How does 100% financing work for buying a home? Good idea?

Dec 272011
 

I am a teacher. I was reading my union newspaper and I see a lot of mortgage/lending companies that offer such things as 100% financing and low interest rates. Is this something worth me considering to buy a home?

Also, I am married and my husband works as well (he’s not a teacher). I do have student loan obligations and a few credit card bills and little savings. We are currently trying to better our financial situation and save more.

We are moving to a new place in the next 8 months (rent or buy- whatever we are able to do at the time). If we rent, I know the payment will increase by 300-400 a month since we are getting a bigger apartment. If we can get a mortgage, then I really don’t know….. Anyway, help me out?

Should i buy an apartment while in university ?

Dec 082011
 

i will be 21 when i start university in Glasgow (uni of Glasgow) next september and im thinking of buying my own place while studying there. i just want to know if you its a good idea and can you give me some advice.

im planning to buy a place worth about 250,000, i dont want to stay in halls because there will be a lot of little kids crazy and getting drunk, ive done this and over it now im an adult not a kid and wont be able to live there with them.
instead of playing £500 a month on halls im thinking of using that money to pay my mortgage, if i cant afford to pay on my own, parents can chip in plus i could get a house mate. i dont know if the bank will give me a mortgage and i dont know what i need to get one, any advice and what do you think ?

when getting a mortgage do i need to pay 10-20% worth of the property’s, cant i get a mortgage without paying a lil in advance ?

after i finish university if i stay in the city(i live in London) i will keep it and get a job there but if i move back to London i will sell it and pay the mortgage all in once and keep the profit from the property if i sell it for more then i bough it for.

Lease to option to purchase?

Dec 042011
 

When considering a potential lease to own agreement (probably for two years) until this buyer can qualify for a loan to purchase, who pays the utilities? i.e.–does the potential buyer only pay what the present mortgage is from the seller-or does the seller estimate what the utilities are and include in the rent—–or should the agreement indicate the potential buyer needs to put the utitilies in “their” name? Want all the bases covered in this potential route to take since my son has TWO mortgages-one in Atlanta and his home here. Thank you for any feedback.
Follow-up-Teran-Rea- The home here was to close one week b/4 his home in Atlanta. The house fell through 1/2 hour b/4 closing here. They had already left their apartment in Atlanta and had to pay 4 months to get out of it and $ 12,000 invested in the new home——they HAD to go through with it there. Bottom line- a nightmare. The real estate agent here would handle all the paperwork if my son should decide to go this route—( I have NOT mentioned it to him yet). They “buyer” wants to purchase it in 18 months or less. Family is an acquaintance of mine. I basically hope my son can hold off a little longer- it is difficult to say the least.

question about commercial property?

Dec 022011
 

I am 19 and I am currently looking at commercial property for sale around my area. They are asking $ 18000 for it and I was going to offer $ 15000. My first question is how could I get a loan for $ 20000 dollars? (an extra 5000 to get me started on remodeling the property) I have some credit but very little. Is it possible to get a loan like this without a co-signer? Another question I have is what would the mortgage payments be like on a 30 yr mortgage? I used one of those mortgage calculators, but I don’t know how accurate they are. Also, since the property is considered commercial, I was wondering how much it would cost to insure the property? My intentions are to live upstairs and rent out the downstairs to a local business. I was also considering turning a 800 sq ft garage into an apartment. But my biggest question is whether or not I would have to pay for commercial property insurance since I have no intentions of having a business myself.

Should my husband apply for a usda direct loan? And also, how do you apply?

Dec 022011
 

My husbands credit score is 554, I know the usda wants a 640. Here is what is on his credit

Verizon home phone-$ 222, from 2006, currently disputing
Verizone wireless-$ 808, from 2006, settlement off for $ 350
Brighthouse (cable)- $ 221 from 2009
Repo- $ 7,500, from 2008
Wilmington apartments- $ 2,410, from 2005
there are also 2 medical bills from 3 or 4 yrs ago we are currently disputing as well because the insurance paid them, once those 2 medical bills get removed his score should go up a little bit.

He has a credit card in good standing, with a 0 balance, beings that all of these are so old, and paying them wont bring his actual score up, do you think its possible to a loan? The repo will be the only thing on his credit because were paying everything but the apartment this month, the apartment we are paying in february. But like I said, I know paying these off will just show as paid, they wont bump his score up, so it will sort of be like he doesnt have credit again, right?  We always make our rent on time, and our other utilities, the only bills we have are rent, lights, water, phone, cable, and car insurance. Also, how do apply for this loan? I cant find anything anywhere online about it. Thanks!

local mortgage lender
bycliff1066™

EX – why do you take so long for something I think is obvious?

Mar 042011
 

I recently disputed some personal info on my reports.  I asked them to delete an old address (they had “10″ for the apartment number, not “104″ – well, they had 3 listings for this address, one without the apartment number, one with the 10, and one with the correct number), delete a phone number I no longer have, and to delete a name that isn’t mine.  It’s a common misspelling.  I didn’t ask them to delete any of their other versions of my name – they had me as Firstname Lastname, Firstname Middle Initial  Lastname, Firstname Middlename Lastname, and as Firstname Middle Initial Misspelled Lastname.  Why can they so easily fix the address and the phone number but I can’t seem to even find out if they’re going to delete the wrong name? 

Response to DV Professional Debt Mediation HELP on next steps

Feb 192011
 

I received a response from a DV letter that I sent.  I was for an apartment that I rented a few years back.  I had to terminate me lease early and move (paid all my rent on time throughout living there)  However they are trying to say I owe additional fees of $3373.26

 

The response to DV stated  Enclosed you will find attached written confirmation from our client as verification of this debt ( The provided a PARTIAL copy of the lease contract ) however, I can not see anywhere in it that I should owe this money.  There is some of the lease agreement missing (4 pages) that they never supplied to me.

 

The amount is one months rent  for a cancellation fee fro early termination (this I can understand)  and the rest is a payback of concessions ( I received discounted rent every month that I lived there)

 

They also included a final statement-  in which I never received and never signed

 

They also have another  account with me that I also DV and the response included 500 for through sure deposit.  sue they are saying I owe the 500.  For this they provided a  bond acknowledgement that I signed.  It states that any dispute must go through binding arbitration.

 

not sure what steps to do next????  Do I DV again and request that they provided further proof?  I think I should do a PFD letter for the collection at 500???  Any suggestions would be helpful.

 

Thanks!!!!!!

Collection Agency Calling Me claiming they sent a letter to me about an insurance balance! help.

Dec 012010
 

I just received a cell phone message from UHC Oxford Recovery Services asking me to call them back. I returned their call. They claim I owe them several hundred dollars.  The rep said a letter was sent to me in June indicating this balance. I have not received such a letter. The address the rep repeated was slightly off as to the apartment number.  However, my mailman knows me and would have given me this letter. I did not receive such a letter.  I asked that they cease calling me. 

 

I have not had Oxford health Insurance for several years.  I had the insurance when I was working so the fees were paid by my employer.  If I ever received a check from Oxford directly, it went straight to the doctor.  I asked the collection agency to stop calling me.

 

I promptly emailed Oxford Insurance Company and asked what the situation was and am waiting for a response.

 

I do not have any debt issues before like this (other than an incorrect library fine) and not sure how to handle it.

 

I want to refinance my apartment soon so this issue is very concerning to me.   I am not working now and the money they claim owed is tremendous and I KNOW I don’t owe any money to anyone.  What should I do?

What to do? Good scores, low amount, fault of biller, went to collections

Nov 152010
 

Hello,

We’ve endured two problems with our post office for years:

 

1. They won’t deliver anything with a missing or incorrect apartment number

2. They don’t (appear to) return undeliverable mail.

 

As a result, if any biller gets our apartment number wrong, we don’t get the bills and the biller doesn’t get them back. That’s fine for utilities, which we pay each month, but sucks for unexpected bills like medical charges not covered by insurance.

 

I recently found out that an old ~$12 charge went to a collection agency because the biller had the wrong apartment number on the bill.

 

What should I do?  It hasn’t hit my credit report yet, but I’m wondering if I should just let “sleeping dogs lie.”  Is there some sort of structured letter that I have to send the collection agency?  Is it bad to pay it off via the CA? 

 

Thanks!

 

 

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