Short sale transaction can be lifeboat for homeowners underwater The Coloradoan
BY THE NUMBERS STATEWIDE FIRST QUARTER DENVER METRO FIRST QUARTER QUALIFYING FOR A SHORT SALE ON THE INTERNET Nation Year-to-Date thru first quarter
» 1.01 million: Total home sales
» 249,000: Number of bank owned properties sold
» 8,200: Number of short sales
» 32.8: Percent of homes sold that were considered distressed
» 22.8: Percent of mortgages in negative equity, or underwater
» 12.5: Months supply of distressed homes
» 6,930: Total home sales in state
» 1,690: Number of bank owned properties sold
» 601: Number of short sales
» 33.1: Percent of homes sold that were considered distressed
» 9 percent: Percent of sales that were short sales
» 20.1 percent: The percent of mortgages in negative equity, or underwater
» 7.5: Months supply of distressed homes
» 3,585: Total sales
Refinance Your Home Loan to Build a Better Future
For many people who are behind in trying to responsibly pay back their home loan, the opportunity to refinance is sometimes the only one left to avoid foreclosure. However, those with bad credit often find that getting the refinancing help that they need is difficult or impossible. However, there are specialized private lenders who work with bad credit refinance loans every day. By knowing where and how to contact these lenders and getting the right information in order, you can refinance your mortgage despite bad credit.
Home Loan Refinancing: A Definition One problem that many borrowers face is their uncertainty about the refinance process in the first place. By understanding what this means and how it can help you, the process to getting your mortgage refinance is much simpler. geld lenen
To put it simply, when you initially bought your home you took out a home mortgage loan that helped you to pay for it. Over time, you have been repaying that loan. However, if you have fallen behind on your payments, lost your job, or seen your interest rate skyrocket, what you were once able to do easily is now impossible. In addition, your credit score has gone down because of your struggle repaying your home loan, leading to bad credit.
Home loan refinancing offers you the opportunity to find another lender who will pay off your initial mortgage loan. You will then continue to make monthly payments to this new lender, but may see those payments go down because the interest rate is lower, the term is longer and the principle amount is lower as well. These changes can give you the much needed relief necessary to get back on track with your home loan payments and avoid bankruptcy and/or foreclosure.
Finding the Refinance Loan You Need These days, the internet is the best place to shop for any type of loan, including a mortgage refinance loan. There are also many brokers who work online who can represent your interest to a variety of companies and try to find you the best deal. It is important that you be straightforward about your bad credit when contacting lenders or brokers, however. The more honest you can be upfront, the more likely you are to find someone to work with you. lenen
...Refinance Help. Fill this form and get help!
A Bad Credit Home Mortgage Refinance Loan Can Help Your Family
Should you use the equity in your house as collateral to acquire the financing you so crucially need? We can help you get that bad credit mortgage ...
I'm 3 month behind on my mortgage. I try to refinance but my credit is bad. What can I do?
I try the gov. plan to help trouble home owners but they told me they couldn't because it's a conventinal loan. I didn't know that only FHA loan . My exhusband helps me but still not enough.
What can I do.
Refinancing probably wont help much....the time it takes to do so might mean the difference in foreclosure.
CALL your mortgage company NOW...wiht the housing market what it is today, they do NOT want your house...they might be able to rehab your loan by putting the payments on the back end of the note if you can prove to them that this particular delinquency was due to something that is not likely to happen again.
If it is the case that you simply cannot afford your house you might want to consider selling your house
This is an indicator that you have more house than income and need to fix that problem.
i have bad credit, I am behind 2 months in my mortgage, but need to refinance. Where can I call?
The first thing is to pay these 2 months.
Do not even try to get a home loan before it's paid.
But you may qualify for a personal of consolidation loan, of for a higher credit card balance.
I got one just yesterday.
I can't remember the first place I tried (I wish I did so I could warn people)... those people gave my work number to countless "lenders" and my phone at work is ringing off the hook (not good).
Mycashnow.com didn't give us all that sh!t and their fee was cheap ($50 for a $500 loan).
That's my 2 cents.
they helped me with my credit problems and they might be able to help you.
www.dmbfinance.com
Can I refinance my home with bad credit?
My husband and I need to refinance our home to lower our monthly payments. We are paying 9% right now. We both have bad credit. About 4 years ago we started getting behind and couldn't make credit card payments. It was either pay them or pay our house payment. So I just didn't pay them. We also have some unpaid medical bills that our insurance didn't cover after the birth of our daughter. The creditors are always on our backs. In May we will be eligible to refinance our home (we had a prepayment penalty clause in our mortgage agreement). What chance do we have of getting a lower interest rate and lower monthly payments? Any help is greatly appreciated!
Bad credit is one of the worst problems to have... however there exists a solution.
I will hereby talk from my personal experience.
I did debt consolidation a couple of years ago, however If I had to do it again I would pay to some minor details,
if someone wants to get out of debt today it is pretty easy with a debt consolidation plan, however it may get a bit tricky at times, I suggest you get as much information as possible online on this first,
a good place to start in my humble opinion is astraight to the point ebook with question and answer I found :
http://umgarticles.atspace.com/debt-consolidation.htm
if it helps kindly remember me in your voting!.. cheers!
There's dozens of subprime mortgage companies going bankrupt right now, so that entire market is going a little crazy at the moment. Rates and products will vary widely between different lenders, so call several. Get the first one to tell you your credit scores, maybe even get a copy of your credit report from him/her, and use that to shop from other lenders.
It is so ironic that the banks give the best rates to those who have lots of money but charge the highest to those with the lesser incomes?? Makes no sense. I would be very careful, some have lost their homes to refinancing schemes.
To find out what you would qualify for, you would need to complete an application and let a lender obtain a credit report. This can be done right over the phone.
Should I cosign a refinanced mortgage with father in law when I have bad credit?
We live in CA. I live with my father in law and we are in need to apply for refinance w/ cash out. However, he is retired, has excellent credit, but only makes about $50k a year with combined pensions and social security. The bank was only willing to give him $350k and we actually need $390k. They said the only way they'd allow him the $390k is if I cosign. I have terrible terrible credit (a couple of car repos, late payments, behind on taxes, etc...). The bank told him they would just really like my income there (I make $60k a year), but I'm afraid if I cosign for him, it would only hurt his chances for a loan. By the way the house is worth about $550k in the current market.
Thanks for your feedback.
We live in CA. I live with my father in law and we are in need to apply for refinance w/ cash out. However, he is retired, has excellent credit, but only makes about $50k a year with combined pensions and social security. The bank was only willing to give him $350k and we actually need $390k. They said the only way they'd allow him the $390k is if I cosign. I have terrible terrible credit (a couple of car repos, late payments, behind on taxes, etc...). The bank told him they would just really like my income there (I make $60k a year), but I'm afraid if I cosign for him, it would only hurt his chances for a loan. By the way the house is worth about $550k in the current market.
Thanks for your feedback
eta: Thanks for the replies. Another question. I really don't want to explain my situation to him unless I really need to. Can the bank(s) discuss my information with him without my consent?
Did anyone actually read this question?
They are looking for a refinance with cash bank not a purchase so down payment is not even a factor.
Since you have bad credit the bank will not be able to make a decision on the loan until you actually apply and since you father in-law has already been turned down you have nothing to lose.
Now one of the other posters did point out something you have to take into consideration, if your name is going to be on the title and you have creditors coming after you for the repossessions or back taxes they can take you to court, get a judgment and file a lien on the home.
They can't take it but they can force you to pay them back out of any profits if you sell it.
Perhaps you could loan him some money since you have
good income. He can use it to increase the down payment and then ultimately doesn't need to borrow as much.
However a potential problem could occur later. Typically, when you are on the loan, you are also on the title. If you get sued by one of your creditors, then they could place a lien on the house. This essentially makes your father-in-law responsible for your debt.
Finally, the current real estate market sucks. If you can't be on the loan, talk to the seller about reducing the price of the house to something your father-in-law can afford. If the seller is motivated and has no other options, this might actually happen. Ironically, the fact that you can't help him with the loan might actually help him get a lower price.
If they don't lower the price your father-in-law can't lose what he doesn't have. Therefore, he will not be in worse shape.
What is the next step after being 3 months behind on mortgage and receiving a foreclosure letter?
I lost my job and got behind. I have since got a new job,(way lower paying) but still behind on all bills.
I got this letter saying I am 3 months behind. I have submitted paperwork to them in March to get some kind of help with this and they still have not helped me. I call and ask them what is the progress and they say a decision has not been made and it takes a long time.
I guess my question is, can I make a partial payment? If I'm more than 3 months late, but do make a payment in July they accept it? I am saving money to pay it, but it's rough. I will call and ask them also when they open, just wanted some advice. I tried with 2 other mortgage companies to try and get refinanced but got declined because of bad credit and bankruptcy. (I wanted to get a new mortgage co. too because I don't like this one) When those 2 declined me, I had no choice but to ask my current company for help. They don't seem willing to help me at all. Or at least not in a hurry.
You need a good friend that can give good financial advice to sit down with you and look at your bills (maybe parents or a sister or brother?). It may be that you can no longer afford to stay in your house. If that is true then you need to see if it can be sold (even if it is a short sale). Your new job may not be enough to meet the house payments where you are and sending the little cash you have would be a waste of money.
If you can get back on track and eventually make the back payments, then you need to present a realistic plan to the mortgage company about how long it will take.
In the absolute worst case you may just have to let the house go back- in that case you would look at your remaining time in this house as a time to save up cash. It will be hard to find a place to rent with your foreclosure and the cash will help for a large deposit.
http://www.ehow.com/how_2256426_foreclosure-middle-subprime-housing-crisis.html
How to Avoid Foreclosure During the Subprime Crisis
Read through it carefully, follow the steps outlined, and make full use of the Resource links provided.
You may also want to have a look at this one, on ways to earn some extra cash
http://www.ehow.com/how_2254361_money-internet.html
How to make money on the internet, scam-free
Hope that helps. Best of luck.
Equity line of credit a good idea to pay off my mortgage?
I called my mortgage company today and asked about a refinance. I am not behind, or in forecloser. He did not offer me a good rate, but he did talk about a equity line of credit to pay off the mortgage. I currently have a ARM loan, (I know not good), but thats why i called and tried to get a fixed rate.
He said if I take a equity line of credit, to pay off the balance of the house I would have to pay no fees, or closing cost. Which means that my mortgage would have a 0 ballance. My credit is OK, I owe less then 1/2 of what I borrowed. My ARM interest rate is 7.125%, and he said he could get me the Equity line of credit at 4.5% Is there any catch to this, is this a good idea, or bad idea. Please help
Yeah there is a catch, they are not even breaking even with 4.5, they are paying more......so obviously there is a catch.
Try refinancing with another bank.
Why can't you refinance to a low fixed rate, if that is what you want?
Did they offer to pre-approve you for free, to get the loan you asked for, or just attempt to steer you in the direction they want?
Think about it, if you owed Bank of America $100K and I gave you a loan for $100K, and you paid off BOA, you will still owe me $100K.
Yes, there IS a catch to it. The 4.5% is ANOTHER ARM rate and will adjust and some of them even adjust monthly.
Your payment will go nowhere but up.
Better plan: The fixed rates are LOWER than 7.125 right now, especially for about 50% LTV...so get him to do a rate/term refinance (which means no cash out) on a 15 year (not 30) note.
That way, you can have your mortgage 100% PAID OFF very soon.
PS: ALL INTEREST paid in mortgage interest on your PRIMARY residence is ALWAYS tax deductable.
There is also no such thing as not paying closing costs or fees. That is why those programs are called no "out of pocket" b/c they roll all of those costs into the loan...that is how the bank and the LO gets paid.
If you have a lot of equity in your house, you should easily qualify for a fixed rate first mortgage at a good rate. Consider paying extra points on the loan to secure a better rate. Just calculate how long it would take to make up the difference between the cost of the points and paying the rate on your current ARM loan. If it is just a few years, it might be worth it.
Don't be "taken".
Good luck!
Saying that, it doesn't mean it's the full story. An equity line is usually an APR and is based on the prime rate. Right now, prime is at 5% so that must mean he's offering you an equity line at 3/4% lower then prime. If prime goes up (which most is expecting it to in the next year) then so will your percent on the equity line. However, you can bet it will always be lower then the current ARM you have now.
Obviously you have equity in your home if they are willing to give you a equity line, you also have other options. If you want to re-fianance, the current 30 year fixed loan is in the high 6 percent range but it is fixed. You can get the rate lower by going down to 15 years or less.
Right now, the prime will have to go up over 7% to make the equity line come near the fixed rate for the 30 year loan. It doesn't sound like a bad deal that the mortgage company is suggesting. What else is nice is that usually closing costs on an equity lines are low or waived.
As another person suggested. Make sure there is no early pay off penalty on the equity line. I think you can still claim some of the interest paid on the equity line on your taxes but I don't believe it is as much as a first mortgage. Check with your mortgage advisor on that one.
Good Luck!!
There are a couple of things that your mortgage company told you that doesn't make sense. "He said if I take a equity line of credit, to pay off the balance of the house I would have to pay no fees, or closing cost. Which means that my mortgage would have a 0 ballance.". That will need some explanation. If you have a balance on your current mortgage, how can you have a zero balance after you refinance it? The only way to do that is to payoff the mortgage with money you have on hand. If you refinance your current mortgage, your new lender will be paying off what is owed to your current lender. Then you will continue to pay your new lender under the rate and terms they can provide. Is it possible your mortgage company was trying to get you to take out a HELOC (Home Equity Line Of Credit) 2nd mortgage? That would make more sense but I doubt that would help your current situation since it does not accomplish your goal of getting a fixed rate. Equity lines of credit normally have rates that are adjustable. The 4.5% rate is probably a introductory rate that will expire after a period of time. Most are tied to the "prime rate" so when the "prime rate" changes, so does your interest rate which can cause your payment to go up or down in some cases (not likely in todays lending climate though).
Either you spoke with someone that has no clue what they are doing or they just misunderstood your intentions. My advice is to talk to a few other mortgage companies. Just be firm and tell them what you want to do. Your interest rate will be dictated by your credit score, income, and loan to value. Just because you have good credit doesn't mean you will get approved on any loan. I have clients now that have excellent credit, great income, but owe more than what thier house is worth. Unless they can come up with the difference in cash, there isn't a mortgage company on earth that can refinance them.
If your mortgage company can't do what you want or try to convince you to do something else, make them explain it to you so you understand it.
Good luck.
You can learn more about how this system works and how it calculates your payments every month at this website: http://www.mortgagemagicsoftware.com
I'm a single parent with 2 kids. I'm 10 months late in my mortgage payments and because my credit is not good
I NEED MONEY TO FIX MY HOUSE AND PAY MY MORTGAGE BUT NOBODY HELP ME TO REFINANCE MY PROPERTY BECAUSE OF MY BAD CREDIT AND BECAUSE I'M BEHIND IN MY PAYMENTS. WHAT I CAN DO? I WANT TO KEEP MY HOME. I NEED HELP BIG TIME. I'M WORKING BUT IS NOT ENOUGH.
Sometimes you just have to face the music.
How much is your mortgage? Is it more than an apartment? Would you be better off living in an apartment and saving money?
Owning a house requires additional expenses. If you're 10 months late, there's not much that can help you unless you marry someone rich now.
Cut your losses and go find an affordable apartment you can pay for. Your money will be better spent on your kids and on savings than on something you can't pay for.
You can't have your cake and eat it too. You'll grow old really fast that way.
Is there any way to get my name off the mortgage without refinancing or selling?
My ex-husband and I purchased a home together in 04' and divorced in 06'. I moved out and he continued living there, promising to take on full responsibility for the home and payments. In our divorce decree, it stated that he would refinance or sell "whenever possible" which he still has not done. I did not sign the quit claim. Over the past two years, he has defaulted on the mortgage payments 4 times. The loan is currently 2 months behind and my credit has been hit each time the payment was not made, or not made on time. He is ruining my credit more and more each day. He obviously has no intention of refinancing or selling the home. Is there anything else that can be done in this bad situation? Can anyone give me any advice as to what to do so that I can one day have my life and credit back to normal? Please help!
Ah, the beauty of a divorce agreement drafted by someone with not much experience. Technically, you can file a motion to amend the decree (unless it survived as an independent contract) to specify a date by which the house will be sold or the mortgage be refinanced. My guess is the house is now worth less than the balance on the mortgage, so either refi or selling is not an attractive proposition. Don't cry unless you never refinanced the mortgage to pay off credit cards.
Instead of selling, you can try to find someone who will assume the mortgage. It won't get your name off, but it will get someone who can pay the mortgage - maybe. Why should someone pay your mortgage when they can buy more house for a mere pittance at a foreclosure auction?
I would go the modification route, and try to get the court to give you a hold harmless clause so he has to pay whatever you wind up paying in fees, penalties, interest and lawyers' fees, preferably with a specific number of days after you give him proof you have paid it. Then, when he fails to pay you or the mortgage on time, with a specific order to pay, you can move to hold him in contempt, which could include jail time until he gets the money together. It focuses the mind wonderfully.
How can a person refinance when there credit really sucks?
I want a new loan I have an ARM and I am three months behind. The problem I lost a nice job and got a divorce which ruined my credit. I am finally back on my feet and want to start repaying people My credit is so bad that I cant restructure the accounts
in any way. Dont let them fool ya the Mortgage Company WAMU has not helped at all they wont even call back ive tried to work with them since January no help. I want a fixed mortgage at a low percentage rate and I want to rebuild my credit. Bad things happen to good people but bank only want to help the ones that dont need it.
Can you give the home back to the bank? I don't know anyone that would give you a fixed rate following a divorce and you falling behind. Sometimes you have to make tough decisions like giving up the home and renting for awhile. Get the rest of your bills paid. Cut your lifestyle drastically. When you get the urge to hit a drive-thru reach for a 99 cent Banquet meal in your deepfreeze. You'll be living tight for a few years, but pay those bills, begin to save and after a few years and a new job with stability you'll be able to get a fixed loan
need help getting mortgage current?
I am 2 months behind on my mortgage and I just got divorced. I would be able to make the payments if I could get the payment lowered but my mortgage company dosent do loan remodifacation and I dont want to lose my house, I tried to refinance but was told my credit was bad. if anyone knows of a program that will help me to get my mortgage current so I wont get forclosed on or a company that might help me refinance even with bad credit I would love to know. I have tried everything that I can think of and need help or I will lose my house. I live in missouri and am not sure when they can start the forclosure process. HELP!!!!!!!!!
Possibly consider getting a roommate. Since the mortgage co. isn't willing to negotiate a new payment amount, you must figure out a way to come up with the money to pay it without working two jobs. Is your x paying any alimony or child support or his fair share of other bills?
The other option is to reduce other existing financial commitments. If you have cable TV or DSL and high telephone bills, consider doing without and utilizing your local library or a friends house. Start cutting coupons and eating at home instead of at restaurants. You sound like you have a head on your shoulders; you're probably already cutting corners where you can.
Possible consider selling the home before foreclosure and moving in with a family member or friend. Sell your car and rely on mass transportation, or car pool. You could save a car payment, gas, insurance, and maintenance.