/ and he wanted me to research whether or not it is a scam. Basically, they ask for $99/adult that will live there then $375. I guess they have you rent through their name.
Anyone try this? Will it work? Is it a ripoff or scam? please help
A landlord cannot be forced to rent to the company or accept the company’s credit rating over the actual occupants.
I can’t see a smart landlord going for this, but it’s your money.
Has anyone actually had a home loan modification go well when your not behind on payments?
Wachovia has been dragging the process on for going on over 4 months now. What a joke. Does this wreck your credit?
i’ve handled many temp and permanent loan mods. They do work, don’t hurt your credit AS LONG AS YOU MAKE PAYMENTS. If they bank is willing to negotiate a lower rate and your fault on that payment, as well, then you’re in for it! It doesn’t look good that you’ve faulted in the first place, but when you take into consideration that you’re working to fix i, it helps revive your credit if you make payments and stay on top of things.
If you’ve been dragged out for 4+ months, I’d consider a loan modification company ( like freehampreport.com ) You’ll get free eligibility tests, and you can get a certified HAMP specialist to handle your case and call you with up to date info about your application. We both know Bank of America, Chase, Citimortgage, etc. won’t call you and tell you how your application is going…. you’ve got 4 months of proof!
