Posted: Sun Apr 02, 2006 1:34 pm Post subject: Bad Credit Loan but.....?
Most lenders will not give me a consolidation loan since my townhouse is valued less then $50,000. Come on I got a loan for it in the first place why not a loan on now?
Mac_7 Guest
Posted: Sun Apr 02, 2006 6:57 pm Post subject: Re
Mrr,
Why do you think like that?
Every person gets a loan and theres always a way out of anything, all you have to do is do a proper search. It may be possible that you may not get the best interest but atleast you will get the loan.
Posted: Sun Apr 02, 2006 7:19 pm Post subject: RE:
I totally agree with mac, you can get a loan for your townhouse no matter what is its current value.
You yourself said that you have a got a loan for it in the first place. You just need to shop around well to get the best interest rate in the market available to you.
I checked with some of the online mortgage companys and some out of the phone book. One lending company seemed to be ready to give the loan but got turned off by my mortgage being 2 months late. I explained that I was on a repayment program and now my Staus should be current. May check with them this week.
Should I consider the bank I currnetly have my mortgage with? I figured my low credit score and history with them would not fit with the standerds for them. I was also considering a samll local bank here in my area.
Posted: Mon Apr 03, 2006 5:10 am Post subject: RE:
Hi,
I think you should consider some other bank, as the bank you have your mortgage with, will not approve your credit application. If nothing turns out then you can consider the local bank in your area.
Since you are almost ending up with your loan payments and your status will be current, so I believe that it won't be that difficult for you to get a loan approval.
It appears to me that your mortgage loan is not an easy loan to approve based on the statements you have made. Otherwise, you would already have your consolidation.
I am concerned that you are 'shopping' for a loan on the Internet and by calling yellow page listings. Every time you repeat this step and provide a new company with your social security number they are pulling your credit and pulling your credit score down further … possibly eliminating your short-term chances of qualifying for a mortgage all-together.
Shopping for the best mortgage is a good idea … but there is a better way to do it. Apply a single time with a reputable/knowledgeable mortgage broker and allow them to shop on your behalf. The mortgage broker will only pull your credit one time and then forward your entire scenario and a copy of your credit to various wholesale banks and mortgage lenders. The experienced mortgage broker will know which lenders may most likely approve you for the loan based on your up-front situation. Many of the niche lenders you may require are only available through mortgage brokers being as they do not offer consumer direct retail loan products … so you will not find them in the yellow pages or on the Internet.
If you do not know of a good mortgage broker in your area, I suggest you do a quick Internet search for your state's Mortgage Broker Association and contact them for a broker recommendation.
Best of Luck! _________________ Bill Clanton is a Mortgage Specialist and Manager of State Street Mortgage of Illinois. StateStreetMortgage.Net
I agree with Bill you should find a reputable Mortgage Broker. You should consider your local bank they could possibly assist you. I would contact them and see what they can do for you.
Good Luck _________________ Cliff and Sandra
Loan Officers
Conventional & Sub Prime Specialists
Loans done in 50 states
I talked to the local bank and he could not help me but I have been talking to 3 other companys. They are working on something now. Not sure if I can post the names here. Oh and found out my FICO? score is not 516 but 561! This according to my financial advisor buddy is not the best but it makes a world of difference. One other thing I hear you can have your credit checked several times in 30 days before it drops your score. Thanks for the help guys and keep it coming.
That change in your score surely makes a big difference. I had been reading through all the posts and felt sorry for your condition. I think that will make some difference in the analysis.
Hope you will come out of this situation soon and will be able to find a suitable lender. So far I know, that the MortgagFit community also maintains a good network. Hope fully something comes out from them for you.
Yes, what you have heard is correct. When you look out for a loan, try to complete your shopping within 30 days.
FICO scores generally differentiate between a search for a single loan and a search for several new credit lines, in part by the time period over which inquiries occur.
I agree with what James says. That does make a big difference in your score.
I would suggest you bring your score up at least to 580 and that could possibly get you a better rate to refinance at. Of course you do have other criteria that need to be met.
If you have any more questions post them here and the community will try to help you.
_________________ Cliff and Sandra
Loan Officers
Conventional & Sub Prime Specialists
Loans done in 50 states
mrrrg
I had been reading through all the posts and felt sorry for your condition. I think that will make some difference in the analysis.
