MortgagesUndressed

This customer has had severe credit problems: Not in bankruptcy wants to purchase a home. You may comment on, write to, or follow this scenario. Larry Cragun

We are organizing many of our mortgage articles into scenarios. We believe this will help some people do their mortgage research more efficiently. I can see at least 12 and will post them over the next few days.

Some of you may want to write to, comment on, or follow a particular scenario.

Larry Cragun

And you see the dream slip slip slipping away.

If you went through bankruptcy - make a 2 year plan.

In not - shoot for one year.

That isn’t far off really.

So go to work: No late payments from now on. That refers to 30 days late. If you have a 30 day late this month, start the plan today. Now, go to work hard on that plan. That might mean two jobs. You will need to have a reasonable amount of monthly payment obligations. Pay them down.

If you have no credit history that is good, go fix that. You must have 12 months of good credit.

A decent loan can’t be given to you if the only credit you have is bad credit. Time now for good credit, right? Right!

I have seen numerous people come off bad times and have the dream. You can too. If you need encouragement email me at larry@mortgagesundressed.com. If you have a question be the first to comment.
Go make it happen. You can do it.

Condominium home owners dues are a part of your mortgage payment for qualifying purposes. Even though you may be purchasing a lower price place to live, there is this added expense. Using the most recent Freddie Mac rate of 6.375% for a 30 year fixed - not having a $400 home owners dues would allow you to purchase $64,100 more home.

Local.live.com
In some cities they have what is called a birds eye view.

That is really the best.

CLICK HERE

The site sometimes is slow in loading, but worth it.

Maybe, former friends if not careful.

First of all, most loan programs won’t let a person with bad credit use a co-signer with good credit to overcome the problem. A file with two borrowers will be underwritten with the lowest borrowers’ credit as the guide post. This is usually the case, even with the spouse having poor credit. The theory here is the lower credits habits will overpower that of the higher credit.

Co-signing can help in qualifying. FHA loans don’t require the co-signer to occupy the home, a unique benefit of FHA. Note - many lenders have dropped FHA, Washington Mutual being the most significant. FHA has become a burden to the lenders, not worth the hassle.

Co- signing by two people occupying the property is acceptable in almost all loan programs.

This however opens the pandora’s box for problems. I recommend you not do this. It is an invitation for future credit problems, legal problems, and friendship problems. You have no control of the future credit management behavior of the co-borrower. They may just run out on your joint obligation. This practice is most common in those under age 30, and this age group is most likely to be over burdened with debt.

Know this, there is a good chance that if you co-sign for another you may be totally obligated for a mortgage where there is a dispute or question as to your rights to own the property if you have to pay the entire obligation just to maintain your good credit.

Also note, I have seen many cases where the co-signer is unaware their credit is being damaged. Both signers credit is affected by late payments. It is common behavior for the person not making the payments to not tell anyone they are having problems.

Larry Cragun

TAKE A LOOK CLICK HERE

Yesterday Tiger Woods did. Sure he won the British Open, but it was after where he really showed class.

It makes you think that what we do for a living in life is less important than how we go about doing it. If you have had a chance to see or hear his acceptance speach you know what I mean.

I hope to use this site to motivate people to step a bit higher in how they do their business, in this case buying, borrowing, and providing those services. Larry Cragun

Seven years, Ten for bankruptcy.

Collections and legal actions such as judgements continually hold the score down during the seven years.

The time to fix a legal action is quickly, except when you are applying for credit. Paying off an old collection actually pulls the score down by making it a current issue.

When a problem shows up during the mortgage process, work with your loan officer for timing. It may be better to leave it alone and agree to pay off the collection as a condition of closing the loan, at escrow.

Note then, the older a negative item is, the less it influences the score.

You can tell this, by the car they drive -

and if they are layed back and relaxed.

Like with this guy.