Mortgage recommendations for not so good credit...
Posted By: mamawtypes on 2007-06-09
In Reply to:
a family member needs to get a mortgage for a home they are currently "buying" from a friend on contract. I say "buying" in a very loose term, because I am not sure that they even have a written agreement, sometimes it sounds like they are just "renting". Anyway, credit is a problem for them.. bankruptcy 7+ years ago, collection accounts they are currently paying on, etc. and probably some current finance company bills and "of course" the "new-used SUV" they got about 8 months ago. You all know what I'm saying here, this is not a "one time credit problem" .... Supposedly, they tried one mortgage company but, according to the wife, after about 3 months they got mortgage approval but PMI insurer turned them down. They actually have a good deal on the home, appraised at approx 90,000 and they are buying it for approx $78,000, so there is some equity. Of course, they have actually no $$$ to really put down. The situation is that they have been living there a few years and the seller "a friend of theirs" needs the cash by October, so that he can purchase a property he is currently buying on contract from his sister, who needs the money now, etc. and on and on it goes. Anyway, if they cannot come up with a mortgage, they are out, have to move and of course, they will be trying to hit us up for cash or, heaven forbid, a place to live!!! I need any suggestions anyone has or any names of mortgage companies that deal with this particular situation. The wife called us and asked us to co-sign, but that's out of the question. Appreciate any advice
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Best mortgage company for not so perfect credit?
I am looking to buy a house that is $185,000. From the sale of my current home, I will make $165,000 and will use all of that as a down payment. Obviously, I am 20k short. I don't have the best credit (low FICO score) so I am looking for a mortgage company that will loan me what I am short with bad credit. Anyone know of any?
Thanks
Anyone know who to get college loans when you have less than good credit?
Daughter is going to school and she can get a loan with a cosigner but due to my and my husband's finances we do not qualify. Asking anyone else in the family is out of the question, tried, no luck.. Are there loans out there where my daughter would not need a cosigner. She is a first year freshman.
good info but what does it do to your credit score?
I basically did what you are doing but on my own. I owe a lot. My credit card companies wouldn't work with me as far as lowering my previous rates so I investigated and found a site that lists all the current 'deals' with other cards and did balance transfers. Let me tell you for one I got 0% for a while and then 3.9 for the life of the balance! I still can't believe it. Another was 0% for like 18 months and then 8.9 for the life of the balance. So I'm proof it can be done! You do need near perfect credit though to get these really good deals but it's worth the little bit of work involved for those who do pay on time and are just tired of paying those high interest rates :)
Read the book Good Credit Is S*xy by Welsh (nm)
Here are my recommendations....sm
Visit disneyworld.com and check out the family vacation specials. They have a special posted right now for September for $1278 for your family of 4 for 5 nights/6 days you get it all...food, parks, lodging.
We went 2 summers ago and stayed at the All Star resort, which was just fine. They have buses that run every few minutes taking you to the various theme parks.
If you go during other months I'd recommend not buying their meal plans as they're expensive. You can rent a fridge for the room. Microwaves come with the rooms. We bought lunch meats and packed a lunch as well as froze our own bottled waters and drinks, which we took into the parks so we didn't get price gouged.
The kids will get tired easily so be sure to space out the day, i.e. start early in the morning, go back and rest for a while and then go back in the evening. Or hang out at the resort in the morning and go to the park in the afternoon through the evening.
I would recommend getting the Park Hopper passes which allows you to come in and out of the theme parks you sign up for as much as you want for the days you purchase them for. That way if your family finds they like 1 park more than another you can go back and forth as much as you like and not be stuck paying out the wazoo.
I have also gone to Disney with staying in Kissimmee and during the off seasons you can get great deals on hotels where they'll give you "x" number of park passes for free.
So, figure out what your budget will be and then look for what will work best for you and your traveling family.
Have fun!
Why does closing a credit card account negatively affect your credit report
Especially when I never use it anyway, and really never wanted it?
With all the bank rearranging going on in the past few months, one of my accounts was tranferred to Bank of America. I was sent new cards and a new agreement, new interest rate etc...
So I called them up and cancelled but before they did, I had to listen to a spiel about how this would negatively affect my credit report.
Huh?? Why is that?
Food Recommendations
My email got bounced back by your ISP. So, I was suggesting to try a grain-free canned food, like Wellness or Nature's Variety Instinct.
This is a place with lots of information and help for cat health problems. Hope it's okay to leave the link, if not ,please leave the food information as this poster needs help with her kitty Itchmo forums
Need recommendations for dog flea control.
Anyone use anything that actually works? I have a golden retriever and I have tried Advantage (which worked in the past when I had cats), but it hasn't helped. I also tried Zodiac Spot-On (cheaper brand) and that didn't work. I have tried flea baths and flea collars as well. Help!
Recommendations for deep friers sm
Need some recommendations for a good quality deep fryer. My third one just bit the dust. Have used Rival and Presto in the past both only lasting 1 year or less. I don't deep fry a lot but get a hankering every now and then for chicken. None of the fryers I have bought in the past last more than a year, they quit right in the middle of frying. I sent one back to Rival, it had died 28 days after I bought it. They sent me another and it died 1 year later. On the hunt again for another and don't care the cheapies anymore. Give me your recommendations.
Credit Card Reform Can Cost Good Card Users
Part of article:
Credit cards have long been a very good deal for people who pay their bills on time and in full. Even as card companies imposed punitive fees and penalties on those late with their payments, the best customers racked up cash-back rewards, frequent-flier miles and other perks in recent years.
Now Congress is moving to limit the penalties on riskier borrowers, who have become a prime source of billions of dollars in fee revenue for the industry. And to make up for lost income, the card companies are going after those people with sterling credit.
We pay off our balance every month. If they do this (punish those who have sterling credit) Ridiculous!! I'll stop using my CC and pay by cash or check.
So much for reform.
mortgage
My thought is to get more house with a 40-year mortgage but it's not necessarily the house I will stay in the rest of my life. I would probably downsize in about 6 or 7 years. Just wondering if banks readily give this or not . . .
Mortgage foreclosure.
I am in danger of losing my home. Anybody deal with this and what did you do?
Mortgage Companies
We have a good one, but it is funny when there is an error on their part they call your employer... When they want to loan you some more money, they call your house!
I had no problem getting a mortgage
with iffy credit, but your broker may not have any control over the documentation needed - especially since the subprime mortgage industry is tanking due to bad loans (everyone is being more careful as a result). STILL, if you have been doing the same type of work for a while, which you have, they should look at the bigger picture - and I would ask them to because you would "hate to have to take your business elsewhere" wink wink.
Remember your clients can lose their clients *any*time - with or without a contract, so I doubt they are going to be willing to give you a letter which meets the requested requirements. If you have excellent credit there are tons of companies out there who probably would not ask for this type of documentation - although terms could be affected a bit. Good luck. P.S. Want to buy my house - its for sale!?
mortgage question
Has anyone ever obtained a 40-year mortgage? Are they hard to get? I'm house hunting and just trying to look at all my options. TIA.
Do you know about reverse mortgage?
Maybe not, you might be young but will explain for others who do not know. If you own your house outright and should your spouse die, you get sick, whatever you can continue to live in your house, and you possibly would get money also to live there until you die. Called reverse mortgage. More should know about it. A company takes over and then you will the house to them upon your demise. So that thing about selling the house, nah on this end. As far as short term social security, may be for younger people or not be all and from what I am hearing by the time social security is due to give out, probably would not be around then anyway so don’t worry about the short term thing there, money from previous hospital is until my demise, again no worry there, money in bank building interest only, don’t take from there, no problem there either. The only thing I consider myself rich in is happiness and love. Next.
Mortgage rates
Is anyone refinancing with the mortgage rates so low? I doubt we'll ever see them this low again.....thoughts?
Have you talked with your mortgage holder? sm
They will sometimes try to work with you regarding payments, etc. They don't like to foreclose. It usually takes anywhere from 6 months to a year to foreclose on a house and they usually take a hefty loss. We bought the house next door to us just a few months ago on a foreclosure and it took forever.
finding a new mortgage company...sm
Is at the top of my agenda for this year, but it was the plan all along to refinance this year anyway, so...thanks for the support y'all!
Question about mortgage and divorce...sm
Is the only way to get my name off a mortgage is to have my ex either refinance or sell the place?
Thanks
I agree. They also don't state how much their mortgage
if you don't live beyond your means you don't struggle.
Mortgage? You gotta be kidding. - sm
Dont know 'bout the rest of y'all, but I live in a very tiny apartment. My car is 13 years old, and is going to have to last me forever. It guzzles gas, but it's paid for. I never eat out, I eat 2 meals a day instead of 3, and I buy my clothes at the Goodwill. A vacation? Fuggetaboutit! A 'vacation' is when I occasionally allow myself the luxury of watching the evening news on TV.
we are closing on a house next month and mortgage
need to come up with some cheap ideas too!! I have several baskets that i have collected over the years and plan on going to the Dollar Tree and getting "girlie" stuff and filling them up for around $5-10 each, depending on size. My family knows this year is going to be hard on us, so that helps!
Did you talk to a bank or mortgage company and see if you can get pre-approved? Seems
s
Make sure you have copies of all important papers, addresses for mortgage, insurance, etc.
s
credit
My girlfriend did use the service. It worked great for them. It also put all their payments in one. The only thing is you need to watch what "items" you put under the service because it will keep you from purchasing items for so many years.
credit
I have used Consumer's Credit Counseling Services locally. They were wonderful to me. Put me on a generous budget, put all my bills under one payment (had to cut up all credit cards - which was a blessing and freedom after I got used to it), cut the credit card interests way-way-down or to none, and finally got everything paid. At first there was no charge from them, but later I paid $5 a visit, but I imagine they have surely put a low charge now. They were pretty strict with me (which I needed), but it worked. They were always accessible to talk with, which I really liked too. Also it was nice to refer callers to them, saying, "I am a client of CCCS and they are helping me" and not have to deal with the callers any more. In fact, after they were notified of intent to pay by CCCS they never called again.
Good luck. It meant freedom to me.
credit
I did hear that credit counseling is reported to the credit bureaus, but so are late payments, over-limits, missed payments, etc., etc. so ultimately I don't imagine it could ding your credit score any worse.
credit
I don't know the answer to that. We have only bought cars and a house on credit since then. Be sure to talk to the credit counselor before signing up and find out. They will know.
Credit card (SM)
There was information about credit cards and interest rates going around late last year/early this year. Basically, from what I understand with the new bankruptcy law this was attached to it. The credit card companies can and will charge you and me whatever interest rate they want to, and the only thing we can do is cancel the card and pay off the balance. There were these little inserts with your statements that many of us just throw away and never think about it. But I did read the ones that were sent with several of my statements, and I kindly told them to keep my rate where it was and I canceled the card. Sad but true. 
NO more credit cards
I had a credit card with a high balance. I got a second mortage to pay it off. I called the credit card and got the payoff balance and my bank sent a check to them. I kept watching on line to make sure they got it and when they did I noticed that there was a $95 credit. So, I called and said how do I get my money back. They sent me a check and when I got it, I called and closed the account. This was about two weeks ago. Today I get a statement from them with a balance due of $45! Huh??? I called and they keep telling me it is a finance charge. I got pretty steamed and finally ended up saying that I would pay it, but no more. Well, I wrote out the check and put in in the mailbox, but I'm still stewing about this. If I still owed them money, why did they send me a credit?? What is the finance charge on if I had a credit balance? I suppose I will just pay it because they will only keep tacking on even more charges, but it is really bugging me. Has anyone else had any experience with this??
I will say one thing - NO MORE CREDIT CARDS EVER EVER EVER. REALLY. I mean it this time.
About my credit card
I owed close to $10,000.00 about 2 months ago on my credit card and called to make sure I sent the right amount as paying it off. After I paid in full, they also sent a "finance charge" for around 35 to 40 dollars. I paid that but have discontinued using that card. I have another card, used during Christmas, interest about half of the other one and getting that paid off before long also, just sent $500.00 towards that yesterday. I on the first had asked for payoff amount but the finance not there when I asked.
Our credit was very shakey (sm)
when we bought our house 6 years ago and we have now (both husband and I) been ICs in this biz for 11 years. As an IC you are supposed to work for different companies according to the IRS so you could really jam yourself up if you got a letter like that from your current company. Personally - I would refuse and find another mortgage company. I had a very young and inexperienced mortgage person when we refinanced our house through a credit union - it was literally a nightmare - I don't have the time anymore! If you have good credit move on and find someone who appreciates your business
ruined credit????
Went to work for a company about five years ago. The pay was EXCELLENT, however, they paid me "when they got around to it." Now my credit is so terrible I can hardly qualify for a home loan!!! Has anyone else experienced this problem???? Still suffering after having quit four years ago!!!!!
Sorry to say, but you have proven yourself a bad credit
x
Not the only way, my credit just restored on its own
after years of not having as posted below, went and had a clean slate just as if no credit at all in my life, went from bankruptcy to nothing bad about me, nothing! I did learn how to be responsible after that time though, now have excellent credit rating.
Credit for your daughter
As DW stated, federal loans are given to students - have her go to financial aid office/web site of school and see what she needs to do to apply for them.
Does your daughter have a credit card? Yeah, I know, scary thought, but the sooner they can establish good credit, the better off you all are. My son has a card for college students from Citi Bank. He's had it since senior year of high school and I tell him to use it for EVERYTHING. Gas, pizza, books at school, etc. He keeps track (amazingly) and pays the card off every month so he never gets charged interest. His bill is usually for under $50.
He's been having problems with his cell phone, it's already been fixed once, yet the same problem keeps happening. The contract for the phone was up last week which means he could get a new phone for next to nothing provided he renew for another two years. I told him I'd buy him he new phone for a Christmas present. I've been paying his cell bill of $45/month for years. He wanted text messaging added to his plan. I told him I will only pay the $45, he can pay the difference if he wants to text his friends because NWIHAIPFI so he can ask his BFF what time they can meet for lunch when he could just call the dude and leave a message if he isn't there! Well, a two-year commitment with the phone company would bring us to 6 months AFTER he graduates from college and he could be in Madagascar by then for all I know with the cell bill still coming to me. I asked the cell phone company if the contract can go in my son's name. They told me no, because his credit rating as a student wouldn't qualify him. I asked them to check anyway. They did, the woman was shocked, he was approved, and now he has a new contract with text messaging for $10 more and the bill goes to him! I'll deposit $45 in his checking acct every month and he can write the check.
This is partial payback for the night I had to spend in a battleship with 400+ other Cub Scouts and their fathers when my son was little. Hot dogs and beans was the dinner. Need I say more? Bunks stacked 5 high with me on the top bunk and hot air rises. He will owe me for that for many years to come.
I think its credit cards...
The newspaper had an article the day after Christmas how people are defaulting on their credit cards all over the place. This added to the mortgage companies having problems with people unable to pay their balloon payments and the bad housing market, price of gas is sure to lead (the article said) to a recession.
When I was shopping I saw all the people with tons of things in their carts, DVD players, computers, etc. on Christmas eve. This was regular people at Walmart. I saw a lot of credit cards flashed around. Paying minimum payment will cause Christmas to cost tons more and they will be paying beyond the item's life which they purchased.
We went through this. We tried to sell our house, rented to own another and went broke in 3 months. After we had 2 house, fell back on credit cards the interest piled up and it was terrible! We moved back and are on a budget. So, I shopped without credit this year, and you know what? I had more fun. And I have 3 kids. Their things were simpler than the fancy things they got last year. The most expensive things we got were bikes because they are growing and we got those on sale. The rest were creative items. I am not saying that what we did is so great. What I am saying is that peeople are not looking at the big picture these days and if they do not use cash (as we had not in the past), they may not be able to pay their debt if hard times fall. In the meantime, grandpa sent my son 100 bucks, which I let him spend on a train set (I should not have let him do that he is 7) and he cried that his money was all gone and he did not want the train set anymore. I bet if I had him save some of it and had him buy simpler things, well I bet he would not have been crying. At least at age 7 he is learning that money is not easy to come by. And he is learning the hard way because I will not give him more money to replace what he spent. Sorry such a long message. It is just that we did not even afford an XBox, and I wanted a Wii myself, but we avoided all of that because in the end we learned that Christmas is not about credit cards, the junk it buys. I think the end of the cartoon the Grinch where the Who people did not even care about the presents was correct. Maybe we'd be happy with less things and more love. I don't know. This was not meant to be a sermon forgive me. We all have to learn what Christmas means to us and I say let people do what they want, consequences are always result of actions anyway. Just IMO. Happy New Year everyone!
Can't take credit for the idea.
When I was in my late teens I nannied for a very wealthy family who bought a truck load of stuff from a children's hospital as well as made a huge donation and I spent WEEKS handwriting "A donation has been made in your name" to this hospital and then including a sweatshirt, t-shirt, mug or whatever else they bought.
credit counseling
I did use one, but in retrosepct I don't think I would do it again. It ends up lowering your payments or your interest a little, but they also charge you a monthly fee - mine was 35.00. All they basically do is pay your bills for you with what you send them. It takes a good 2-3 months to get set up and working and by that time your bills are even more overdue. I think your best solution is to talk to all your creditors and be disclipined about paying to the exclusion of having a life until you are caught up. I finally got out of the hole, but it was hard and seemed like it would never happen. Good luck to you. You can do it.
which could damage your credit
x
they can be put on your credit report...
I know for sure b/c I have one on mine. :(
credit card
I've not had personal experience, but I know to be wary of some of those companies that advertise. I saw a financial advisor on the Today Show and she said to make sure you go with Consumer Credit Counseling; maybe there's a link on the Today Show website. Good luck!
credit debt
Wow thanks for all the good tips.
As this got off the subject and onto other things, I just wanted to say I have heard Al-Anon is excellent for people dealing with alcoholism in a spouse or other loved one. It might be a great place for support for you and your kids. Just a thought.
Pay off our credit card
And with the little we'd have left just put it in the bank
Credit Check
For several years now almost all employers have been running background and credit checks on all employees before they are hired. It has nothing to do with "your son". It is now common practice. Most likely if he is behind on his child support as soon as he gets a job they will attach his wages for payment. Alot of employers do not want to deal with the paperwork involved with that kind of stuff. The stigma of not paying your bills may soon change with the state of the economy and employers may start taking a different look at it. Did your son go to court and file to get his child support adjusted given his unemployment status? That would have helped him at least not be so far behind and may keep him from wage attachment when he does get a job.
At any rate don't get so upset, it is common practice for employers to do credit and background checks on every employee now (in fact your son probably signed the paperwork authorizing them to do so) and they use the results to make their hiring decisions.
credit card debt
Not sure what will happen, but I do wish you luck. Credit card debt is an unsecured type of debt. I don't know what more they can do to you other than a judgement. Not sure you can put that under a bankruptcy either once the judgement has been placed. I know a lawyer that handles a lot of bankruptcies -- did some work for him. He always asked his clients if late payments had gone to judgements. If they had not gone that far he was pleased about it. I guess it made things easier legally. Not really sure.
Your credit is ruined because you didnt do anything about it
x
Homeless has nothing to do with poor credit.
nm
You let credit get bad before house sale.
s
How my daughter got her credit started
I years ago put my son on my credit card and paid it well and then he automatically had great credit. My daughter got credit with a small amount at a store here in town that would give credit easily. I told her to do this, pay the payments as she should and even a little more and there it was, good credit for her. She now has ecxellent credit and has loads of past and present accts she has been responsible for.
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