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Can I get home loan help?Can I get home loan help?
Wango said: "Chapter 7BK charged off 2 years ago and wife did not file only myself.
Lost job week of BK discharge and took 20k per year pay cut. Now on the job 15 months and the wife 28 years. My score 515 her's 516.
85000.00 combined income and still trying to recover. I know I was living to large for my income.
Everything still runs late 30 days and If I could find financing I have enough equity to put 20% (by selling current home) down on a new home and leave enough to pay off all old debt (charged off now) of the wife.
I could walk a new life if I can find help?
Any ideas?
Desoto County Mississippi"
rapidanian said: "I'm in Desoto County and I'm a loan originator. :eek:
If you'd like to talk, with no sales pressure, let me know. We can look at the whole picture and figure out the best way to proceed-selling and buying right now [U]might not [/U] be the right thing to do."
kevin said: "With 20% as a down payment, you should have no problem in getting a mortgage. You might want to get an interest only option just to help you keep payments low."
Wango said: "I actually have found some help
local 2/28 at 9%
a nationally know company at 2/28 7% and 30 year fixed at 9%
This is with 25% down and I solve my problems and a new home.
For those that hit's hard times there is help just be patient.
I look forward to my new life with no debt other than my home. Thanks for the support here at this site and the comments this thread is recieving.
I will say 10 years in current home was the MAJOR factor in the mortgage companys decision. I feel this tells them I dont run just hit some hard times.
Either way I refi in 2/3 years with good credit as I will NEVER have another piece of plastic!
Mike"
omar05 said: "I spoke with an insurance agent a few months ago here in Chicago. I ask also about the interest only loans.
If you intend to refi in 2 or 3 years they could be a good ideal. But if not and it happen to carry on to 10 there's a Big Balloon at the end.
If you do, here's a ideal. Use the balance that you may save on your mortgage to place on your debt. Try to lower your liaibities.
Also, I'm sure your saving. If not try paying yourself first. That will help.
I read something in a book the other day and I know it doesn't apply here but if your find yourself in a hole and want to get out. Stop digging it deeper.
Budget and pay yourself first. Everything will work itself out.
Greg"
Wango said: "Good responses here and I thank you.
We do save for the future "Pay Yourself First" and in the past month we have cleared some issues and things are looking better for our financial future.
My mortgage broker/fianancial planner "for free" has disputed several things for us that are obvious errors to help and the numbers are looking better. We are getting some VERY competive rates offered now through him. I know that many may have a hard time as we did and not have the funds/equity for the 20-25% down but I am learning daily how to work for a positive future.
We actually had a 10% down offer also but the PMI is really is ugly.
This is moving to the point my house is on the market and I have an offer on another with not much more note than I have now and twice the home and pay off the balance of my old problems.
Thanks for all the comments and this site helping us rebuild our lives.
I hope to be able to pass a positive experience to others soon as We are still in the infant stages of a bad/poor credit mortgage.
Pre approval for new mortgage- Done
House on the market - Done
Offer on current Home - Done
Accepted Offer on current Home - Pending Counter Offer
Offer on a new home - Done
Accepted Offer on new home - Pending
Get totally out of debt other than house and 1 vehicle - In Process
Current Interest Rate 1% higher than I pay now on a home loan from 10 years ago with PERFECT Credit 30 year fixed
Wango, We may get down but NEVER out!!!!
Middle now in mid 5 range"
Wango said: "Updated
We sold the house and found another. I have secured a conventional loan at 8% 30 yr fixed. I am putting 20% down on the purchase to avoid the PMI that is extremely high on this loan. i am very fortunate to have enough equity to do this and have no debt other than my home and truck.
We close on the 20th of next month on both homes.
I thank all of this site for helping me look harder and not take the first offer that came along. For those that may not have equity like I have dont give up we can recover from our hard times.
Mike :)"
Wango said: "During the process even with the hard pulls we have improved our scores to the mid/upper 5 range.
This was done by just getting the errors alone off the reports."