 If you have a mortgage at 9.5% and the house costs 50,000? |
| and you have a 30 year fixed mortgage. What would you end up paying for the house?... |
|
 Being a first time homebuyer, what can me and wife do to get a mortgage with very bad credit?? |
We did see a realtor but they told us we need to wait until next year to let some of our good credit history mature.
Additional Details
We can afford it, its just that it seems our ... |
|
 What happens if they ignore my offer? |
| We just put an offer in on a house that is selling for $189,998. On the listing, they offered to pay one year of HOA fees with an acceptable offer. We offered $180,000 plus the 1 year HOA. We ... |
|
 Tired of wasting money on renting...can I get financing? |
My husband and I have looked at getting houses at least once every year but it never works out. I usually get discouraged and give up.
Here's our situation:
Husband:
*... |
|
 Do you think that the Real Estate Market has falled enough to make you step in and buy a home? |
I am a Realtor on the North Shore of Long Island and I am curious how the general public is viewing this matter.
Additional Details
whoops, it should say, "fallen enough"... |
|
 Is this sound weird? 10 points for the best advise. Thank you? |
| I am looking for a rommate or apartment in DC. Normally, it cast about $ 500-700 per month with room mates. I came across this post. They only want $300 per month. I ignored the post because I ... |
|
 Mortgage closing and Tenants? |
| I am closing on a property April 9th. The tenant is suppose to have moved out already but he is still there. I can't even schedule cable services or any other utlities becasue he is refusing to ... |
|
 Pay off a mortgage or invest? |
| I have a 50k mortgage @ 5.68% on a coop bought for a total of 72k. After four years I think the coop's now worth about 300k. If I pay off the mortgage isn't that a significant return on my ... |
|
 Should I relisted a with another realtor after 6 months!? |
| My house on the market almost 6 months now, drop the price twice already, but not a single offer, Should I take my house off the market after my listing contract end with my current agent and ... |
|
 Since a large piece of my backyard slid into my neighbors yard, how much should I bill him for the use of it? |
| This may sound like a stupid question, but you have to understand that in Southern California, land has an extremely high value. I seems to me that since he has about a quarter acre of my property in ... |
|
 Mortgage rate locked or is it? |
| If I locked in a rate with my mortgage bank, get the commitment letter, and then the rate goes way down. Am I under any legal constraint to go through the deal with them if I find a better rate with ... |
|
 What type of home loan is best for someone with 680 Credit score, no money down? |
| I'm looking to buy a home. My credit score is 680, but I have no money to put down. What is the best loan option for me? A friend is buying a home and he says his rate is 1% and his mortgage ... |
|
 The John Beck scam...? |
| Okay, I've done enough research to find that the John Beck Real Estate System is a scam. But, does anyone know of another program, website, book, etc. that has somewhat of the same concept that ... |
|
 How do you keep the man you love when he is attached or seeing other women,but you love him so much.? |
| i mean this man is all i think about but he is married and is seeing other women besides me....we have been seeing each other for 13 years and still is seeing each other and i love him so much til it ... |
|
 What are your thoughts on a 40 year Mortgage? |
Out of all of the "creative" lending products, this one seems to make the most sense for someone looking to upgrade in the buyers market.
Just honest opinions, perferably from ... |
|
 Can we have our landlord pay for the damage? |
| My family and I are renting a home from a landlord who lives out of state. When we moved in we had a verbal agreement that he would repair the driveway, as the concrete was so bad that there was no ... |
|
 I installed carpet in my apartment, can I take it with me when I go? |
| I have lived in the apartment for 7 years, the carpet is over 10 years old, I asked my land(slum)lord to replace it and he tells me he will go up $50 on my rent monthly if he does. So I replaced it ... |
|
 Do you live in a? |
House
Flat
Apartment
Unit
Caraven
T... |
|
 Is it possible to refinance a home before you have it for a year? |
| I bought it in August....I need to move away in 8 months...I have high monthy mortgage and I want to refinance so i can lower mortgage and rent it ... |
|
|  |
scott g | How far behind on your house payment can you be. befor they repo it? |
i had to skip a payment 5 months ago now my car broke down and i have to miss another one this month.but i allways made them on time in the past.? |
 |
 
Joe K
|
Usually it takes about 4 months of being behind before you start getting in trouble. After that you have other options to prolong the foreclosure process. I have know people to go more than a year without making a payment before they ended up getting the notice from the sherriff. |
|
W. E
|
5 months ago, you skipped a payment, than you paid the next month, until now for car repair (correct). Your credit will be showing rolling 30's. With this next one being missed, it will make it a 1x60 late. but you plan on making August payment correct - so that will apply onto your mortgage.
March payment skipped, You paid a payment in April, that paid for March.
May payment paid for April
June payment paid for May
July payment was to pay for June etc
You Skip July - so now you owe for June & July
You pay in August, that pays for June
Now you are 2 months behind. Follow me so far. If you get to the 120 day - Lenders look at that as a Forclosure - even though it is not....You will than get a NOD in the mail (Notice of Default) and they can start Forclosure on you......Make sure you make a payment in August - DONT" SKIP IT - ok. that will hold you at the 60 day late.... ALSO, You need to call your lender, before it gets out of hand on you. They may let you make a interest payment, and tack on the extra payment on the end of you loan, or they may let you make a extra 50.00 payment each month till you get caught up (just a estimate only)
Or you may look into refinancing, to pay off your mortgage, fix your car up, pay off your debit, and put some money back (if you have any left) into a rainy day fund (that you do not touch).....That is why ppl refinance - 1. to get a lower rate. 2. To help them get out of debit...
Plus you will not have a Mortgage payment for possibly 2 months, which will give you a breather.
Talk with a broker, a broker underwrites for many company's (I underwrite for 150 companies) so I only have to pull credit 1 time, and they look at my credit. A single lender (not a broker) has programs available, but they may not be able to help you and your situation, so you go elsewhere, and than that person pulls your credit (see what I mean.) If you shop, your credit is pulled and that is considered a soft pull, for a 30 day period. Just like shopping for a auto, it is good for 30 days. If you apply for a credit card, that is considered a "hard" pull and it drags down your credit score. When looking for a home, please do not apply for a credit card, Department Charge Card, Gasoline Card or make any major purchases, like a auto, etc. This will pull your credit down. |
|
Happy_Wheatland
|
I had to do that before.....Just call the bank and they will let you just pay the interest until you get back on your feet and than your credit with them will stay good.......They won't do anything if you miss just one but it's good if you can call them and explain..... |
|
reggiewjr1
 |
Did you make an extra payment and catch up after the first time? If not then you may be late every month since then whether you realized it or not, because your always paying last months payment. Technically you would always be 1x30 days late; if you skip this next payment, you'd become 2x30days late....you should call your lender about that and plans for getting caught up if you are.
Normally, they will start foreclosure proceedings after 120 days of no payments at all.
If you made good faith efforts sometimes they will work with you to do what's called a forebearance, or payment plan, where you will make a payment that is higher than your normal payment to get you caught up with your payments. |
|
wealthedge
|
There has been lots of people here saying 3-6 months. They are most likely from blue states where the state govt is more liberal. Red states, places like TX, don't play when it comes to foreclosures. You are out in 27 days. Foreclosure process starts on late day 1. Sheriff is at your door ASAP. (Good states in invest in rental income properties, because the govt is on YOUR side.)
What I would do is put a HELOC on that house and use the money to supplement your income.
Also, if your budget is that tight, and you can't repair your car without missing your mortgage note, then you seriously need to re-evaluate your financial situation. It may be better to sell your house, take the equity, buy a duplex and rent out one side and live in the other side for free (or very little). Then you can get on your feet financially. I would also re-evaluate what you do for a living. If you work hard but can't make ends meet, then you need to learn how to invest and how to make money from something other than just a job.
Punching a clock never made anyone rich. Nothing is stopping you from being rich, other than your attitude about money and some easy-to-obtain information.
God bless! |
|
chazohio
|
i believe they'll let you slide for 3 months, but it's always best to contact them as much as you can to let them know the money is on the way. it could help |
|
~Trey
 |
Hi scott,
It depends how much equity you have in your home. They can try to consume as much equity as they can before they start proceedings.
I had one client that wanted to refinance after he had not made a payment in over two years. He had a multimillion dollar home with a lot of equity. When the bank did an AVR (Automated Valuation Report), and found that he was nearing a certain LTV (Loan to Value) his lender started foreclosure proceedings.
I know this is not much help Scott, but the short answer is; they can start proceedings at anytime.
Good Luck,
~Trey |
|
Dan
|
Have you considered refinancing to draw some money out of your equity to be able to fix your car, payoff some credit cards or heck even buy a new car? This may help you get a fresh start and piece of mine. Let me know if you are interested tadgeman@yahoo.com. |
|
candycane55
|
3months. But just go to your lender and ask for an extension most of them will give you one or two at a time and that will bring you up to date they extend you note for a number of months and you pay it at the end of your loan term. |
|
Christine
|
Technically they can begin foreclosure one day after a missed payment. Most, if not all, won't do that. But they can. Believe it or not, banks really don't want to foreclose because it costs them too much.
Worse is your credit rating. 2 dings on your report for one loan in 6 months isn't good at all. Is there a way to get a loan on your car instead of skipping your mortgage? Or borrowing the money some other way?
If you can AT ALL find another way to pay for your car, I would. The damage you do to your credit just from one skipped payment will take YEARS to go away.
Good luck :) |
|
| |
|
| | |
| Questions List |
Answers | Last Post
| | | |
10 | 30 minutes(s) ago
| | | |
10 | 3 hour(s) ago
| | | |
10 | 7 hour(s) ago
| | | |
9 | 1 day(s) ago
| | | |
10 | 5 day(s) ago
| | | |
10 | 2 week(s) ago
| | | |
10 | 1 month(s) ago
| | | |
10 | 6 month(s) ago
| | | |
10 | 11 month(s) ago
| | | |
9 | 15 month(s) ago
| |
|
Homepage 
Financial
Forum 
Renting & Real Estate 
No Spam
Adult 
Gambling
Unfinished
Deception
Plagiarism
Not English
