How does giving a house back to lender affect credit?
916280
This will show up as a Foreclosure and ruin your credit. \n\nIt will be very hard for you to purchase a new home in your new state, not impossible but very very hard. You'll be looking at an interest rate of 9.5% on up. \n\nMost lenders won't finance with a Foreclosure on your credit report. I would suggest a REFI w/ Foreclosure Buyout.
1069800
Put in refinance mortgage bad credit and see what you get.\n\n\nLC
956468
not necessarily.  The delinquent tax could be paid at the closing of the refinance.  However, FHA might not look favorably on a borrower who isn't paying their taxes and think they might be a bad credit risk.
1065748
Basically you add a certain amount to the mortgage that you want to use for the closing costs, say $5,000.  This $5,000 is then given to the seller by the bank which they then give to you to use for the closing costs.  You are basically financing this additional amount with the bank.  There are limits on how much you can do this for and the bank must allow it but most do.  If you make an offer of $205,000 with $5,000 of sellers assistance your offer is really $200,000 for the house.  I do not believe this money can be used for the downpayment because you have to have the downpayment with you at the settlement before the seller can give you the seller's assistance amount back.
55440
I am not 100% on this - but I would have to say that in any NORMAL circumstance where you didn't have any forclosure issue or any creditors coming after you - you would simply pay the difference.  \n\nSo if the mortgage was for 200,000 and you could only sell for 190,000 you would have to kick in the extra 10,000 to pay of the rest of the mortgage.  \n\nthe reverse is true - if you sell the house for 210,000 YOU would KEEP the extra -  If you sell for less you would have to pay the extra.  \n\nMakes sense to me -  I could be wrong - but I don't think so.  Especiall if you wanted to not have your credit rating be affected. Pay that mortgage off. Either that or stay in your home and don't sell it for a loss.
314370
Then you need to call the Mortgage Servicing department for your Mortgage Lender.  You DON'T want that to negatively affect your credit!!!!!!!
1041843
NOW, do a pre screen on lendingtree.com. It doesn't affect your rating and my score was 600 with no down and I bought a house last fall. good luck
1024379
I am a mortgage loan officer, and work with credit issues everyday. As to what you are referring, I have heard of this but never done it. Would be curiuos to see if you as the consumer can get all three bureaus to report the same information. \n\nThe reporting is done from the creditor's side. They report to whomever they choose.. typically depends on your local region. For example, smaller based creditors in the SouthEast will typically report to Equifax. Larger national companies may report to all three. How they would gather the information is more my question.\n\nNow, in regards to how to improve your scores, I believe you are getting some mixed advice. You must understand how the scores are built before you can determine what will impact good or bad.\n\nMajority (but not all) of your credit score will be based on the past 24 months. So in other words, if your credit history over the past 2 years is mostly bad, your score will reflect that. Old credit may hinder scores slightly, but will not comprise the majority of your score.\n\nOld negative items may not have a major impact on scores, but can prevent you from getting over the 700 score mark and maybe even hinder you with certain lenders.\n\nMy suggestion to anyone trying to improve credit is this: Get on time with ALL current open credit, add good POSITIVE credit to help push scores up, and depending on your purchasing goals you will work on your old negative items now or later. For example, looking to buy a car or home within 90 days... leave the old stuff alone. Looking 1-2 years down the road, pay it off.  Why?\n\nPaying off old negative items will update the item to something within the past 24 months (Date of last activity) and will be factored more highly in your scores. So paying it off now will bring your scores down! (Yes, that does sound contrary, but it is what happens.) If you want to buy something sooner than later, do what you can now to boost your scores (i.e. Good credit) and then attack the old stuff after you buy what you needed.\n\nIf you attack it now with a long term goal in mind, your scores may suffer in the short term, but with the added positive credit and paying off of old credit, you will have sweet scores in the long term.\n\nSee the information below on where to find the good positive trades and how to work them to your benefit.\n\nGood luck!
685125
Then you have to bring a check to the closing to pay off the difference.  You are what is called "upside down" which is a risk of declining prices, risky mortgages, or making a tiny (or no) downpayment.  On my current home, the seller had to do the same thing, because he had a huge unpaid line of credit open against the house.  There is no free lunch- you will have to pay that money to leave your home.  And if you have accepted an offer at this point, you are likely to be sued if you try to back out.  Its always possible to try to convince the Realtor to take a smaller %, they might agree, especially if you can convince them that the deal could go to hell because you dont have enough to pay the difference.
691839
Applying for a home mortgage will effect your credit score for a short amount of time. However if you are shopping for rate, then have all the companies that you want to get a quote from with in 2 weeks. Your credit score will not be effected if you search with in a consolidated time frame. If you stretch the search over a long period, your credit will be effected. \n\nThere are numerous programs out there for first time home buyers. With out knowing your profile, it would be hard to determine the right fit for you. It would depend on what your goals are for the loan. Are you looking at interest rate, monthly payment, closing cost, 100% financing, or seller concession? There are too many variables to consider to answer your question with accuracy, however I would suggest a state bond program. \n\nWork with a loan consultant that you feel you can trust. If you don't know any, then talk to friends and family. If you don't have any Friends or family, ask your Realtor. Just because they come recommended, you should still interview them to develop a comfort level with them. \n\nHope this helps, contact me directly if you have any questions.
191373
What do you mean remortgage? Are you refinancing?\nLiving next door has nothing to do with it, it's a matter of credit.
205462
Because if you default on the loan, the bank knows where the home is and could take it back. Harder to do for a vehicle. And the Vehicle will lose value faster, so if it is taken back the seller would not be able to recover their loss as easily.
125935
I don't think it will affect their credit rating at all.  It might affect yours though, if that person runs up a big bill and deosn't pay it and you are left holding the bag.  Unless it is a close family member and one you really trust I'd be careful.
329180
depends on your credit score and how many revolving credit accounts you have... my credit just shot through the roof thanks to the new house I just bought. I had no credit and got approved for a brand new house, so if you do have good credit then i'd assume you could get the loan
576803
Yes.  If you must purchase a new car, put it off until after you have signed your mortgage and purchased the house--- not just the preapproval process. If you need the car now, then you may consider waiting a bit before buying the home. Any new debt--- even a credit card that you never actually purchase anything with--- causes your credit to go down a bit; it comes back up with a couple of months of regular payment history but that 20 point difference can make a huge impact on your mortgage terms. Also many big purchases in a short time will make your credit look like you may be on your way to overextended. Lenders, especially mortgage lenders, like to see a history of carrying that amount of debt and when the size of the debt changes dramatically, you no longer have any history of being able to pay.
498614
It relates to how much risk a lender will be taking by lending money to someone.  \nSomeone with a low credit score, high credit card debt, no equity, and a bankruptcy is a high credit risk.  There is a high risk that a lender will never get repaid.
576753
Your credit score could affect your ability to get a loan at the best rates.  There are plenty of companies that prey on people with less than perfect credit and offer loans that are really bad deals.  \n\nYour realtor should be able to recommend a reputable mortgage broker who can help you find a reasonable loan and understand the terms of that loan.\n\nThe less money you have to borrow the more comfortable a bank is about loaning their money to you. Banks will feel most comfortable lending you 80% or less of the cost of the house.  That's why you don't have to pay for PMI if you put at least 20% down. (PMI is private mortgage insurance.  If you default, this insurance will pay the bank.  It WON'T get YOU off the hook - you'll still owe the bank).\n\nOne way to get around PMI if you don't have 20% to put down is to basically take out a second mortgage on the house to borrow what you can't cover out of your own pocket.  However, that second mortgage ain't cheap.\n\nOther ways to get into a house without much cash is to take out an interest only loan or an adjustable rate loan.  If you are going to be in the house for a while, those loans can be riskier than a traditional mortgage since the loans are basically drawn up to favor the lender.   \n\nGood luck!