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 johnrinehart
Joined: 06 Nov 2005
Posts: 1
0.08 Dollars($)
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 Posted: Sun Nov 06, 2005 3:51 pm Post subject: Help |
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| We are currently in a no win situation. After losing our home to a fire 5 yeras ago, no insurance , and poor credit standing, we got into a manufactred home at a very high interest rate. Ongoing financial issues have left us drained, with no idea where to turn. We recently found a small piece of property with 6 acres. The house needs to be rehabbed, it appears to be a abandonned farm home . I am a hvac technician by trade, but also weel versed in all the mechanical trades, and have been involved in this type of process from start to finish several times, just not for myself. If anyone would have any suggestions as to what we can do, I would greatly apprecite it. Both of us are currently employed, but are at the end of our rope financially. |
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Jill
Guest
0.10 Dollars($)
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| Posted: Sun Nov 06, 2005 7:26 pm Post subject: RE: |
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Hi,
I can very well understand your problem.
It is not that a person with poor credit history cannot get a mortgage loan. You can go for Bad Credit Mortgage. This is a mortgage which is basically meant for people having poor credit history.
Hope this information will help you out some what.
Thanks,
Jill |
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Samantha
Community Mentor
Joined: 16 Sep 2005
Posts: 1539
Location: MASSACHUSETTS
137.28 Dollars($)
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| Posted: Sun Nov 06, 2005 7:49 pm Post subject: RE: |
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Hi John,
Welcome to MortgageFit Forums.
I also agree with Jill. If you have poor credit standing that doesn't mean that you cannot get a mortgage loan. As mentioned above there is a mortgage called bad credit home mortgage which has been specially designed for people having poor credit.
Before it used to happen that the lenders just ignored people having bad credit standing but now situation has changed, now many lenders are willing to provide bad credit home mortgage with almost the same interest rate (just a marginal difference).
You should also look to improve your credit standing and you can do that by paying your bills at the right time.
For more information on this topic please visit our Poor Credit section.
God Bless You.
Thanks,
Samantha |
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Cliff
Moderator
Joined: 04 Oct 2005
Posts: 46
Location: Arizona
3.70 Dollars($)
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| Posted: Mon Nov 07, 2005 9:33 am Post subject: |
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Hey John,
Welcome to the forum and hope that you find the knowledge on the site from the many people informative. Just had a question or two if I may ask?
1. What is your credit score
2. What is your credit history
Hope may not be lost as you might think. Lets see what the board can do for you.
_________________
Cliff and Sandra
Loan Officers
Conventional & Sub Prime Specialists
Loans done in 50 states |
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