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sezbobaloula | We have v. bad credit, 30k debt from failed business inc 15k+ ccj's. is there any way we can get a mortgage? |
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snetterton
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I doubt it. How could you afford the repayments in any case if you owe that much money? |
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Mtag
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Ouch...sounds like you've had it hard there! I think you'd be fine, your mortgage is a living cost, which you would pay someone anyway, renting or buying, so the mortgage lenders are pretty confident the will get it back...I think you'll be ok!
Either way...mortgage payments are hellish nowadays anyway...my sister bought her house 7 years ago, I bought mine 3 years ago...my mortgage is 400 a month more...and she has a 3 bed house and me a two bed bungalow!!
We changed our mort company for a better deal...we have poor credit, but they lent us an additional ten thousand to do the house up too...so I think you'll get it, just find a decent broker who you can explain your problems too! |
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welcome.electrics
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no. i wouldn't trust you to pay it back |
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robert w
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Sezbobaboula,
thanks for the gigles.
at this time , u need a mortgage as much as....britney needs a drink and car.
seriously u'll want to visit daveramsey.com to learn what u hadn't. b4 the cc and banks get their hands around ur throats agin.
u need to earn more save more and pay off everything while adding no more slavery debt to ur lives.
a mortgage will only get u on the streets at this time. rent cheap , drive cheap save ur lives and money. |
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greybeads
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The lenders who would give you a mortgage would be predatory.
Your rate would be high and adjustable at the whim of a hat. Because of the high payment you would get you could not buy as nice of a home as you would like.
15 years ago an assumable mortgage might have done the trick, but now they are exceptionally rare.
You might want to consider a real estate contract, where the owner carries the note. You should expect a rate 2 points above the going market rate. |
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Doctor Sizzle
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You could speak to a mortgage broker and possibly qualify for a loan on a property at penal rates (depending on your proven income).
You will be delving into the increasingly murky world of sub-prime lending and due to recent events you will be far less likely to succeed in securing a loan.
Six months ago you probably would have had mortgage offers from all over the place, but now the rules are changing.
For what my opinion is worth, I would suggest you rent, work hard and pay off your debts.
Property prices look like taking a downward move in the near future. The last thing you want is to take on a new debt, at penal rates and find that the property price falls. That will only exacerbate your debt and make matters worse.
Try renting for a few years. Pay your debts and build a small deposit. Houses will probably be cheaper (at least in real terms), by then and free from debt and armed with a deposit you will be able to negotiate a competitive rate for your loan.
Don't fall into the trap of thinking that renting is throwing money away. If you are paying back a 25 year mortgage with high interest rates then in three years time you will have probably only paid back a nominal capital sum. Most of what you pay over that term will be interest to the bank. Even if prices only stay static, in the same three years, inflation will have eaten away at their value. The difference in price of a property (in real terms) will probably be greater than the capital sum you have repaid.
Stay away from more debt until you have overcome the debt you are currently in.
Good luck whatever you do.
A little extra note. Stay well clear of the parasites who use this site and your misery to advertise unscrupulous lending services. The fact that they might lend you money does not mean that it is advisable for you to take it. |
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confucious says
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what is the point of getting a motgage your creditors could put a lien on the house for what you owe and so you would be paying for nothing in the long run, ie when you have paid for it and you sell it the creditors would just take the money before you recieved a penny |
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buggerlugs_mctwattyknickers
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Maybe you should reconsider the idea of borrowing more money in your situation. One would have thought that a debt of that size would have given you a tad of a hint, really. |
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perfectmum@btinternet.com
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went hrough something similar a few years ago not as much debt though we were fotunate to find a brooker who managed to get us mortgage higher then what we needed so we paid a lot of our debts off the intrest was very high thou but after our 3 years deal ended we swapped our mortgage to a lower intrest rate and now debt free except for mortgage good luck |
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nebula7693
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Yes, it is possible. And there are even places out there who will still give you a competetive rate. You should consider whether or not you really want to take on another financial obligation, though. If you have stabalized financially, can afford to take on the debt and your future financial situation seems to be ok, then go for it. I will even help you if you need it. But if you are still on shakey ground financially, I would recommend that you fix that situation first and THEN consider taking on another debt.
I deal every day with lenders who are willing to help out people in your situation, so I know it can be done. But just because it CAN be done does not necessarily mean that it SHOULD be done. You should consider all your options before making a decision.
If you have any further questions, you may email me at nebula7693@yahoo.com |
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Mystic
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I think it would depend on your income, and if you own a house now. Have you been able to keep up with your current mortgage? Do you have any savings for a down payment?
$45,000 isn't that much. Think of it like having payments on two cars. But find out your credit score and then shop around on-line and at your local bank for the best options.
But if you have no savings, this is your first home, and the mortgage will stretch you thin, why not try waiting another year? Otherwise, you may find 3 years from now you are being foreclosed on and you are even more in debt.
Creative financing may get you into a home, but chances are you won't be able to keep it. |
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sam L
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Unfortunately your business didn't fail before this July, as the world of credit was not as difficult as it is now that the loans on all the adjustable (teaser) rates have begun changing the face of credit.
I think you will have a tough road ahead unless one of the household to buy a new home has no ties to your old business. Then, ownership of the new home would have to be titled in that persons name only, while others may be responsible for payment. |
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onceisenoughilearnedmylesson
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possibly, but expect a sky high interest rate
would be best to find someone willing to owner finance
Good luck |
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Gary H
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Don't lose hope if you're looking to buy a home. There are so many different ways to fund a home now, just about anyone with any kind of credit can get into a home, regardless of credit situation.
Of course, some will cost you more money in the long run, but a home it's still one of the best investments that you can make, so, in many cases, it's worth it, especially for the first year of ownership.
You should shop around, and ask different lenders what kind of programs they have, and if they can help. Try to find a lender that specializes in bad credit mortgages. You can find some bad credit mortgage lenders listed on this page on and off:
http://www.axalda.info/bad-credit-mortgage.html |
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polumbo
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yes but the rates will be hellish |
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charlie3127389
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yes....there are brokers who will help you...need to look around. |
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Frank Castle
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No. |
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