Bad Credit Mortgage | Loan Modification | Avoid Foreclosure
Bad Credit Mortgage | Loan Modification | Avoid Foreclosure
Personal Loans for People with Bad Credit?
Are there companies out there who help people who have had bad credit in the past get personal loans?
Such as Ex-Bankrupts and/or paid and unpaid defaults?
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Is there any way to scape bad credit history in a co-mortgage if my partner is unable to pay for his share?
My partner and I decided to buy together a home two years ago. He is unable to meet his financial obligations, and is considering to declare himself in bankruptcy. I can continue paying for my share, but definitely cannot pay for his. Is there any way I can escape from this loan without having a bad credit history? Any tips in how to avoid foreclosure or bankruptcy?
Only to pay the loan in full.
Other than that…maybe try to negotiate different terms with the bank.
are there any programs/grants for single mom first-time home buyers with bad credit, but good job?
sooo tired of throwing my $ away on rent, i live in SE iowa
Lender will give you money for sure. Probably charge you a higher interests rate and extra insurance on the loan for not having the down payment or good credit.
Would you consider delaying your plan? As housing market continues to slump, it might save you 10% simply by waiting for a few months. Another way to look at it, you can increase profit by 10% when you are ready to sell it.
http://money.cnn.com/2006/09/25/news/economy/homesales2/index.htm?postversion=2006092513
http://money.cnn.com/2006/09/05/real_estate/Ofheo_home_prices/index.htm?postversion=2006090514
As housing market continues to slump, if you don’t plan to delay your plan, please interview several and pick a good realtor or agent.
Bad ones will talk you into buying the largest property at your credit limit. Good ones will find you a good deal (Sellers are offering discount and incentives now).
Try to stay away from Adjustable Mortgage, because 30 year fix mortgage rate is very low right now. There is no reason to use Adjustable loans except fatter commission for loan agents.
Interests only loans are not good iether. Mortgage payment consists of two parts: interests and principal. Interests are like rent, which doesn’t add to the equity to your house. It simply disappear as your pay it. If you want to use interests only loans, might as well rent, especially during market downturn, because housing price won’t appreciate.
Finally, for tax benefits, talk to your CPA or tax accountant. Do not consult finance with realtors or agents. They get commissions when you sign the check!
Good luck!
Good article when you want to put in bid, negotiation.
http://biz.yahoo.com/brn/060909/19463.html
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Different perspective:
It is a myth that renting is always worst off than buying.
Rent vs. Buy as Housing Market Continues to Slump
As housing market slump, it is easier to calculate "Rent vs. Buy" scenario. Because "appreciation" is no longer a factor.
Mortgage payment consists of two parts: interests and principal. Interests are like rent, which doesn’t add to the equity to your house. It simply disappear as your pay it.
If interests portion of the mortgage payment is roughly equal to rent of equivalent property, then it is a decent buy.
For example, let’s buy a $500,000 condo with 0% down and apply interests only loan (just like renting a place). Mortgage payment would be $3250/month. It is a bad buy, because you can enjoy same property for $2000/month.
Please note that I assume the tax benefits from home cancel out fees from home association and property tax. For more accurate calculation, consult with your CPA or accountant. But NOT your realtor, whom will say anything to get the deal to go through.
And again, if you like a particular property, then paying more may be reasonable. You are the only person who can decide how much more premium you are willing to pay.
With help of government mortgage can you get a home loan modification?
I don’t really understand the question, but call your lender and ask for the modification or retention department. If you’re current on your mortgage the Making Homes Affordable program may work for you, and again you would contact your current lender.
Can i write off my mortgage loan modification fees on my 2009 taxes?
In 2009 I sent $3,500 to a loan modification company that was suppose to get my home loan modified. Unfortunately for me the company stole my money, went out of business and I never got my home loan modified.
Can I write off the money used to modify my loan? If so, where would it fall under on my 1040?
Thank you for all your help.
Yes, you can. It falls under the Topic 504 – Home Mortgage Points. Here’s a link with more details on where it falls http://www.irs.gov/taxtopics/tc504.html
You should have saved your money and do the loan Modification yourself. It’s a simple process.
Paul A
www.loankit.org
Are there any legitimate ways to obtain a mortgage with bad credit in your past?
recovering from bad credit (no bankruptcy) and looking to buy home, now have great job and fixing things
Believe it or not, but "Bad Credit" is a subjective issue. I suggest you speak to a mortgage broker in your town to figure out how bad it actually is. A smart mortgage broker will be able to help you fix what is wrong (sometimes certain debts can be overlooked). After you have been pre-qualified, shop the rate! You could be a lot closer to being ready to buy today than you think. Good Luck!
How can I find somewhere to live with bad credit and low income?
I am a single mother and have bad credit, I really have no one to help me, and i have no where to live, how can i find somwhere to live?
Depending on what state you’re in if you have a child with you they’re are family services and social services that can help you. Check under your state agencies or at your public library. You could also go to any church and possibly get some help they may have someone in their congregation who would be willing to take you in. You don’t say what state you’re in and you obviously have internet access.
How do I find a reliable real estate agent in Las Vegas area experience in short sale?
I am trying to sell a single family home for short sale to avoid foreclosure. Looking for a reliable and well established agent with experience with short sale homes.
If you sell with short sale you will still owe the money. You will still have to pay back the difference to the lender in the form of a deficiency judgment. Watch out. You should consult a real estate atty because a realtor will tell you anything and will cut the price in half just to get the property sold and you will be stuck paying the difference. Have you talked ot the lender? Can you rework your loan payments?
information on single parent programs for home ownership with bad credit?
alot of those programs are administered by the state.
Check with a lender in your area and he might be able to give you more information or point you in the right direction.
qualifying for home loan modification?
Is there a way to determine if I qualify for the home loan modification?
You need to call your lender to find out. It is not an easy question ot answer, with lots of varitables, many of which you likely do not even know.
