Upside Down Mortgage

Posts Tagged ‘Credit’

Fico Subprime

Question: subprime lenders on the net?

fico 486-been turned down repeatedly-found subprime lenders site-no fico score used to determine loan and rate-need to buy a home in bklyn ny very soon-good or bad move?

Answer: I believe Encore Credit may go down to 475, but you'd probably need a 20-25% down payment (minimum). Also, Eastern Savings Bank, but you'll also need a sizable down payment. Not sure on either of their websites. Truthfully, you're probably better off trying to improve your credit first if that's an option, or looking at a rent-to-own/land contract. You'll pay some $$$ initially (usually $3-5K-which can be used as a down payment eventually), set a purchase price, move in right away, pay "rent" for 1 year, and then refinance the property into your name after you've been in the house for a year. This gives you a place to live immediately, but give you a full year to get your credit scores up, while also giving you the option of refinancing. You can then roll closing costs in (instead of paying them out of pocket like you would on a standard purchase).

Vampire Warns About Wall Street Predators Who Are Sucking The Money Out Of Our Economy

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Mortgage Modification Affect Credit

Question: How bad is your credit affected if you Short Sale? Foreclusre?

One of rentals are killing us! We are throwing out about $800 in addition to the check to make the mortgage! We have been doing this for a while now and unfortunately it's kicking our butt. We have tapped into our equity line for help but we can't rely on that. We have called a bunch of places for loan modifications and nothing. Someone told us if we stop making payments is when they start wanting to modify your loan. If we were to do that so they can help modify our loan...how would that affect our credit. We would stop making payments until they modify our loan. Any suggestions would be great! Thanks.

Answer: I would call the lender now. There is no guarantee that the lender will offer you any type of modification....especially on an investment property.

How Does a Loan Modification Affect My Credit

How to purchase another home when you owe more on your present home than it would sell for?

Here is my situation. I purchased a home for $229k now the market value of this home is only 170k. It is a very nice home. Are there programs available for people in this situation? I was hoping that the government would have done something about this. I have good credit. Thanks for all the advice and help.

How to buy new home when upside down on current one?