Posted on: 16th May, 2007 08:32 pm
i sold my house to a real estate investor who bailed me out of forcloser. i am still living in the house paying rent . i have to purchase the house back by the end of july 2007. i have a low credit score and obtaining a 1st mortage is becoming impossible. i was told that a refi would be easier to do. is a quit claim deed advisable in this situation or can you suggest something else.
welcome lburns,
whether you take out a first mortgage or a refinance, the loan options would not vary much. but are you on a least-to-purchase deal? and is there a possibility that you can extend the time period of the deal so that you can work upon your credit score and make it better?
whether you take out a first mortgage or a refinance, the loan options would not vary much. but are you on a least-to-purchase deal? and is there a possibility that you can extend the time period of the deal so that you can work upon your credit score and make it better?
Welcome Lburns.
You can buy back your property by taking out a foreclosure bail out loan. This is basically a refinance loan which is offered provided you have at least 25% of home equity and a credit score of something above 500. Now, you need to know about the company with whom you are dealing with and then select the loan program that will suit your needs.
However, a quitclaim won't work out for you in ths situation. This is because a quitclaim deed can help in the transfer of property from one individual to another without involving the transfer of the loan.
Thanks.
You can buy back your property by taking out a foreclosure bail out loan. This is basically a refinance loan which is offered provided you have at least 25% of home equity and a credit score of something above 500. Now, you need to know about the company with whom you are dealing with and then select the loan program that will suit your needs.
However, a quitclaim won't work out for you in ths situation. This is because a quitclaim deed can help in the transfer of property from one individual to another without involving the transfer of the loan.
Thanks.
do these bail out loans have higher interest rates helping_user?
Hi Guest,
Welcome to the forums.
Foreclosure bail out loans are high interest rate loan programs. The reason behind it is that they're being offered to those who have bad credit on account of foreclosure. You can say that's the disadvantage but then it helps one to avoid the foreclosure and become current on the loan.
The bail out programs are a sort of refinance loans actually. Once you can avoid your loan being foreclosed, start making monthly payments in time so that your credit score improves. And, in case, you have problems in managing your finance and making the payments, you may consult a credit counselor. He will analyze your financial situation and liabilities and then prepare a budget that will help you to carry on with the payments in time.
Take Care
Welcome to the forums.
Foreclosure bail out loans are high interest rate loan programs. The reason behind it is that they're being offered to those who have bad credit on account of foreclosure. You can say that's the disadvantage but then it helps one to avoid the foreclosure and become current on the loan.
The bail out programs are a sort of refinance loans actually. Once you can avoid your loan being foreclosed, start making monthly payments in time so that your credit score improves. And, in case, you have problems in managing your finance and making the payments, you may consult a credit counselor. He will analyze your financial situation and liabilities and then prepare a budget that will help you to carry on with the payments in time.
Take Care