Mortgage and cash loan MESS! Please help...?
600493
Okay, here is the deal--\n\nIf they had a mortgage and they have decent credit and equity in the house, they could get a 2nd mortgage/equity line of credit.  That line of credit is considered a 2nd mortgage and it is recorded on the deed just like the first mortgage was.  They can indeed lose their house, either lender can decide to forclose on the house for missed payments.  Usually what happens is the first mortgage holder buys out the 2nd and then forcloses on the house.  \n\nIf they got a 2nd mortgage, they probably got a checkbook, so they could have written a check and gotten cash to give to Scott, but it was still a 2nd mortgage.  Payments will be due just like the first mortgage, every month.\n\nIf they aren't getting enough to pay both, they should immediately contact the first lender and see if they can refinance with both their mortgage and the equity line of credit.  This might be difficult because they have used all their equity in their house, so they are reborrowing for full value of the house and the bank might not go for it.  \n\nIt would be terrible for these people to lose their home because they tried to help somebody out.  I hope they can all find a solution.\n\nThey might also contact www.naca.com  \n\nIt's a non-profit housing advocacy group and they do some refinancing.  They are very much about people keeping their homes, so they might be able to help you where a bank might be less helpful.  \n\nGood luck!
294300
Kat,\n\nYou leave out some important details.  \n\nI'm going to assume from your comment that you don't have credit right now because you purchase everything in cash, right?  I did that when I was young.  Paid cash for my car and did't have a card.  Had $20,000 in the bank to put down for a mortgage.  They wanted to refuse my loan because I didn't have a credit history!  Lucky for me, they had a loan manager who had sense enough to look beyond a credit report.\n\nWhat about your husband?  Does he have a credit history?  Good or bad credit?  Remember that they will be looking at his score also if you both plan to be on the loan.  If he has good credit you may not even have a problem.\n\nAs the others mentioned, you need to build a credit history.   How long from the time you buy this car on credit, until you start looking for a home?  Credit Guru is correct, it won't help you much to pay it off immediately.\n\nHaving a big down payment for the home may impress the mortgage company into giving you the loan without an impressive credit score.  Worked for me.\n\nIf you really need the car right now, consider paying it off in cash when you buy it. Many car dealers will cut you a very good price if you are paying up front.\n\nBefore you go any futher, go to the link I supplied below. You are trying toimprove your credit score, so you need to understand exactly how they calculate it.  MYFICO is the folks to developed the scoring system, and their site has lots of information on establishing and improving your score.\n\nAfter your have educated yourself you can make better decisions on how you can proceed.\n\nI sure wish I had your problems. Wanna trade?
242284
get a friggin loan like everyone else you GD loser...\n\nHey everyone!!! for no reason what so ever I would like you all to send me $50... please, please, pretty please!!!!
424829
WHAT IN THE NAME OF ALL THAT IS HOLY DID DIANAPEBBLE JUST SAY TO YOU?????????  REALLY...SHE SHOULD NOT BE ANSWERING QUESTIONS LIKE THESE.  SHE HAS NOT A CLUE.\n\nFirst of all, if the bank will not allow you on the mortgage, then you need to either deal with it and have just your dad purchase the property, or go to another company.  If you would like, you could contact me at timothy.kazee@americanhm .com and we can talk about that.\n\nIf your dad is the only one that is going on the mortgage though, you can still be on title.  Just tell the closing agent that you would like your name on title as well.  Also, your dad could put you into a land contract.  This is a great options because after living in the property for 12 months (sometimes 6 months) you will be able to refinance it, rather than doing an actual purchase on the home.  Refi's are a bit easier to do for those with bad credit.\n\nThese are just a couple ideas.  If you would like more, feel free to contact me.  Thanks!
61930
My husband and I had the same problem two years back for the same reasons. We tried everything, even those ads that say they will loan you money with bad credit. It was a scam and we were out a few thousand dollars so be careful of those. We eventually found a person who was willing to do a land contract or lease to own. We leased the house we are in for two years and then when we bought it the money we paid in rent those two years was the down payment on the house. We went through his Credit Union and it was a fairly easy process. He was a HUGE help to us. So I would suggest that route if you can!\n Good luck and I hope all works out for you!
735763
Around here....Please keep that in mind....States vary....But here if you can no longer qualify for you loan you can get your earnest money back.....In your contract the terms of the loan you were hoping to get should have been outlined..ie: interest rate, loan type, and length....If those items have changed you should get your earnest money back.......Keep in mind too when you do your home inspection you should be in total negotiation at that time too....So maybe you can find a TON of stuff wrong with the house and request seller repair them and if he doesn't  you can get out of the deal that way?...Hope this helps.....I hope you have a BUYER agent working for you...You may need to remind her/him that they are in fact working FOR you....Sometimes the contract is commission based for their interest instead of yours!!..Good Luck....
541487
Suggestion: Go to 'rent to own' places and ask them if they will report your timely payments to the credit bureaus for you. Most of them will be happy to say yes, if you buy something of course. Get something small and simple and make the payments on it. Try to get 90 days, same as cash and knock it out before the 90 days are up. They report your good work and you can start rebuilding your credit. The bad stuff will still stick around for 7 years, but your efforts will help you in getting loans if you need them. Good luck to you!
845282
get a job, put all you left over money in a drawer,  when the drawer gets full enough, go make you down pay't.  otherwise, you will probably be paying 25% interest on your loan.  don't borrow anything.  pay cash!!!
299517
Go to a Mortgage Lender...they service loans to poor credit, although if it is too bad, they may want you to clean it up a bit before loaning to you anyway.  A loan that takes into account poor credit is going to at least double if not more the percentage rate of your mortgage.  When you go to look for your loan, be sure to watch for all of the hidden costs (that goes for ANY mortgage)...never sign anything until you have seen a Good Faith Estimate which will disclose any and all fees that are associated with your mortgage!  If you don't understand it, find someone who will help explain it to you....don't let the lender that is "offering" you the loan do the explaining...they can try to make everything sound "okay" and you can get yourself into a mortgage that you can't get out of.  Be Careful!!!   and Good Luck!!!
429365
Unfortunately in the - very advanced - society we currently live in, the computers do not have a field for joint applications and/or accounts.\n\nThey - institutions and the like - say yes it is joint, but the fact is whoever is listed first, is who the account/property, etc is listed under.\n\nOne (the institution etc.) has to look further into the matter (via computer screen) to see the joint names.\n\nBut it is the individual that appears first on the account that USUALLY has ALL the control.\n\nHaving said that, when you contact the customer service departments, speak to a supervisor, if the rep. is not responsive. YOU ARE listed on the account and have the right to the information. So a)You should get billings - even if they are copies, and c)You are entitled to mortgage interest information - if you know the amount - then you are legally (understand I am NOT an attorney/accountant) entitled you use at least 50% - if not more. It depends on what percentage of mortgage /home equity you pay - even if you do pay ALL, ex may argue he used his funds to pay your 'whatever' bills.\n\nb)Equity account awarded to you - again speak to supervisor and/or their legal people. Explain you have judgment in your favor-they SHOULD- give you the access you need to the equity.\n\nd) If the house is in your name, then the house is yours and the loan is 'joint' Insurance claims as I understand (I'm not an insurance agent)are paid out to the lien holder's favor (mortgage company) who would then release it to proper party - like the people that reconstructed whatever broke - so do not pay out of pocket - let insurance company pay.\n\nNone of the above is easy, or a great way to do things.  it will take time, and probably longer than you would like. Document EVERYTHING, who you talk to and when, check your credit report regularly (I have a link to free report on my website) and do what you can to move on.\n\nYou may decide it prudent to get a second opinion from an another attorney, it may be expensive, but may be worth it, IF it allows you to get on with your life.\n\nGood Luck!
784508
Are the lates on the mortgage?  If so, the 60-day is what is killing the 85%.  Unfortunately, I don't know of any lenders that would be willing to do that LTV either.  Have you tried hard money lenders?
927664
Talk to your bank, and talk to a loan broker.  I have used both with good results.  Your real estate agent should be able to suggest a good loan broker; that's how I found mine.  He put together a reasonable package (it wasn't cheap), and two years later we refinanced into a much more reasonable mortgage.
748092
Check with your current mortgage company, or with the new mortgage company.  See if they offer the bridge loans.  You could also ask your realtor, if there is one involved in your transaction.  To find a lender, if you haven't already, try a yellow book listing, and call and interview a couple companies to find out the terms that are available for you.  Good luck!
763081
Hey Jennifer,\nIt sounds like you should definitely get out of that mortgage, 11.2% is awfully high. However, what is the reason that you had to take an 11.2% loan with a prepayment penalty? It sounds like a sub-prime loan product that you are currently in. Did you have a recent bankruptcy, foreclosure, etc? Is the credit bruised? Why are you in that situation?\n\nAs far as whether or not it makes sense, this is what I recommend:\n\nGo to a few different mortgage lenders. Have them pull your credit and pre-qualify you. Figure out what kind of loan program and interest rate you can get, then do the math from there. Take into consideration how much you will have to pay to get out from underneath this loan, add to that number the amount that your prepayment penalty is (they're usually one percent of the original loan amount). Then, divide how much you will save by refinancing now into the cost to do the loan. That will give you a break-even period in months. That should give you an idea whether or not it makes sense. For instance, if your prepayment penalty is $1,500, the cost to refinance is $2,000 but your monthly savings by refinancing are $100, then you will break-even on your cost to refinance in approximately 35 months. That's almost 3 years... Will you be in that house for more than 3 years? If so, then it might make sense.\n\nHopefully this helps... Good luck!
1032951
Are you talking about a Letter of Explanation? That's something often asked for during the mortgage process, especially if there is a gap in your employment or something derogatory on your credit report. \n\nNormally the underwriter is looking for good reasons to decide whether or not you should get the loan - and this is your chance to explain. \n\nA short, but thorough, explanation is good, and sometimes lean a little towards a "sob story." Health reasons, getting laid off, having your purse stolen, etc. are all good reasons you might have something negative come up. Explain in the letter what happend, and how you solved the problem. Also state that the problem hasn't happened again (if it indeed hasn't.) \n\nTips: Be professional. Type the letter if you can, instead of handwriting it. Check your spelling and grammar. Don't make the letter overly long or wordy. Also, see this link for good articles, polls, discussions and blogs about loans and mortgages: http://mortgagesloans.suite101.com/ \n\nGood luck!
791634
She can't sell the house unless she owns it, the bank may be willing to work with you if they know what happened. Good Luck!
1101414
It may not be too late...you need to contact the mortgage company immediately and find out if they will work out a deal with you.  If not, you can always try to buy it back.  I would suggest consulting with an attorney on this matter.