411mortgagefaq - mortgage faq home loan » Renting & Real Estate http://411mortgagefaq.com mortgage faq - answers to your mortgage questions Thu, 26 Jan 2012 05:18:04 +0000 en hourly 1 http://wordpress.org/?v=3.3.1 How can I get a mortgage if I have credit score under 400? http://411mortgagefaq.com/renting-real-estate/how-can-i-get-a-mortgage-if-i-have-credit-score-under-400/ http://411mortgagefaq.com/renting-real-estate/how-can-i-get-a-mortgage-if-i-have-credit-score-under-400/#comments Fri, 09 Apr 2010 20:59:17 +0000 admin http://411mortgagefaq.com/renting-real-estate/how-can-i-get-a-mortgage-if-i-have-credit-score-under-400/
LadyCatherine asked:


Most of the mortgage companys I have tryed will not give me a mortgage because I have a credit score under 400. They say they will not help anyone with out having a credit score over 500.

I have a fourclouser on my credit and a really old credit card bill that I refuse to pay. Other then that every thing else on my credit report has been paid. Some late some on time.

I have tryed every mortgage company on line and the bank in my town.

I DO NOT want to get a credit card to ‘fix’ my credit history. I have had those and I do not do well with them. Or a store card either. Or a gas card.

I think things will stay on my credit report for up to ten years but I would like to know if there is a mortgage out there that will give me a mortgage now. Yes I have thought about rent.
Adam.. What is a a self certify, tracker based mortgage ?
ok OPEN:
Why jump all over me. I was just asking for help. I DO NOT THINK I KNOW IT ALL.

YES I have had a credit card and I have come to learn that I do NOT need one. I have a debit card Visa card and that is ALL i need.

How can I fix my credit with out findone someone to help me out. Things happen, I am NOT the only one that has gotten in this postion.
I want to respond to why I refuse to pay off the credit card that is on my credit report. I had a credit limit of 300$ It got up that high and I decided that I did not need it any more so I canceled it.

Come to find out a few months of ‘paying’ on it to pay it off the credit card co. was still charging ‘finance fees’ to it. after talking to them they informed me they could not completly cancel it untill it was at 0.

I told them the reason I canceled it was cause I could not affored it. To add charges to it would not help me pay it off.

I have spoke to other credit card co and have been told they can stop charging to it it they want.

The credit card bill has gone from 350$ to over 15 hundred dollars.

Pride or not I find this unprofessional and rude and that is why I refuse to pay it.

If they would agree I would pay the original 350$ if they would take off the rest of the ‘Charges’

TERRELL

]]> http://411mortgagefaq.com/renting-real-estate/how-can-i-get-a-mortgage-if-i-have-credit-score-under-400/feed/ 0 Can a first mortgage be refinanced to a lower rate if there is also an existing second mortgage? http://411mortgagefaq.com/renting-real-estate/can-a-first-mortgage-be-refinanced-to-a-lower-rate-if-there-is-also-an-existing-second-mortgage/ http://411mortgagefaq.com/renting-real-estate/can-a-first-mortgage-be-refinanced-to-a-lower-rate-if-there-is-also-an-existing-second-mortgage/#comments Wed, 07 Apr 2010 06:29:48 +0000 admin http://411mortgagefaq.com/renting-real-estate/can-a-first-mortgage-be-refinanced-to-a-lower-rate-if-there-is-also-an-existing-second-mortgage/
cookingmomma asked:


If a homeowner has a first mortgage and a second mortgage, and would like to refinance the first mortgage at different terms, can this be accomplished – does the existing second mortgage put a monkey-wrench in refinancing the first?

RONNIE
]]> http://411mortgagefaq.com/renting-real-estate/can-a-first-mortgage-be-refinanced-to-a-lower-rate-if-there-is-also-an-existing-second-mortgage/feed/ 0 What happens to the mortgage on a house that is left to me in a will? http://411mortgagefaq.com/renting-real-estate/what-happens-to-the-mortgage-on-a-house-that-is-left-to-me-in-a-will/ http://411mortgagefaq.com/renting-real-estate/what-happens-to-the-mortgage-on-a-house-that-is-left-to-me-in-a-will/#comments Wed, 31 Mar 2010 09:01:13 +0000 admin http://411mortgagefaq.com/renting-real-estate/what-happens-to-the-mortgage-on-a-house-that-is-left-to-me-in-a-will/
Lost in Massachusetts asked:


A relative will be leaving me a house in their will. If there is a mortgage (home equity) on the house when they die, do I take over the mortgage? I intend on selling the house when it is left to me.

HARRY
]]> http://411mortgagefaq.com/renting-real-estate/what-happens-to-the-mortgage-on-a-house-that-is-left-to-me-in-a-will/feed/ 0 How to deal with a 2nd mortgage that has been sent to collections? http://411mortgagefaq.com/renting-real-estate/how-to-deal-with-a-2nd-mortgage-that-has-been-sent-to-collections/ http://411mortgagefaq.com/renting-real-estate/how-to-deal-with-a-2nd-mortgage-that-has-been-sent-to-collections/#comments Mon, 29 Mar 2010 21:30:51 +0000 admin http://411mortgagefaq.com/renting-real-estate/how-to-deal-with-a-2nd-mortgage-that-has-been-sent-to-collections/
Chochi asked:


I’m currently on a repayment plan on a rental property for the 1st mortgage. The 2nd has been charged off by EMC mortgage and sent to an outsourced collection company called LCS. Does anyone have any experience on how to deal with LCS and what rights I have to settle this 2nd mortgage. Can they freeze my assets? Will they seek a Judgment?

DONALD
]]> http://411mortgagefaq.com/renting-real-estate/how-to-deal-with-a-2nd-mortgage-that-has-been-sent-to-collections/feed/ 0 Can you get a mortgage allowing you to bid on a foreclosed property? http://411mortgagefaq.com/renting-real-estate/can-you-get-a-mortgage-allowing-you-to-bid-on-a-foreclosed-property/ http://411mortgagefaq.com/renting-real-estate/can-you-get-a-mortgage-allowing-you-to-bid-on-a-foreclosed-property/#comments Sat, 13 Mar 2010 23:49:18 +0000 admin http://411mortgagefaq.com/renting-real-estate/can-you-get-a-mortgage-allowing-you-to-bid-on-a-foreclosed-property/
Die Bart Die asked:


Our realtor advises that only buyers with cash in hand can buy foreclosed properties at auction. There is a technical challenge buying if you need a mortgage as you have to be in contract to be able to get the mortgage approved. Is this true or is there a valid way you can get a mortgage and bid on a foreclosed property at auction?

DION
]]> http://411mortgagefaq.com/renting-real-estate/can-you-get-a-mortgage-allowing-you-to-bid-on-a-foreclosed-property/feed/ 0 How does a mortgage holder get out of PMI payments on their mortgage loan? http://411mortgagefaq.com/renting-real-estate/how-does-a-mortgage-holder-get-out-of-pmi-payments-on-their-mortgage-loan/ http://411mortgagefaq.com/renting-real-estate/how-does-a-mortgage-holder-get-out-of-pmi-payments-on-their-mortgage-loan/#comments Sat, 13 Mar 2010 01:50:29 +0000 admin http://411mortgagefaq.com/renting-real-estate/how-does-a-mortgage-holder-get-out-of-pmi-payments-on-their-mortgage-loan/
asked:


Seems to me that PMI is very costly for the home owner, especially me with a perfect credit rating and new funding source to maintain a mortgage if I lose my job (my job is very secure). Please any suggestions on how to get the PMI waived by the mortgage company.

ANDRE
]]> http://411mortgagefaq.com/renting-real-estate/how-does-a-mortgage-holder-get-out-of-pmi-payments-on-their-mortgage-loan/feed/ 0 What happens to the second mortgage when the first mortgage forecloses? http://411mortgagefaq.com/renting-real-estate/what-happens-to-the-second-mortgage-when-the-first-mortgage-forecloses/ http://411mortgagefaq.com/renting-real-estate/what-happens-to-the-second-mortgage-when-the-first-mortgage-forecloses/#comments Fri, 12 Mar 2010 02:40:32 +0000 admin http://411mortgagefaq.com/renting-real-estate/what-happens-to-the-second-mortgage-when-the-first-mortgage-forecloses/
Painted Jezebel asked:


I am going through a foreclosure on my first mortgage, what are my options with dealing with the second mortgage? Any legitimate websites with guides for dealing with the aftermath of foreclosure would also be appreciated.

TOMMIE
]]> http://411mortgagefaq.com/renting-real-estate/what-happens-to-the-second-mortgage-when-the-first-mortgage-forecloses/feed/ 0 How often do mortgage comapnies use the 4506 t form to very info. Always or hardly ever when buying a home? http://411mortgagefaq.com/renting-real-estate/how-often-do-mortgage-comapnies-use-the-4506-t-form-to-very-info-always-or-hardly-ever-when-buying-a-home/ http://411mortgagefaq.com/renting-real-estate/how-often-do-mortgage-comapnies-use-the-4506-t-form-to-very-info-always-or-hardly-ever-when-buying-a-home/#comments Mon, 08 Mar 2010 03:48:02 +0000 admin http://411mortgagefaq.com/renting-real-estate/how-often-do-mortgage-comapnies-use-the-4506-t-form-to-very-info-always-or-hardly-ever-when-buying-a-home/
james w asked:


If you provide the mortgage company with all the requested info do they typically follow up on that. Does it vary from company to company or is it a common practice for them to execute the 4506t form. Also, has anyone everheard of first choice mortgage in charlotte? Any thoughts on them?

ANDRE
]]> http://411mortgagefaq.com/renting-real-estate/how-often-do-mortgage-comapnies-use-the-4506-t-form-to-very-info-always-or-hardly-ever-when-buying-a-home/feed/ 0 How does reworking a mortgage affect my credit score? http://411mortgagefaq.com/renting-real-estate/how-does-reworking-a-mortgage-affect-my-credit-score/ http://411mortgagefaq.com/renting-real-estate/how-does-reworking-a-mortgage-affect-my-credit-score/#comments Sun, 07 Mar 2010 15:52:57 +0000 admin http://411mortgagefaq.com/renting-real-estate/how-does-reworking-a-mortgage-affect-my-credit-score/
Greatone76 asked:


I could use the help of potentially reworking my mortgage to be more affordable. It is possible for me to get by without doing so. If I do call my mortgage holder and rework my mortgage for a reduced interest rate or reduced principle how does that affect my credit score?

RICH
]]> http://411mortgagefaq.com/renting-real-estate/how-does-reworking-a-mortgage-affect-my-credit-score/feed/ 0 What happens to a second mortgage when a home is purchased at a foreclosure auction? http://411mortgagefaq.com/renting-real-estate/what-happens-to-a-second-mortgage-when-a-home-is-purchased-at-a-foreclosure-auction/ http://411mortgagefaq.com/renting-real-estate/what-happens-to-a-second-mortgage-when-a-home-is-purchased-at-a-foreclosure-auction/#comments Sun, 28 Feb 2010 09:51:30 +0000 admin http://411mortgagefaq.com/renting-real-estate/what-happens-to-a-second-mortgage-when-a-home-is-purchased-at-a-foreclosure-auction/
buad0118 asked:


I am going to bid on a house at foreclosure and it has a 1st mortgage of $280K and a second of $70K. The lender on the first two mortgages is Decision One Mortgage. The lender at foreclosure is Countrywide. Does this mean that if I buy this house at foreclosure that I will own additional money to the second mortgage or just the first mortgage and back taxes?

GERARDO
]]> http://411mortgagefaq.com/renting-real-estate/what-happens-to-a-second-mortgage-when-a-home-is-purchased-at-a-foreclosure-auction/feed/ 0