Question by Suzie: How do I write a letter to a mortgage loan company explaining bad credit and late payments?
I am trying to apply for a mortgage loan to get a house. I just got out of the military and was deployed for 3 of the 4 years and sometimes I didn’t pay bills. How do I explain that. I have already started to pay bills off and fix my credit.

Best answer:

Answer by shiprepairwoman
I don’t know if it will help to give them reasons you didn’t always pay. If you think it will help explain that you couldn’t get your mail out due to being in a war. If you didn’t have a support system at home like parents that could handle your accounts while you were deployed explain why.
You may have to wait to buy a home until you have good credit and are out of debt.

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Question by timid_worrywart: Legally track a mortgage broker’s activities?
The court ruled in our favor and granted us a very large money judgment against a man who works as an independent mortgage broker and an independent real estate agent/broker. We have tried mediation, payment plans, working with this man’s attorney, but so far have collected exactly $ 0.00. It is up to us, not the court, to collect the judgments–we found this out the hard way.

We would like very much to collect this, as it totals over $ 100,000.00, but since he is self-employed, and very disinterested in these court orders, it has so far been impossible. This man does all his business through a “LLC” corporation owned in partnership, so his checking account and business are all exempt from collection efforts. This man has not filed personal taxes for many years, seemingly with no consequence, and does all his personal banking through the business checking account. All his personal assets are held in the names of his family members.

We have been to several attorneys trying to get this resolved, and repeatedly we have been told if we can determine when he is going to close a real estate or mortgage transaction, we can garnish the commissions until the judgment is satisfied. Even if we were able to know what mortgages he has already closed, this information would be useful to the courts, since it was proven he takes his commission checks directly to the issuing banks and cashes them, so that the income cannot be credited to his business checking account. We were told by our own mortgage broker that she herself only received two 1099′s last year out of the 20 loans she closed, and she has no confidence that the IRS has full knowledge of most mortgage broker activities.

Does anyone have any way of tracking what a mortgage broker closes? Is there any public record which identifies the name of the mortgage broker? Or some record with the state? How can we get one step ahead of this guy? How do we catch this sleazebag and get back what we are rightfully and legally owed???

Help!

Best answer:

Answer by Obamavenger
You have got professional answers. Why do you expect strangers to do better?

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Question by Hannah H: I want to know everything on taking out a mortgage with little or bad credit?
I want to start flipping houses. I need to know everything about taking out a mortgage loan with LITTLE to BAD credit and what do you know about getting a loan on a For closer. I make 2500 a month and have the money monthly and the man power and a GREAT sales man to back me up now I just need the LOANS. PLEASE HELP!

Best answer:

Answer by Ginee Cravens
Try http://poorcreditvisa.com

I tried the program for poorcredit with OX publishing.. it’s on the first page of this particular site. I signed up with an opening line of credit and it showed on my credit report as good standing.. Credit lines are from 5k to 10k with bad credit, they approved me!

Good Luck.

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Question by tiggergurl: how to refinance a mortgage with bad credit?
my mortgage co wont help me (gmac) i dont have good credit at all..i have had a few late payments..just had a baby..i dont get paid that much and my husbands work is slow.. i just want to refi!! no cash out..house is worth approx 70K owe about 65K and dont want to pay for a loan modification cuz if i had the money to do that i would be on here asking for suggestions.. oh i dont want any smart a** answers you can keep them to yourself! i just need honest answers from honest people! thank you
would i just be better off to let them foreclose on it..rent until its off my credit and start fresh in a few yrs?

Best answer:

Answer by kemperk
i doubt anyone can guide you on that; since you are not qualified. AT this time.

an alternative could be to sell Part of your house to an investor.
[with a buy back clause]

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Question by Myan: How long after new job until we can apply for mortgage to purchase a house?
I saw a similar question, but it was a couple years old, so I thought I’d ask again (lending criteria has been changing!). We have excellent credit (780′s – 810′s), 10-15% down, plus plenty of reserves in the form of 401k’s (est. at 70%) and additional savings we’re holding.

I’ve been with my company for 5+ years, but my husband left his last job in 2009. He then freelanced, got an MBA in 2010, did more freelance work, and then was offered a much higher paying senior-level at his previous company a, which is a large financial institution (largely based on his MBA and freelance experience). He started his job last week. How long until we can apply for a mortgage to purchase a house?

In the price-range we’re looking at, our front-end DTI (PITI only) would be only 16% and our back-end DTI for all debt would be 29% (I’m not sure if that matters in terms of timing, but I thought I’d include it). Also, a side question, is this something that a lender or mortgage broker could discuss with us up front before we officially apply (pull credit, etc.)? We may end up applying through his employer, since they have a mortgage lending line-of-business as well.
We actually get PMI waived under my husband’s mortgage program. We bought a condo a condo three years ago when he was still working with his now-current company. We plan to keep it and rent it out (yes, it’s PITI are included in our back-end DTI and no, the expected rent is *not* included in our income). We obtained a no-fee mortgage at a low interest rate and escrows and PMI were waived.

Best answer:

Answer by Huntsman
It costs nothing to call a bank and ask for an appointment to be pre-approved for a mortgage. There are new regulations in place, such as steady employment for 2 years. If you are self-employed, you may need 30% down. But since you have combined income, you may qualify. Considering that you are both professionals with careers, your chances may be very good

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Question by jaimeprater2000: A mortgage loan for bad credit?
My partner and I are first time home buyers, we’re really wanting to purchase a home. Our credit is less then great but we know we can qualify for FHA loans and other grants to help us with a down payment, etc…we just need some help.

Best answer:

Answer by David
Your best best is with an FHA as you noted above. The last time I was working with FHA loans the minimum credit score cutoff was 620… it could have been changed recently. The minimum down payment is 3.5%. I would pull a free credit report and work on paying any past due collections, make sure your payments are on time, and lastly ensure your credit cards are not highly utilized

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Question by Hoping he will bless me with #1: How can tell if you are getting a good deal on your mortgage loan?
My husband and I are scheduled to close on our first home on March 28th, so five days away. It is a 1,941 square foot home in Fort Worth, Texas. We were approved for a 15-year FHA loan at a 5.5% fixed interest rate. The builder had the house listed at $ 143,990 and said they were discounting it to $ 137,990 because they are trying to meet their quotas and their year end is March 31st. Our realtor and his wife are both in the real estate business. He is a realtor and she is a broker, so they are getting a big commission off this deal with the builder. The realtor is going to pay off apartment lease ($ 710 per month and we have 3 months left), and pay two mortgage payments for us at $ 1,511 and some change. We both have fairly low credit scores (mine 534 and my husbands 575), but we got 100% financing. They are rolling our closing costs, appraisal fees, etc. into the loan.

Does this sound like a good deal? Is there anything that sounds fishy?

Best answer:

Answer by newmexicorealestateforms
Department of Justice Antitrust issues in Real Estate (testimony)

http://www.usdoj.gov/atr/public/testimony/217299.htm

Real Estate License laws http://www.trec.state.tx.us/formslawscontracts/rules_codes/rela.asp
Texas Department of Housing including 1st time home buying programs: http://www.tdhca.state.tx.us/overview.htm
Legal aid: http://texaslawhelp.org/TX/StateDirectory.cfm/County/%20/City/%20/demoMode/=%201/Language/1/State/TX/TextOnly/N/ZipCode/%20/LoggedIn/0/directory/11/searchletters/bysa
Buena Suerte

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The Home Mortgage Book: Insider Information Your Banker & Broker Don't Want You to Know

Finding and arranging the best mortgage for your dream home purchase can be a confusing and daunting experience. With so many mortgage offers to choose from, you will want to be sure that you are getting the best loan and rate for your particular circumstances. Buying a new home can be an ominous process, whether it is your first or your tenth. It is definitely not something that you do everyday, but finding that perfect mortgage loan at the best rate does not have to be a difficult task. The be

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Question by withers1976: Anyone know of a mortgage business who deals in negative credit loans?

Finest answer:

Answer by pattyl317
i do i operate for a com pany name QT FUNDING AND WE CAN Help YOU WITH Poor CREDIT SO IF YOU LIKE Far more Info Email ME

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Question by Me: Is a pre-approval from a mortgage broker as good as one from a bank?
We just got a pre-approval from 2 online mortgage brokers. A Realtor we just spoke to had us apply for a mortgage through a bank. She said that the online mortgage broker wouldn’t have even checked our credit score. (One of them took our credit info and only then approved us)

So, if we are approved by the mortgage broker for a loan, is it real? Or is it just them trying to get our business, and then we may still get denied? I’m really nervous about all this.

Thanks.

Best answer:

Answer by Christine
Your real estate agent might be worried about the authenticity of it, because you went to an online mortgage company, instead of going to one in person and actually dealing with someone face to face. I believe that dealing with a mortgage company face to face/in person is better because they will give you multiple offers for different banks. That way if one bank falls through at the last minute, you can have a secondary and tertiary back up plan if need be. Your bank is only giving you that one offer, and if something happens in the mean time and they say that ‘now your not qualified’ or they changed the criteria, then you dont have anything to back up with. And when your getting ready to purchase a house that you abosolutely love, its quite crushing. During the time that your getting pre-qual from banks for mortgages, I believe its 14 days that you can get as many pre-quals as you want and it only counts toward your credit once, instead of each time.I’d get as many as you want to make sure that no matter what you dont lose the house. Especially now, witht the market, the banks seem to be doing what the want, and changing things at the last minute. Hope this helps and good luck with the new house!

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