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« Previous Entries Next Entries »What exactly is bad credit?
Monday, January 14th, 2008There are numerous types of credit report problems that would cause a lender to reject your application for a loan.Such problems include: missing a credit card payment, defaulting on a prior loan, filing for bankruptcy in the past seven years or not paying your taxes. Other black marks on a credit report include a judgment [...]
What do I do if I get turned down for a loan?
Monday, January 14th, 2008Increasing numbers of loan applicants are finding ways to buy their own home despite past credit problems, a lack of a credit history or debt-to-income ratios that fall outside of traditionally acceptable ranges.Ask the lender for a full explanation, then appeal the decision in writing.
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How bad is a previous foreclosure on credit?
Monday, January 14th, 2008A property foreclosure is one of the most damaging events in a borrower’s credit history. In terms of the effect on credit history, a deed in lieu of foreclosure or a short sale is not as adverse an event as is a forced foreclosure.
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What can I do if I have bad credit?
Monday, January 14th, 2008While some people have rebounded from a foreclosure to buy another home within several years, credit problems stemming from a foreclosure can continue much longer for others.Real estate experts say you should be candid with your lender in discussing these issues. If your bankruptcy resulted from losing your job due to your employer’s financial difficulties, [...]
How do you clear up bad credit?
Monday, January 14th, 2008There is no fast and easy way to repair damaged credit that took months or years to occur. The law allows negative information to appear on an individual’s credit record from 7 to 10 years. Now, many states have specific timeframes if you challenge a credit blemish.The first step is to check your existing credit [...]
Can I refinance after bankruptcy?
Monday, January 14th, 2008Refinancing may be prudent but could be difficult after a bankruptcy. If you’re considering bankruptcy, you may want to go to your current lender first and explain the situation. If you have been current on your payments, the lender may be accommodating and refinance your loan, easing your financial situation.
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What is a wrap-around loan?
Monday, January 14th, 2008“This method of seller financing is risky if the underlying first loan has a “due on sale” clause because the loan might be called due when the first lender becomes aware that the property has transferred title,” says Dian Hymer, author of “Buying and Selling a Home, A Complete Guide,” Chronicle Books, .A seller usually [...]
How do you find out if a loan is assumable?
Monday, January 14th, 2008Look to the loan agreement to determine if it is assumable by someone else. Then talk to the lender about specific requirements based on the value of the home.Assumable loans permit one borrower to take over a loan from another borrower without any change in the loan terms. Such loans still exist but they aren’t [...]
What about an all-cash offer?
Monday, January 14th, 2008Although most home buyers could never buy a property with all cash, anyone considering such a move (or who has bought a lottery ticket lately) may be wondering how to approach such a deal.Because buyers sidestep the tedious and time-consuming loan qualification process, the deal can close very quickly. In addition to fewer hassles and [...]
What about nothing down?
Monday, January 14th, 2008Though some real estate experts advise against it, home buyers interested in buying a house with nothing down can do so. But it’s not easy finding these loans and in some cases they can be risky. Occasionally, a builder will offer no-down loans to induce sales in an otherwise slow-moving project. Desperate sellers also may [...]
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