Archive for the ‘hud’ tag
bad credit foreclosure home loan
bad credit foreclosure home loan
Can I get a home loan claiming both of our incomes?
I have good credit (around 700+) and my Mom has bad credit and a foreclosure. She makes a lot of money to be able to afford a home. I on the other hand, do not make enough money to afford a mortgage on my own. I know that I could have her co-sign, BUT she has that nasty foreclosure.
Since I live with my Mom and my older and younger brothers, is it possible for me to claim her income as means for repayment of the mortgage loan? I’m looking at a house now that’s practical, its only 150,000.00 and the approx mortgage would be 850, we pay 975/ month in rent….
Does anyone know?
As a joint account yes.
Not by your self. If you did then you tie up your incomes and if you wanted to get another loan. i.e. a car loan or something like that, then you can’t, cause both your incomes are tied up.
bad credit foreclosure home loan
How To Be Highly Effective In Getting Any Bad Credit Mortgage Refinance Loan
You could find and attain the best bad credit mortgage refinance loan if you would prepare for the action accordingly. Here are practical steps to lead you to do well on the endeavor.
For people with tarnished credit histories, a bad credit mortgage refinance loan could be the only option to fund continuous repayment of existing home loans. For quite some time, such refinance loans have been providing people with hope so that they would not totally get into the brink of default and possible foreclosure.
Refinance loans for mortgages of people with poor credit could carry very high interest rates and unfavorable terms. This is logical. You should understand that lenders are taking much higher risks at agreeing to provide you a loan. However, there are still many of such products available in the market that are of lower interest rates and more attractive terms. How can you be effective in getting a bad credit mortgage refinance loan? Here are the steps.
Improve Your Credit Of Course
Nothing beats repairing your credit score, so you could qualify for any loan you want and need. If you currently suffer from a poor credit history, you could start the repair by settling your balances in your credit card accounts or at least paying a sizable amount of the existing debt. Doing so could significantly improve your credit score.
You have to show lenders that your credit behavior has improved. It may take six months to a year to do such an impression. Thus, you should prepare well in advance if you plan to take a bad credit mortgage refinance loan or any other type of loan facility, in the future.
Provide Necessary And Required Documentation
After you have repaired your credit score, you should proceed to preparing all the necessary and required documents. When you apply for a bad credit mortgage refinance loan, it is not enough that you fill up forms. There are of course documents that would be required from you.
Prepare proofs of your assets. You could use your bank account statements and equity documentation in your home. Some lenders prefer it if you have some equity held in your house. By being diligent and by providing all required documentations, the lender would surely be impressed by your efforts to do so.
Shop Around
Before you get into any bad credit mortgage refinance loan, you should make sure you have found and selected the best one. Of course, you should strive to stick out with the product that offers the lowest interest rates, the least closing fees and the most attractive program options. Aim to save most upon taking a mortgage refinance loan.
Now, are you ready to file for a bad credit mortgage refinance loan? It could be easy if you know how. Just one tip before you go: do not be desperate to immediately jump into a product. There could be many more refinance loans for poor credit people out there that are more favorable and practical for you.
About the Author
Applying for an ideal Bad Credit Mortgage Refinance Loan could be easier if you know how to do so. Go to the link Bad Credit Home Loan Refinance today to learn how.
I need help! Loan with former b/f going into foreclosure. What can I do?
I have not spoke with this person nor lived in the home for about 2 years. He has defaulted on the payments for the last 3 months. The loan is jointly in my name and his. The bank says they will start the foreclosure process on monday. I have no way to make the payments, even if I wanted to. I am married. The bank says I can go ahead with the foreclosure or file bankruptcy. So, my questions are:
1) Which is worse: bankruptcy or foreclosure?
2) How will either affect my spouse? We have credit cards and a home jointly.
3) What happens if the house is sold and we don’t get enough to pay off the loan?
4) Do I have any other options?
Please help! I know this is going to affect my credit, but I’m trying to find the least painful option. Thanks!
chez_deville: you’re absolutely right. Lesson learned the hard way. But yes, my husband knows. And is very understanding, thank goodness.
Why would you file bankruptcy? You are not trying to save the house, since you have no way to make the payments. BK only staves off the foreclosure, it doesn’t prevent it if there is no money for payments.
1) Bankruptcy is slightly worse than foreclosure, since it will stay on your record for 10 years vs. 7 for a foreclosure. And you will always have to answer ‘Yes’ to the question “Have you ever filed for bankruptcy?”
2) You and your spouse would be smart to close any joint credit card accounts you have before you declare BK, if you do, either by transferring them into his name or by closing them completely. If you alone declare BK, it should not affect him, if it is structured correctly and your accounts are separated as much as possible.
3) Is the house even for sale? If it’s going into foreclosure on Monday, I doubt there will be time, but if your ex-BF does manage to sell the property but can’t pay the entire loan, it’s called a ‘short sale’ – the bank will have to agree to take less than owed. It is only slightly less damaging to your credit record than a foreclosure.
4) At this point, probably not. If there is any equity in the home, you could try some of the “We buy homes for cash” places, but they generally will only give you about 70% of the home’s value, so if there is no equity, you would have to get the bank and your ex-BF to agree.
In either a foreclosure or a short sale, it is possible that you will get a 1099 for ‘forgiven’ debt. You must declare it as part of your income and pay taxes on it, or you will be in trouble with the IRS, too. So start saving your money to pay 25% or so of whatever your half of the forgiven debt is.
Income, Credit & Home Loans: Buying a House : Down Payment Assistance For Buying a House
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