Comments for Poor Credit Mortgage Loan

Comment on Should I stop paying my mortgage on May 15, 2008? by john67elco

john67elco — Sat, 19 May 2012 23:57:01 +0000

After I sold all property in 05-06 and rented I always wondered who the suckers were that bid up property without using any brains. Thx for putting a face to the thought.

Comment on Should I stop paying my mortgage on May 15, 2008? by dave98503

dave98503 — Sat, 19 May 2012 23:00:17 +0000

I worked in the cw branch in the west s.f. valley file room. they hired mostly ghetto women who had criminal backgrounds. They smoked a lot, took numerous breaks, were on drugs, had tattoos, cursed, got angry and fought with coworkers including myself, were lazy, complained, had emotional and bipolar problems, divorced, etc. I can go on and on and on…..most importantly they lost home loan files. In regard to your video. I say stop the payment. either way, you are screwed.

Comment on Should I stop paying my mortgage on May 15, 2008? by 67bandit67

67bandit67 — Sat, 19 May 2012 22:29:47 +0000

Well first clue was when you said BOA. Walk away. Save the money for an apartment. Get the apartment 1st then file for bankruptcy. Its a learning experience, don’t feel bad.

Comment on Should I stop paying my mortgage on May 15, 2008? by ANYSIA000

ANYSIA000 — Sat, 19 May 2012 21:44:46 +0000

If your being abused by the banks visit this website to save your home (icansuemylender . com) the reason the website name is separated youtube wont let you post websites as comments. Please look at this if you want to save your home. IT SAVED MINE!!

Comment on Is buying points to lower your mortgage rate a bad idea? by glenn

glenn — Sun, 13 May 2012 11:50:47 +0000

I don’t like paying points to buy down a loan because it is kind of a bet. They bet you will keep this loan short enough time that they win- you bet that you will keep the loan long enough that you win. IRS will apparently only let you prorate that cost of buy down over the entire period of loan (1/15th)

Comment on Is buying points to lower your mortgage rate a bad idea? by Judy

Judy — Sun, 13 May 2012 11:11:25 +0000

If you expect to be there a lon time, probably a good idea. If you expect to sell in a few years, probably a bad idea.

Comment on Home Mortgage pay-off vs. mortgage interest deduction? by Classy Granny

Classy Granny — Fri, 04 May 2012 13:12:24 +0000

The faster you pay off a mortgage the more you’ll have to invest or spend. The interest you save is more than the amount you would deduct on your federal income tax.

Comment on Home Mortgage pay-off vs. mortgage interest deduction? by Jerry

Jerry — Fri, 04 May 2012 12:49:57 +0000

Pay it off unless you really need the interest deduction. I love having no overhead so if it were me I would pay it off.

Comment on Home Mortgage pay-off vs. mortgage interest deduction? by andy

andy — Fri, 04 May 2012 12:21:56 +0000

It would be really easy to calculate, I think the interest deduction is based on your tax rate or some set number such as 20% of your mortgage interest. So no matter what, you will have more savings by paying off your mortgage since you now not only have the interest available to you but also the principle.

Lets say your mortgage is $ 1000 and towards the end of your mortgage life you are paying only $ 100 in interest. The maximum interest deduction will be $ 100 on your taxes but you still have $ 900 going out. If you paid off your mortgage then you would have the full $ 1000 per month to put towards other things.

Comment on Home Mortgage pay-off vs. mortgage interest deduction? by Sharon T

Sharon T — Fri, 04 May 2012 11:48:49 +0000

There may be one at http://www.bankrate.com.

You can make this calculation yourself by chugging numbers through any tax software or doing the manual calculations based on logic.

Comment on Home Mortgage pay-off vs. mortgage interest deduction? by WilliamG

WilliamG — Fri, 04 May 2012 10:59:37 +0000

Pay it off now. Then you can invest the monthly mortgage payment in stocks, bonds or mutual funds.

Comment on does anybody know of any mortgage companies that deal with people with bad credit scores? by Zarg222

Zarg222 — Tue, 01 May 2012 14:14:30 +0000

if he makes $ 70,000 and you live in an area with $ 24,000 houses, you should EASILY be able to save up that much in 12-15 months with no problem and pay all cash

if your score in less than 620-64, you have little hope of getting a mortgage and you will need at least 20% down payment

Comment on does anybody know of any mortgage companies that deal with people with bad credit scores? by My Take on It

My Take on It — Tue, 01 May 2012 13:56:40 +0000

If your boyfriend makes 70k he shouldn’t have repos and collection accounts haunting him. He should be paying those off. Only way he could have that bad of credit (or is it your credit that has that stuff?) is because he was living beyond his means.

Do you two have any savings with this 70k a year income? What are your expenses? What kind of money do you make? (or is the 70k a combination of both incomes?) What are both your credit scores? For an FHA loan, you need 3.5% down and 620 FICO.

Now, the thing is, with a house that is about 24k, you aren’t going to find anyone to write the mortgage. It is just too small a sum.

With the money he makes alone, you should be able to pay for this house cash!

Comment on does anybody know of any mortgage companies that deal with people with bad credit scores? by edco

edco — Tue, 01 May 2012 13:20:37 +0000

Here’s the best answer I can give you
First, how much are you able to put down for a down payment. On a $ 24K house (where in the world did you find a $ 24K house in 2010???), if you can put down 20% which is ONLY $ 4800, you have a very good shot at getting a mortgage, even if you have less than perfect credit.

If your boyfriend and you are buying the house together (which is a HUGE risk in and of itself – since you are not married, the bank may think someone can walk away), $ 70K alone of income is way more that enough to cover a mortgage $ 24K-$ 4800 equals $ 19,200.. Most CAR LOANS are more than that !

So unless you have something incredibly bad (beyond one repo) or your BF has unreported income, or some other reason, you should have no problem (assuming the house appraises for the price you are paying) getting a loan from anyone.

Comment on does anybody know of any mortgage companies that deal with people with bad credit scores? by Sharon T

Sharon T — Tue, 01 May 2012 13:02:57 +0000

Is there anyone in your family who might be willing to be your banker for this? They would take a mortgage on the property, just like a bank does. You would offer to pay them 6% which is far more than they get on a bank account.

Traditional banking channels will be closed to you because of your multiple credit problems.

Comment on does anybody know of any mortgage companies that deal with people with bad credit scores? by Rebecca

Rebecca — Tue, 01 May 2012 12:07:16 +0000

Skip this house it ain’t gonna happen. Then take that 70K income and start getting rid of the collection accounts at cents on the dollar because you would have to pay those off in order to get the loan anyway. Then start saving like crazy and put aside a 20% down payment THEN and only THEN go out home shopping. First stop is an Attorney because bdancer is absolutely right and if you don’t believe it read a few real estate posts about girlfriend/boyfriend messes.

Comment on does anybody know of any mortgage companies that deal with people with bad credit scores? by bdancer222

bdancer222 — Tue, 01 May 2012 11:52:58 +0000

You have two strikes against you. First, bad credit. You will have to resolve all the derogatory items on your credit report before any mortgage company will approve you. Paying off those derogatory items won’t improve your score. You need at least 620 for a FHA, 720 for a conventional loan.

Secondly, mortgages under $ 50K are considered subprime. The subprime mortgages started the meltdown. It’s difficult for someone with good credit to find a subprime mortgage.

One more bit of advice. Do not jointly purchase a home until you are legally married. There are courts set up to divided martial asets. But nothing to divide up boyfriend/girlfriend assets when you break up. It could become an absolute nightmare to deal with.

Comment on does anybody know of any mortgage companies that deal with people with bad credit scores? by Christo C

Christo C — Tue, 01 May 2012 11:21:20 +0000

Your best bet is to go to a local mortgage broker to find an appropriate product for your situation. Use personal references and the Better Business Bureau (www.bbj.org) to find a good one. If your credit is that bad, you will probably not be able to get a mortgage unless you can put down a significant down payment.

Comment on Mortgage Lenders/Banks – What Are They Looking for? by BeautyFinish

BeautyFinish — Tue, 17 Apr 2012 23:10:45 +0000

What about Bankruptcys. My brother wants a house but declared bankruptcy a while ago. Will a bank give him a mortgage? Thx

Comment on Mortgage Lenders/Banks – What Are They Looking for? by Ericlepiqable

Ericlepiqable — Tue, 17 Apr 2012 22:13:26 +0000

is anybody that stupid lol“““thanks for the help

Comment on Mortgage Lenders/Banks – What Are They Looking for? by richbonncmc

richbonncmc — Tue, 17 Apr 2012 22:00:13 +0000

great video. thanks for sharing this information. I am certain that a lot of people will get significant value from the information that you are sharing!

Comment on can i get a mortgage with my partner? his credit history is excellent while mine is bad? by D G

D G — Mon, 16 Apr 2012 12:17:09 +0000

Yes. I was in the same situation with my fiancee. My credit was good while she had a small amount of outstanding debt. We had no problem securing a mortgage in both of our names.

Comment on can i get a mortgage with my partner? his credit history is excellent while mine is bad? by michael s

michael s — Mon, 16 Apr 2012 11:38:58 +0000

If your partner’s credit is good, he should get the loan and leave your name out of it. Otherwise the lender will jack the rate up based on your lower score.

Comment on Ways to Stop Foreclosure Quick by RealtorJohnnyL

RealtorJohnnyL — Thu, 08 Mar 2012 22:44:45 +0000

I feel that you should speak to a Realtor who specializes in Distressed Property situations,such as a CDPE(Certified Distressed Property Expert,most highly endorsed by major R.E. corp’s. and banks in the nation.Search the web site.),such as myself,even if you sense that you might be heading in that direction.The info. in this video is excellent,spot on,but speaking to a Realtor with this experience is so important,because there is so much more to it & a prof. has experience and relationships.

Comment on Ways to Stop Foreclosure Quick by cliftonhauusd

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