Question by krayz: do you have income with a reverse mortgage loan?
I’m having trouble finding the law that states the answers for these. I’m only looking for the law that will answer my questions.
When I take my monthly draw from the bank from my reverse mortgage loan is that considered income? Also can I deduct the interest when it is added to the outstanding loan balance each month.
Best answer:
Answer by FreakOfNature2000
Yes you get a monthly income based on your situation but its a big rip off. Don’t do it.
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Question by The Mace: I’m trying to get a hold of someone at Chase Home Finance that deals with problems.?
I’m trying to solidify my loan w/Chase Home Finance but they farm out the jobs to third world countries (Philippines). I’m always put on hold or the call is disconnected. I cannot get a hold of anyone that can help in the US and it’s getting really frustrating. Can someone provide an email address, more about of Chase Home Finance folks (professionals hopefully), this web that I can talk to or someone who can actually look into or solve my pay-off problem?
Best answer:
Answer by David
So is everyone else.
That is why you shouldn’t use chase.
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Question by **4-22-2010**: Will home interest rates go back down or are the going to continue rising?
Want to refinance my home, visit this site Wondering if I should wait a little bit, more about or do it now before they really start to climb back up.
Best answer:
Answer by John
They’re going to continue to rise, so if you’re looking to refinance you should try to do it now (though if your house doesn’t appraise for what you owe on it, you *may* not be able to)
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Question by Satan Lives! God must Die: Can you buy a home with crappy credit?
I want to buy a home but my credit and wifes credit is bad my credit score is 550 and my wife’s is 580. Every place we have applied to turns us down. How do others with bad credit get home loans but we cannot. How can I get a home loan?
Best answer:
Answer by novastarbanker
The people who got the loans got them before the fall of the sub-prime market, more about and most of them will most likely be in foreclosure before the year is up, viagra because their terms and rates are horrible, page and the adjustable rate loans will be more than they can handle eventually. You should not want to buy a home with “crappy” credit, you should be doing everything you can do right now to get yourself to where you have good cedit, and can negotiate a deal you want. Most people think that with just income they can qualify for a loan but those days are over, as you are finding out now by being turned down time after time. Do the right thiong for your financial future by correcting what is wrong now, so that bad things don’t happen to you later. The most responsible thing you can do is contact a REPUTABLE Credit Reapir Company, and see what you need to do to get to a better place. If you need info on such companies, email me and I will be more than happy to help!!
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yes,
but remember your interest rate is going to be through the roof, you may want a co-signer on the lease with better credit
or wait till you get better credit,
try a credit union or the military if your affiliated or try here
countrywide home loan or e-loan. i have used both
or try
http://search.yahoo.com/search?p=bad+credit+home+loan+&fr=yfp-t-501&toggle=1&cop=mss&ei=UTF-8
first things first what can you afford? My husband and I started looking into buying a house thsi time last year. And I have no credit so it all falls on him. So we go in touch with a really great realtor who put us in touch with an awesome mortgage broker who was able to work out a loan for us. It was 100% financing and the only thing we had to do was keep it paid up for a year and then refiniance it so we could have a fixed interest rate. My husband is in the 580s with his credit score and we got a 6.75% interest rate. So the best thing to do is go ahead and find a house that is in your price range for monthly payments. With my husband and i being in the south we were only able to afford 600 a month towards the house and found a completely remodeled house for only 63,000 and payments are only 560 a month. So that is what you are oging to have to do is get everything together and really not worry with a realtoruntil you ahve to. Find a house that you want, get all the information with it and then find a mortgage broker that can work with you. If you live in SC email me and I can give you the name of my broker and he will be able to help you because he is awesome.
As far as getting a home loan, alot of times it really doesn’t depend on your credit score but how you make your payments. If you are always late on this one payment then you may get turned down for the loan. You have to make sure that you have an A+ on your credit score report card LOL If you ahve any questions or want more details about my dealings with buying a house feel free to email me at supermom12042702@yahoo.com
A lot of mortgage lenders got themselves in trouble with the amount of loans that are now beginning to default on them because they stretched their programs to pick up clients with less than stellar credit.
It is not unheard of or unreasonable to get a home on that credit, but it would be difficult. Lenders are definitely raising the bar to protect themselves at this time.
You need to ask yourself a couple of questions like, how much can I put as a downpayment, what payments can I reasonably handle, does my current job/ income allow me to be in home for as long as I like, can I wait and repair my credit to a better level to be offered better rates and opportunities.
At this stage I would work on raising your credit, pay off on newer debts, small balance accounts. This should help boost you to a higher score. And of course, try not to be late on payments.
I’m sure you’ve heard it before, but everything starts with credit.
Good Luck, I hope this helps.
When buying a home they dont just look at your credit score, they look at your income, other debts, down payment ect ect
However the credit score will be the first thing they do look at. So if your score is low, you will need to have something lese going for you like good income. People who get approved with scoresd like yours would need to have a very low debt ratio and a down payment. So you need to examine other factors to see what you may afford.