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Bad Credit Mortgages Canada
Bad Credit Mortgage Loans – How To Get Approved
Persistence is the key working toward getting approved for a bad credit mortgage loan. There are many factors that you, as a borrower have control over that can help you get approved faster and easier. There are guidelines that most sub-prime lenders go by that, if you know them, can help you move through the process without getting stuck, unable to get financing.If you have a bankruptcy or foreclosure, even if they are recent, do not despair. Many sub-prime or mortgage lenders have what's called, guidelines for bankruptcy or foreclosure seasoning. That means that they have a set amount of time that must go by from the time of a bankruptcy or foreclosure before they will lend to a borrower.
Usually this time is 2-3 years, but many sub-prime lenders have no seasoning time, which means, if your credit score is above a certain point, you could get approved the day after your bankruptcy discharge. Other sub-prime lenders have bankruptcy or foreclosure seasoning of 6 months or a year. The biggest factor here will be your credit score.Sub-prime or mortgage lenders will look closely at your credit score. In order to get 100% financing with bad credit, lenders will usually need to see you have a credit score of at least 600 or higher. There are quite a few things you can do to raise your credit score to be above this 600 mark.
Here are a few suggestions:1. Check your credit report for inaccuracies. Make sure all accounts included in bankruptcies and foreclosures are reporting accurately. If they show up as an open collection or unpaid account, charge-off or something else, this could be unnecessarily hurting your credit score. It will look like another, separate credit blemish instead of just the one.
Make sure the bankruptcies and foreclosures are reporting accurately. Make sure accounts that are paid off, show up as being paid off, or accounts that are closed, show up as being closed. 2. Pay-off any small collection accounts or past due accounts that you can. Every account that you pay off will help boost your score.
Once you have done this, get a letter of notification that the account is paid off and talk to your lender. Most lenders have programs where they can, for a $75 fee per item, provide proof to the credit bureaus that an account has been paid off and have your credit and credit score appropriately adjusted within a day or two. This program is sometimes called a "wrap it up" service. If you are in a hurry to get financed, this may be worth it to you. 3.
Pay down open credit line balances. If you can even pay down the balances on any open lines of credit, this will boost
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Labor Day, 2010
The end of labor is to gain leisure. - Aristotle
Happy Labor Day to all!!!
Broader mortgage aid for underwater homeowners
The Obama administration will be launching it's most ambitious plan to reduce mortgage balance for underwater homeowners on Tuesday, 7.09.2010. It is expected that if the new plan is successful, then it will help to modify around 500,000 and 1.5 million underwater loans. It is said that this is the first initiative to help homeowners who are current on their mortgage payments but are at risk of default as there's no equity in their homes.
Self employed for 16 months, will I qualify for a home loan?
I know I could just apply at a bank, but I wanted to test the water before effecting my credit score with credit checks. I want to apply for a $300k-$350k first time home loan.
25 years old
$6300 monthly pre-tax income
731 Fico Score
$100,000 in documented liquid assets (stocks portfolio & savings) although I don't want to put it all down unless necessary as I would much rather keep it in the market while its down.
Where I see my problem is my job history/security... I am self emplo...
can i quit claim after loan modification?
My loan company has just allowed me a loan modification, but I am still unable to pay. Can I now quit claim the house to someone, not a family member for money and to save my credit?
Can this deed be changed?
my mother made a warranty deed stating that she sells, conveys the property to me for $10, and she reserves a life estate. since this has been recorded over a year, and I have paid taxes on the property, can she legally change her mind and put this property in someone elses name?
Does Home Equity Loan get discharged in Chapter 7?
My Chapter 7 bankruptcy was already discharged several months ago. I own and live in a home valued at approx. $700K, with a 1st mortgage of $625K (which I continue to pay every month), and a 2nd mortgage of $200K (which I am also still paying on). The question is: should I still be paying the 2nd/Home Equity Loan ? The Home Equity Loan no longer appears as an "Open Account" on my credit reports.
If I stop paying it, will the bank (BofA) holding the 2nd try to foreclose on my home? ...
Deed-in-lieu of forclosure
I have submitted hardship letter and required documents to my lender for a short-sale. House has been on the market for 2 months, lowered price 3X and no offers. Lender has determined (decided) that my hardship (too much debt besides mortgage) was a "personal choice". Both my wife and I still have jobs. We can't afford to meet all our debt obligations. We are looking into moving to an apartment and try to start all over with better financial management. We are considering to ask lender...
reverse mortgage query
Who pays taxes & insurance if the homeowner can't & house has fallen in value to below line of credit amount? Does the bank just pay and add the amounts to final debt on property?
My name is on Title, but NOT on mortgage, will filing bankruptcy still effect my credit?
Hi. My friend and I bought a house with no money down and took out a first and second interest only mortgage 80/20 for the full $350,000. The Mortgage is only in my friends name, but we are both on the Title, we both make even monthly mortgage payments and declare them on our income taxes. The house is now worth $ 225,000 due to the slacking economy. We have to move out and can't afford to sell and take that big of a loss, we tried the "loan modification program taken a job and the bank sai...
quit Deed
i want to buy a proprty that i stay in can the owner transfer the property to me quit deed how do i find out what money is still outstanding on this property? what must i do first if i go through with this? how do i find out what equity is still in the house if any is there? can you please walk me through this? how do i get the loan turn over to my name? how do i find out if the is a second home loan taken out on this property? do i need (A) one credit in order to transfer the loan over to m...
your credit score. Your credit score is lowered when lines of credit are maxed out. You can make good use of your money by paying down credit card balances to boost your score.Once you have used some of these techniques to boost your credit score, be persistent about contacting and applying with many different mortgage lenders. Many mortgage loan brokers claim that if they can't do the loan, then no one can.
That is simply not true. All mortgage loan brokers have connections with many different lenders and loan programs. What may be impossible with one, can be very possible with another broker. If your score is around 600 or slightly higher, you will probably have a pre-payment penalty. Pretty much all mortgage loans will come with a pre-payment penalty.
Talk to your lender about the details of the pre-payment penalty. Find out how long the penalty will last and exactly how much money the penalty is. How much is the fine for pre-payment on the loan? This is an important factor to consider when comparing lenders.To get a approved for a bad credit mortgage loan, be persistent, work on your credit score as much as you can to get it above that 600 mark and apply with or contact many lenders to compare mortgage loan programs.Visit here to see a list of our recommended lenders for mortgage lenders: www.abcloanguide.com/lessthanperfectcredit.shtml..
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