Ok, need a $48k loan on a pre-foreclosure property worth $70k. Very bad credit, R there any options?
549878
you could try family and friends first.
1148714
I don't know how old you are but why not just call a local mortgage broker and tell them you are looking into buying a house and want to see if you qualify and what for?\n\nOnce you take the app, you are entitled to a copy of your credit report so just ask them for it and tell them you are going to start shopping for a house.\n\nTHE CREDIT REPORTS FROM THE "FREE" SITES ARE NOT CURRENT AND ARE VERY VERY DISSUADING!!! I have people try and tell me all the time that "the credit report I have says I'm a 700 score". when in actuality they are much less becuase the information on thier report is OLD.\n\nTrust me, go to a mortgage broker and ask them. They will be glad to help you out if you tell them you are looking for a house.\n\nbtw... David K gets his info from actually reviewing many "free" credit reports and comparing them to the credit reports that we pull from financial institutions. These "free" credit reports are mearly marketing engines for companies to find out you are inquiring upon your credit report. Once you pull your credit, your information is sold to anyone that has a dime to pay for it. If you currently have certian parameters, such as high debt/high interest rates, companies will begin to market you in the hopes that you will buy thier product to improve your financial situation.\n\nAgain, NOTHING IN LIFE IS FREE. Let the mortgage broker pay the $12 dollars or so, be upfront with them if possible and let them know you are merely trying to get an idea of your options. You can opt out from being marketed, I forget the sight but do a search for "opting out credit" or somthing along those lines.
344636
There are financing options out there for you and your husband, but because of the bankruptcy you are going to have to pay a higher interest rate and most likely you won't be able to buy your dream house anytime soon.....it will take some time to build your credit back up and in time things will be back to normal for you both, check with top lenders, stay away from mortgage brokers, try Countrywide, Ditech and national lenders....mortgage brokers make profits based on several factors including interest rates, so someone who has credit issues are easy prey, national lenders typically have programs for people in the situation you are in and although you will have to pay higher interest, it won't be outrageous. Any other questions just send an email, happy to help.
796407
We in the past have used what we call "loan Sharks" LOL. But really its called Hard Money, normally a 5 year balloon mortgage interest only and a much higher rate than the general public get.  You can look for Private Investors or some mortgage brokers may have a lead for you.  Have you tried just speaking with a regular mortgage broker?  They can do miracles, and try a few of them, but keep in mind, everyone that pulls your credit will pull your credit rating down.  So pick and choose carefully.  Take care and good luck KG
272294
I assume you mean your BK was discharged 1-1/2 years ago.\n\nThe previous answer concerning waiting 2 years after BK only apply to FHA mortgages, which may or may not work for your situation.\n\nWhat steps have you taken to "fix" or "clean up" your credit?\nWhat have you done to "rebuild" your credit?\n\nDo you know your FICO credit scores?\n\nIf you don't you should go to www.myfico.com/12 and spend the $45.00 and get your real FICO scores(the ones lenders use), that will also give you the top 4 reasons why your credit scores aren't higher, which will give you a game plan to increase your scores.\n\nIf you want more specfic suggestions for your situation feel free to contact me at creditguru@earthlink.net
700207
You qualify for FHA, VA, any subprime, and most Alt-A products, assuming you have re-built some credit since the BK.  Most lenders will look for 3 tradelines with 12 months of pay history (rent can be one of them).\n\nIn your situation, try one major bank and two brokers.  See if the first one will give you a copy of your credit report, which you can then give to the other two while you shop.  Eventually, whoever you go with will have to get their own, but it can help avoid a couple extra inquiries on your credit report, which will pull your score down. \n\nYou may have old, inaccurate info on your credit report from your BK, 90% of BK filers have lots of crud to clean up on their report.  Typically, old collections and charge-offs that were discharged will still show as if you have a balance.  Find a good loan officer who can walk you through how to clean up your credit report and get the highest scores you can get before you actually try to get a loan.  \n\nUnless you've had bad payment history after your BK, you should be able to get market rates, 6.00-6.5%, maybe 7% at the highest.  Anyone quoting higher should be avoided.
160631
CONTACT YOUR MORTGAGE COMPANY...THEY OFFER HARDSHIP ASSISTANCE TO PEOPLE THAT QUALIFY. USUALLY THEY PREFER TO WORK WITH PEOPLE THEN TO GO INTO FORECLOSURE IT'S CHEAPER FOR THEM. YOU COULD ALSO CONTACT THE EQUAL HOUSING THEY MAY BE ABLE TO ASSIST YOU.
865541
Yes you can. You will have to go with a non-conforming lender. There are a lot of lenders that will give you a mortgage one day out of BK. Depending on the lender you can get 90% to 100% financing. Your best chance of getting 100% financing is if you no lates for the last 12 months on your current mortgage or lease and no new negative credit since your BK. \n\nYou won't be able to know what your rate will be until you speak with a mortgage broker and he reviews your credit report. I work for a large non-conforming lender. With your scores and no new negative credit, you should be able to get a 7% to 8% interest rate being a year out of BK, which isn't bad. If you are planning on moving soon, I would go ahead and call a mortgage broker in your area and get the ball rolling. You just need to find a broker that is licensed to do business in Texas, which shouldn't be a problem. Many brokers are licensed to do loans in many different states now. Look in your yellow pages for morgage brokers or mortgage loans. You will probably see many that work with people who have credit problems. Find one that you can work one on one with as opposed to trying to do your mortgage on line.You won't get the kind of service you need trying to do your mortgage on line.\n\nPlease don't believe it when people tell you that you can't get a mortgage because of your BK or that you will have to have a huge down payment, because that just isn't true. There are tons of programs for people with bad credit. If you can't get a clear 100% loan, there are 80/20 combo loans and all kinds of different programs. Just make sure to pay all of your payments on time and don't go out and make a big purchase, like a car, before you get your mortgage.\n\nIf the first broker you talk to doesn't sound like he can help you, don't be afraid to call several. Just remember you are looking for one that works with less then perfect credit. They are a dime a dozen now a days, so it shouldn't be a problem.\n\nYou can get a mortgage!!! Good luck!!!
1138044
Regulated lenders require at least a 500 credit score.  Below that, you have to go to a so-called "hard money" lender.  Depending upon your situation, however, it may be better to consider selling.  Rates are higher now than they have been, and if your credit score has decreased, as seems likely if you're close to foreclosure, you're unlikely to get a rate as good as you had.  One way or the other, you've got to be able to make that payment, and if you can't, refinancing into a negative amortization loan or something like that isn't going to really help, only give you time to dig yourself deeper.\n\nA corollary question to this is how much equity do I need?  The lower your credit score, the more equity you need for the bank to consider it an acceptable loan.  The higher your equity, the more options you have.
316870
There are loans that do not require any documentation, or only require verification of assets.  You will need good credit, and might need to put money toward a down payment to keep the interest rate at a decent level.  Call a mortgage company.
1047151
Try going to a local church for the help you need.  Those fast loan places are bad news.  Your financial problems will only increase.
1005951
Even though you have "poor credit", you can still get a loan.  If you have assets, you can put them up as collateral.  An example, go to a pawn broker (hock shop)
900781
With the right amount of money down you can probably do about anything!....That said.....IF you have poor credit and no money to put down.....I would advise you get your credit back in order over the next year or so and try again.....Call a local lender (most of them will do a pre-qual for free!)....You might try Countrywide or First Horizon...I would stay away from "on-line" lenders as they sometimes make promises they can not full fill (just my experience)
486181
Contact the institution you have your loan through, and let them know you are under hardship.\n\nThen start looking for another $20 job as fast as you can.\n\nDepending on how many years you have already paid into the loan you MAY beable to refinance it.  Call a local mortgage broker and see how they can help.  Consultation is free.\n\nSometimes our credit isn't as bad as we think it it, sometimes it is worse.  But there should be help.  A good mortgage broker or financial officer can help.
875032
It's not entirely impossible. How's your credit? Have you or your spouse been working at a job for 2 years or more? With paying rent, can you provide rental verification? Have you ever claimed bankruptcy, if so how long ago? There are a lot of houses for sale with the owner offering to pay towards closing costs. And if you have good enough credit, you may be able to come into the loan without a down payment and also have the luxury of the seller contributions. Depending on the house you're interested in. There are a lot of questions behind that question, you just have to get started on the pre-qual process and then find out from there.
625098
What is your definition of terrible? There is always a loan out there but getting it can require out of pocket funds to qualify. If your credit is really bad most lenders will not finance a 100% purchase so you'll need to come into the deal with funds for the down-payment and closing costs.\n\nGive me a call or drop me an e-mail and we can go over your specific scenario.\n\nKruorock@firstratelending.com\n866-562-6838 x 106
219834
try houses seized by government auctions, they may have some fixing up to do, but I'm sure it would be way cheaper than buying a new one (especially on a loan)