If you have bad credit, mortgage lenders are hard to come by these days. But that doesn’t mean you have no hope of getting a better deal on your home loan. If you have a bad credit mortgage, mortgage rates may be much lower than the rate on your current mortgage. As long as you have some home equity, you may be able to improve your situation. Continue reading ‘Bad Credit Mortgage Refinance Alternative: Modification Through LoanPort’
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If you lost your home through a short sale or deed-in-lieu of foreclosure, you may not have to wait five years before you are eligible to finance your next home.
Fannie Mae is directing its lenders to relax rules making mortgage applicants who have done short sales or given up their homes with deeds in lieu of foreclosure ineligible for a new mortgage for many years. Instead, you could be eligible for Fannie Mae financing in as few as two years. The new standards go into effect July 1st. Continue reading ‘Recent Short Sale or Deed-in-Lieu of Foreclosure? You CAN Buy Again!’
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If you’re experiencing mortgage credit problems, have missed home loan payments, and are perhaps delinquent on other credit accounts as well, it may be tempting to give up. The stress can be debilitating, the balances pile up, and you think you will be in bad-credit Hell forever. A recent study by VantageScore shows that’s not necessarily the case. Continue reading ‘Fix Your Credit in Nine Short Months. Really.’
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Whether you have bad credit or not, your mortgage may have become too much for you. You tried for a mortgage modification and didn’t get one. The nightmare of being hounded for payment and ultimately foreclosed on (you get your name in the paper, too) and evicted is more than you can bear. Is there another way out? Yes, there is. Continue reading ‘A Graceful Exit — When You Can’t Keep Your Home’
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It’s fairly common knowledge that bankruptcy can drop your credit score by hundreds of points and render you ineligible for a new mortgage for several years. You may have resigned yourself to renting for the foreseeable future. But you might not have to. Continue reading ‘Bankruptcy and Your Next Home Loan: Some Lenders May Cut You Some Slack’
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FICO has finally disclosed how much late payments, maxed out credit accounts, or more serious mishaps can damage your credit score. You know paying late is bad for your score, but now you know how bad. Paying thirty days late can drop your score 60 to 80 points. Even if you pay on time, maxing out your card can drop your score 10 to 45 points.The good news? This kind of hit can be put behind you relatively quickly–your most recent history counts most when it comes to calculating your scores. Also, paying late enough to incur a late charge but less than thirty days late does NOT get reported to credit bureaus and does NOT impact your score. Continue reading ‘How Much Does a Late Payment Affect Your Credit Score?’
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Yes, rates are low. And if you are paying over 6% on your mortgage, you should probably look into refinancing and saving some money. However, not everyone who could benefit from refinancing will be able to do so. Here are three reasons you may not be able to refinance–and what you can do about them. Continue reading ‘3 Reasons You May Not Be Able to Refinance Now–And What You Should Do’
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If you are experiencing financial difficulties, you may have decided that you can’t afford to make your mortgage payment. Or you may be waiting for a loan modification from your lender. But in any event, if your checking or savings accounts are with a bank that also has your mortgage, you should move them–or you could lose them. Banks all over the country are raiding their customers’ accounts if the mortgage isn’t being paid. Continue reading ‘In Trouble with Your Mortgage Lender? Check Your Checking Account’
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On January 1, 2010, would-be borrowers will get a rude awakening from FHA. The agency’s streamline refinance will no longer be the easy transaction it is today. Today, the biggest advantage of FHA streamline refinances is that they don’t require an appraisal or credit qualifying. So even if your home’s value has tanked and you have bad credit, you have been able to refinance easily into a better FHA loan. That opportunity is about to go away. Continue reading ‘FHA Toughening Guidelines in January: Better Refinance Now’
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According to an article in the LA Times, mortgage problems are becoming credit problems. While refinancing under making Home Affordable programs won’t hurt your credit and may even help it a little, the same can;t be said for short sales. Many holders of under water property assume that a short sale won’t harm their credit, or at least not much, but it really depends on how the lender chooses to handle the sale. Unless you live in a non-recourse state like California, your lender has the right to pursue a deficiency judgment against you. If it does, you could be liable for the difference between the sale proceeds and the loan balance. And even if you pay this in full, one large American bank still reports the transaction as a “charge off,” which is little better than a foreclosure. Continue reading ‘Mortgage Problems Hurting Americans’ Credit’
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