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Question by Tangled Web: Child support affecting credit for mortgage loan?
Many years ago when my husband divorced his ex-wife, he was self-empoyed and missed several payments. Four years ago, he filed necessary documentation to have the arrears included with his monthly payments, increasing his payments monthly to include an additional $ 100. After four years, the Texas Attorney General’s office is showing it outstanding and consistently late. We are trying to purchase our first home but are having trouble getting the financing as his FICO score is reflecting this issue. What can we do to get around this issue and get approved? We have documentation that shows he is current on child support and current on the agreement to pay arrears.
Best answer:
Answer by snjas1
The only thing you can do is either one, contact the cs office, show them your proof that he is not behind & ask them to fix it on his credit report to be correct. Or 2 the other option is to contact the credit reporting agency, equifax, transunion, or whichever one it is on and dispute that item. There are ways ot do it online through each agencies website, & you will have to do it with each one that it appears on. Then the credit reporting agency will contact the child support office to verify it’s correctness, & if the cs office says oops, here’s the real info. they will fix it. But if the cs office says oh no that’s right, then they won’t fix it & you will have to deal with the cs office directly on getting it fixed. Either way it is going to take about a month to fix and update the credit reports records.
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Question by lisamoats1: Has anyone received a loan modification, without being late on your mortgage?
We have recently applied for a loan modification, however we are not currently behind. But my husband’s salary has just decreased by 35%, and we will shortly be in arrears.
Best answer:
Answer by bigrodjohnson
its worth a try, but most banks wont even talk to you till your behind.
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Question by : if i do a quick sale on my house, do i still owe the balance of the loan?
Best answer:
Answer by Carl P
Yes, so sell it for more then you owe – plus the cost of paperwork and settlement fees.
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Have you ever pondered over bad credits, being a poor case for any kind of loan approver, a lender will look down upon a bad credit holder and reject any kind of loans? If yes, then, you�ve certain misconceptions in you, which firstly needs to cleared out. Although bad credits are not held in high regard, it will definitely not impede you from borrowing any further loans. These days, with expenses exceeding the budget in the fast paced world, people tend to default their loans and accumulate a bad credit score. When defaulting on loans has become a common occurrence, there should be an opportunity provided to those borrowers to repair their credit score too and get financial assistance in adverse credit situations too. Hence, this has called for a bad credit personal loan in the loan market. It is slowly catching importance among bad credit holders. When does one fall into the bad credit holder category? -Loan defaults -Multiple loans and missed out payments -Arrears -when one files for a County Court Judgement (CCJ) -Facing a bankruptcy Any of the above or all can lead to a negative credit score in your credit report. This is usually obtained by a lender before approving any type of loan. Such credit reports are drafted by certain agencies like Equifax, Equifax compiles credit reporting data and creates a credit report … your credit score and others, where you need to pay to get a credit report and they should be contacted in case of any discrepancies in your credit …
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www.myfirsthomeblog.com In July, the regulator published proposed new rules aimed at making sure borrowers can afford their mortgage repayments. These included affordability tests for all mortgages and making lenders ultimately responsible for assessing a consumer’s ability to pay. Lenders would also be required to verify a borrower’s income in every case, to prevent over inflation of income and mortgage fraud. The proposals were backed by FSA research into the causes of arrears and repossessions since 2005, which revealed that: Forty-six per cent of households either had no money left, or had a shortfall after mortgage payments and living costs were deducted from their income. Almost half of new mortgages between 2007 and the first quarter of 2010 were provided without a customer having to verify their income. The share of interest-only mortgages increased to over 30% at the peak of the housing market, with many borrowers having no repayment vehicle in place. However, the CML claims that if the proposed new rules had been in place from 2005 to 2009, around half of all mortgages would not have been granted, with the loss of 3.8 million loans that would have been sound. Over the four-year period, only 151000 cases of arrears and 30000 repossessions would have been prevented by the proposed new measures, the BBC has reported. Furthermore, around 730000 first-time buyers would have been denied the opportunity to get a foot on the property ladder. The consultation period on …
Question by calizdeadlydesi: repossession on my loan?
about a year ago, i purchased a bike loan for 15000 for my friend. i purchased it for him because i had very good credit. he agreed to pay the loan and switched the payment to his house address. he paid some payments but stopped paying in september. now the bike has been repossessed. he did not tell me about it. but i was not notified at all on my address that i had given when i had signed the contract with the bike creditor bank. i recently found out when my credit limit on a credit card was lowered and they sent me a letter. but nothing was sent to me by the bank that i had the loan from. is there any way to fix this problem or dispute with creditor or anything. any suggestions
Best answer:
Answer by HEATHER
You are screwed. Never co sign a loan for exactly this reason.
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Question by Samantha: Can I buy a short sale house with the veterans loan?
I’m pre approved for the Veterans home loan through my bank. I really like this short sale house but my realtor told me “Doing a VA loan with a short sale in our present market environment is quite difficult.” Is he just being lazy or are their some strings attached with the VA home loan that I can’t do a short sale. Thanks in advance for responding.
Best answer:
Answer by Harold
There could be a reason or two why.
Like the house needed some repairs of some sort.
Other than that a va loan is fine.
you can read about short sales here if you like.
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