We are currently renting in Hertfordshire and are very keen to start paying off our own mortgage instead of rent. However, due to the dreaded Credit Crunch, we believe we’d need a much larger deposit to have a chance of getting a mortgage. As I’m a teacher, we are considering the Key Worker “MyChoice HomeBuy” thingy with Lea Valley homes, to give us a leg up and get us on the property ladder. Please does anyone have experience (good or bad) or using this scheme?

Problems with your credit rating can lead to all sorts of other difficulties when it comes to borrowing money.  Any traditional lender will simply not give money to people who have had credit problems in the past.  The credit check sounds an alarm bell for the way they operate and you are seen as too great a risk for them.  Fortunately not all lenders operate the same way, so there are a few options for getting money quickly even if your credit is bad.

You will not be surprised to hear that there are few lenders out there who are either completely reckless or just plain stupid, so they do want to be pretty sure that you will pay back whatever they agree to lend you.  Lenders that are not interested in your credit report are only ignoring it because they have some other factors that they focus on in terms of covering their risk.

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Had investment properties 4 over 7 years and have been profitable for 5 1/2 of those 7 years. However, after the mortgage companies let everyone w/ no credit or bad credit get home loans…all that’s left 2 rent is the scum in Memphis, TN. We’ve had 5 houses vacant out of 7 for months, get renters & after 1st month they don’t pay their rent, they know the eviction law and how long it takes 2 get them out, it costs us $ 2 put out, u can’t ruin their credit cause they don’t have much of one, don’t care, if u try 2 garnish their wages…they just quit their jobs. We’ve poured all our personal $ over the past 1 1/2 yr. into keeping our credit in good standings, paying 7 mortgages, repairs, insurance, taxes plus our own personal mortgage and expenses. We have borrowed money recently 2 keep them afloat, but when do u abandon ship? Credit will be ruined, mortgage co. will come after us 4 difference in owed amount & sale price…we just want out before we’re bankrupt…their 4 sale also.

The entire scenario is under control while you have a good source of income and you are able to pay bills on time. The credit card companies are happy and you feel content when there are no differences created. However, things start shaking when you find it difficult to balance the bills along with the expenses.

Once there is a glitch, it seems to widen with each passing day. The problems look endless and things start getting out of hand when the interest rates start rising. This is where you drastically need credit counseling advice. It is never easy for a newbie to handle tough situations and take appropriate actions. Here are a few facts that you should understand.

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I had a 770 credit score, and i made a realy bad decission yesterday and bought a 2010 camaro SS. I know realize theres no way i will be able to afford the 700 dollar a month payments for the next 5 years. So i need advice. Can i just let it get repoed, or call the financing company and tell them i cant afford it?

If i go this route, what happens? I just have a descrepency on my credit report for the next 7 years?

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I need to consolidate so bad I can taste it. I have 3 credit cards.

Citi balance: $4,600
GNCU balance: $2,900
GNCU balance: $2,775

Total: $10,275

How can I get an unsecured consolidation loan for that amount? Or maybe even two for that amount? I’m in the mortgage business and things are so slow. I make these payments sporadically every month and it’s hard when I only get paid one time a month. (And it’s not a lot) What do you suggest?
I’m in the process of getting a higher paying job and working on the side selling on eBay because I know how to do that well. But I’m, just so broke I feel like I need to consolidate.

I live in California and bought a condo in April 2006 at $310,000. Since then, the estimated value of the property is now about $240,000. I know now is probably a bad time to sell, and I really want to keep my home, but we are drowning in the payments to the point of not being able to buy groceries. Also, because BOTH my husband and I were laid off last Christmas, we fell behind on some payments, which led to near foreclosure. In order to stop this, we struck an agreement with the bank, and they raised the monthly payment of $1,210 an additional $734 (for a total of $1,944) in order for us to keep our home and to cover attorney fees, late fees, etc. This is just for 6 months though, and the payments go back to normal in January. To add to the misery, because of the late payments, my credit score has dropped from a 715 to a 520.

We now both have very good paying jobs and rent out a guest room, but even with all of that it is still not enough. What can I do to lower the payments?

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Me & my boyfriend just bought a home. I paid the down payment & will help make monthly mortgage payments. Due to bad credit my name was not allowed to be on the loan.
Buying and owning this home is a joint effort. How can I get my name as a part owner with out being on the mortgage loan? what are my legal rights.

Thank you for any help you can give me on this. I am trying to refi my adjustable mortgage that has gone through the roof and causing a snowball effect on my finances so that I now have a very high debit ratio. I had a FHA refi already to go except the appraiser must have been drunk the day he did it because he messed it up. From small things not marked right and missing to even being off over 300 ft of the sq footage of my house. He not only came in 20% lower than my tax rate but 10% lower than what I owe on the house. Of course this ruined that loan. Since then more bad luck of my new lender getting in trouble with FHA and my file restarted for a 3rd time in as many months. Now my credit score has dropped 150 points from May and I most likely am not getting the refi. This is going to cost me my home not to mention my marriage due to the stress. All this due to a bad appraiser. Do I have any legal recourse on the guy that can not even measure a wall? I live in Illinois.