Question by Kikki: I sold my home owner finance and they have abandoned the property after paying on it less than one year. What?
The people that bought my home owner finance have abandoned it and only made payments for less than a year. What are my rights? Can I make entry into the home? Do I need to go through complete forclosure? How do I do that if I can’t contact them?
The home is in Georgia, look no rx USA
Best answer:
Answer by Thomas
Please let us know what country you are in and a location as rule are different and there is no universal answer
In general you should have long ago sent a Notice of Default
Then much depends on whether you had a sale clause in the contract and whether your area requires judicial or non judicial foreclosure and the legal waiting periods.
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Question by d566sddd: What happens if my income changes after I received my pre-approval letter?
When I got my pre approval letter they based it on my last two check stubs, diagnosis which were about $ 100 more than usual because i had about 10 more hours than usual (only for two checks). Now that I have found a home and my offer was accepted, dosage they have asked for updated check stubs. Unfortunately, my hours have gone back to normal so now I’m working 10 hours less than I was. Will that deny me the home loan?
Thanks.
Best answer:
Answer by sep943922
Well normaly they ask for more than two paystubs, I think it is customary to get three months. And when they look at your salary they don’t normaly count overtime unless you give them a year or even two years of paystubs to prove that you have reliable/steady overtime. So I wouldn’t be to concerned about not getting approved however it is little sketchy that there requirements are so light expecialy with banks tightening up on there requirements for lending.
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Question by Melissa T: Is it still possible to obtain a mortgage with a low credit score?
I have bad credit (score about 458) and my husband has no credit. Is it still possible to obtain a mortgage and if so, buy what type of documentation will I need to gather before I apply.
Best answer:
Answer by src50
It will be VERY difficult without a large down payment and high income.
What do you think? Answer below!
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There is a credit crisis going on, and with a score that low, it is nearly impossible for you to get a mortgage. 458 is an extremely low score. You will need to get your score closer to 640 to have any chance at all. 680 to 720 would be better; it will lower your costs considerably.
Having no credit is not as serious a problem. Borrowers without a traditional credit history are eligible to apply through an FHA lender, who can help your husband document an alternative credit history. Your husband will need to show at least twelve months payment history to a landlord, utility company, cell phone company, etc., in order to document an alternative credit history.
Possibly, your husband may qualify for an FHA mortgage. My best advice to you is to work on improving your credit score. Start paying bills on time – that accounts for 35% of your score. Settle any bad debts, pay off collection accounts and judgments, etc. If you have filed for bankruptcy, you probably need to wait at least four years before you can qualify for a mortgage.
So you think that you’re ready to buy your own home? Hopefully you’ve done a little research online to make your first home buying experience a good one. First of all you should contact a mortgage broker that will preapprove you for your new mortgage. This is now more important than everloan application. The mortgage broker will also run your credit. With all this information in hand the mortgage broker will see if you have enough income for the price of the home that you would like to purchase.