Bad Credit Consolidation Loan

Archive for the ‘Renting Real Estate’ Category

Ray asked:


I decided to file for chapter 7 and the main reason is my house among many other obligations, I can’t afford it anymore. I am already 2 months late on my mortgage. The bank wont allowe me to short sale the house. Can I add the mortgage to my bankruptcy and avoid foreclosure? I figure this way I’ll have to deal with the bakruptcy record . Some advice please…?

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t_storm031 asked:


I am trying to help a family memebr avoid bankruptcy and her situation is dire . She lives in an area where the real estate market has stalled out . Her primary residence has a huge payment plus two home equity loans . She has a smaller house that she had been renting out just to make payments . The tenants moved out with no notice . Each month she gets deeper into debt . If she were to sell either house she would still be upside down on the loans . She is at a point where she is not able to pay the larger loan . What will happen to the two equity loans if she goes into foreclosure ? Her credit is already pretty well destroyed .

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Ruben asked:


My partner and I decided to buy together a home two years ago. He is unable to meet his financial obligations, and is considering to declare himself in bankruptcy. I can continue paying for my share, but definitely cannot pay for his. Is there any way I can escape from this loan without having a bad credit history? Any tips in how to avoid foreclosure or bankruptcy?

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Aneres asked:


Beware of mortgage servicing companies! They never paid the property taxes and have accelerated the loan and loaded it with misc. fees. I am considering Chapt. 7 bankruptcy and will surrender the house because there’s no way I can pay the current loan now (it has almost doubled). Will the deliquent taxes attach to the property after bankruptcy or will I still be responsible for them?

bankruptcy

tee el asked:


I bought my home about 2 years ago at 7.125%. I had (and still have) excellent credit, but the reason my rate was high is because I went with a stated, no doc loan. That means I didn’t show any tax returns to get my loan (they just needed my ID, bank statements, assets, and credit check). Nowadays, stated and no doc loans do not exist anymore (for good reason). It’s so tempting to refinance now with the rates being so low. But, I can’t. There’s lots of banks offering hardship programs now that will lower/modify your interest rate without refinancing (and I am experiencing some hardship due to the economy), but I would like to know if there are any other options. The bank is Citibank. Does anyone else have this same issue? Should I hire an attorney who specializes in loan modifications? If so, what should I look out for? Thanks in advance.
I forgot to mention that I did apply for the hardship assistance program that my bank is offering, but I was rejected because I was not in enough financial trouble. The rep even hinted that I should pay my next mortgage payment a week late to make it seem like I’m having problems. I really dont want to do that. I just want to lower my rate a little bit and have some extra money to save each month. Thats it.

mortgage refinance

ricko asked:


I dont have any other major loans or home renovations to do but I am in the market for a new car and would rather avoid financing a new car. I do have an equity loc(variable rate) thats open if i ever need in an emergency but I think it might be better just to go through refinancing. Any opinions?

mortgage refinance

L D asked:


Debt/income ratio too high so wants to do a debt consolidation loand prior to marketing my house and me buying another one but is that something to seriously consider? I was going to pay off my debts once the house was sold any way…

mortgage refinance

mdgirlfriend asked:


First mortgage rate is great at 5.5 on apprx 150K 30yr fixed. The 2nd mortgage on apprx 70K is variable, and I seldom have the funds (with 2 kids in college)to pay much additional towards the principal, so its gone down very little in this time. My question is – can you refi a 2nd mortgage ONLY to a fixed rate? I don’t want to roll them together as I’ll never get the 5.5 rate I have on the 1st mortgage.

Are there other options I’m overlooking? I want a plan that will realistically allow me to reduce the amount owed on this 70k each month.

I have excellent credit.

My townhouse appraised at 330 a few years ago. Similar in neighborhood going for around 280 now. I plan to stay in this home I have owned for 5 years – it is in a extremely nice bedroom community of Washington DC.
Any ideas appreciated.

mortgage refinance

stan4bass asked:


I applying for a home refinance loan. Mortgage company want me to sign a form to obtain my 05 and 06 income tax returns. Is it required?

mortgage refinance

Carrie G asked:


I still owe on the mortgage for my current house and am planning to buy a new house (and try to keep my current house).
Instead of borrowing from my 401k for the down payment, my mortgage guy suggested I refinance my current house (as a primary residence to get a better rate) then apply for the mortgage for my new house.
I told someone about this and they said doing that would be fraud because I’m refinancing my current house as a primary residence and I need to live here for a year.
Is this true? How much trouble could I get in?
Thanks.
I’m trying to rent my current house through a realtor – so there is an MLS for it (don’t know if that makes a difference)

mortgage refinance