Seller financed home and mortgage questions.?

Dec 192011
 

Hi…we bought a home in 2007, for $ 59,900, and we put $ 30,000 down.
We financed with the owner at 8%, for ten years. We are up to date with the payments. We also have a second lien holder on the $ 30,000 we put down initially(my hubby’s brother). So there are two holders.

We are concerned that the the man we pay the mortgage to,might sell his portion to a note buyer. As of today, we owe him $ 24000(which includes the interest). This gentleman is having severe financial problems, and after talking with him, we are guessing he just might get a note buyer.

This would be good for us with our perfect payment history and it would go on the credit report…but how would this affect the second lien holder?

I dont know if the mortgage holder has good records about what we’ve paid for, but I do have cashed checks. If he does sell his share, I want to make sure the new mortgage company has the right figures.

Thanks for any advice given.
Thanks so much for that answer..great info, however, holder of the mortgage, just had a writ of execution from Citibank levied against him this month, to the tune of ten grand. He has until October to satisfy the debt, or at least let the court know what property he has to satisfy this debt. He is obviously desperate.

So, he needs the lump sum now, i believe.

How will that potential note buyer know how much we really owe? The note holder is just another guy who lives with his family in another town…its not a big company, like a bank. Would a new note buyer call me to verify the payment schedule? What it my mortgage holder screws up and says I owe more than what i do? How is all this truthfully verified? Do they just take his word for it?

Thanks again! I appreciate your time.

Can I stop paying my timeshare mortgage?

Dec 112011
 

I purchased a time share 2 years ago. My interest rate is too high and I was told a series of lies when I purchased. I was told and witnessed to the timeshare company financing and approving it’s own mortgages. Does this mean that they operate outside of the credit reporting agencies? My mortgage payment history does not even show up on my credit report.
I’m thinking about jumping ship, someone please let me know if this is a good idea!

P.S. Timeshares are a scam…

Where to get a VA Home loan mortgage for low income but good credit, cautch 22, MINNESOTA?

Dec 022011
 

I just got out of the military last year and am looking to buy a home w/ a VA home loan. I’m in college full time and working for the federal gov’t part time. Because I only work part time my income APPEARS to be very low right now temporarily while I am in college. I have a rather high credit score of 724, but here is the cautch 22. I figure in order to get approved I would have to show a higher income such as adding my wife to the mortgage. But she has very bad credit score. So what do I do? I have the good credit score but temporarily not enough income, she would add to the income but lower the credit score. The funny thing is, the homes we are looking at we could afford easily with our eyes closed no problem. We have been paying nearly $ 1500 a month rent for the past year on time perfectly and I never miss a payment on anything but do lenders ever look at that kind of thing, perfect rent payment history?
Any advice? Any suggested VA mortgage lenders in MINNESOTA?

Why won’t my mortgage company mail me my monthly paper statements for the duration of the loan?

Dec 022011
 

Heeeelp! I have received paper statements from AHMSI (American Home Mortgage Servicing Co.) since August 2010. All of a sudden they stopped sending me my paper statement for May 2011. When I asked them to mail me paper statments for the duration of my loan this was their response via email….”Please be advised that AHMSI can only provide billing statements for last 3 months. As a result we are unable to comply with your request to provide you with the billing statements for the duration of the loan as referenced in the inquiry. For your review we have mailed a copy of the payment history that accurately reflects the dates that the payments have been received and posted to the account. Additionally, we have mailed the last three billing statement for your review.”

Isn’t this against the law? I feel like they are finding ways for me to default on my loan. Now I am forced to go online and pay the fees (ranging from $ 9.95 to $ 16.95) just to make a single payment. Anyone have any ideas on what I can do. Talking to their customer service reps is like talking to Charlie Brown’s teacher from the Peanut’s cartoon. Wa-wa-wa wa-wa wa!

do you think we qualify for a construction loan, credit score wise? Please help!?

Dec 022011
 

My husband and I have credit scores of 560 & 580 currently but we have a best buy credit card that shows that we have not made a payment in 9 months on our credit. I have talked to Best buy and they are in the process of fixing it because we had made every payment on time. Once (if) that is ever fixed then our credit should go up. We have 2 credit cards and have a good payment history with them. We currently have a home mortgage and within the last 3 years that we have had the home we have been late 3 times, several months apart. We also have a car loan with a good payment history as well. We make about $ 70,000.00 a year combined and we have our home loan of $ 115,000.00 and car of $ 15,000.00 and two credit cards with a combined balance of $ 3,000.00. I am currently building my own benefits company from home and I am making a good income on the side of my 40 hr job so that income is not included in the $ 70,000.00 a year yet.

When we purchased our home three years ago, we had zero credit. The mortgage company supplemented our credit so we could get a home, so within the last three years is where our credit is coming from. With that being said, we don’t have a very long history of credit and our scores are not very high. We are looking to build a home within the next two years, we would LOVE to have it build in the Spring/Summer of 09 but we don’t know if this is feasible and we don’t want to get our hopes up.

We are not expecting a large profit out of our home. We have a great started home in a good location. We are going to be building a 2000 sq ft home on 5 acres. The land is my mother in laws and she has 15 acres and we are getting 5 of them. We have paid her for the land but have not transferred the deed yet as we need to get it surveyed. The land where we are going to build is selling for anywhere from 20-25K an acre, so clearly we have equity in the land.

So my questions are this: Do you think we would qualify for a construction loan?
If not, how can we improve our credit quickly besides making more and extra payments on our monthly bills?
What credit score do you think that banks are looking for with a construction loan?

THANKS IN ADVANCE!!
Jessica

Denied because of student loans?

Dec 022011
 

I Applied for the Citi card recently, just out of curiousity, i got a email 2 days later saying i was not approved and the only reason stated was this;

 

"Your credit report shows proportion of loan balance to loan amounts is too high."

 

My loans are not in repayment and are only about $ 2200 total for two. My question is, is this negatively impacting my score because i haven’t made payments and interest makes the account show as 104% utiziliation or is citi\experian full of it?

 

i don’t plan on taking out anymore loans so should i start paying it to lower utilization before repayment starts or will that not even help my score?

student loans
byChristopher S. Penn

Does anybody know how many times you can consolidate private student loans? Right now I have approx $ 26K in student loans consolidated with Sallie Mae at about 10% interest rate. I would like to get a better one, but have already consolidated. If I can only do it once, do loan companies actually lower the rate based on credit and payment history?

Wake Up to the Student Loan

List Price: $ 14.99 Price: $ 12.96

I am starting school in April and i will receive some financial aid however i will need to use a student loan as well. the total cost is 13,400. I am 19 and i have heard student loans sometimes become problems. How does the process of paying the money back go. Can i pay based on the amount i can afford to reinburse them?

To Consolidate Or Not To Consolidate Student Loans

Mar 042011
 

I am considering consolidating my student loans and wonder if this will impact my credit score and how and why it will.  I have asked this question before on the forum but never got a discernable answer.  Maybe I didn’t clearly ask the question?

 

So here is the skinny.  I turned to searching the internet and got mixed opinions.  Several sites suggest a real bump in my FICO score with most suggesting 50pts or more depending.  They suggested that the following reasons would factor in as a positive to my score:  1)  Several accounts would show as being paid and since payment history is 35% this would be a big help  2) Reducing the number of accounts from 10 to 1 would be helpful…  they also said some factors would give me a small negative such as 1) Opening a new account shortens the AAoA to which I agree  2) I might have a credit check on my report from the lender depending on the lender of course – not sure about this one since the new loan is not credit based as far as I know.

 

Before answering please consider that I am currently in repayment.  I have a few months worth of repayment on record with no lates or derogs.  The only other reason I am considering consolidation is to possibly reduce my payment by a third so that later when I am ready it can offset some of a new car payment.  I am currently doing fine with the payments as they are otherwise.  Many thanks for a reply :)  

Looking for a boost, help!

Mar 012011
 

So here’s a breakdown of my credit account/payment history:

 

Open accounts:

Chase CC – $500 Limit – $0 Current Balance – Opened 6/2003 (30D lates, Jan 2006, Sep 2005)

CapitalONE CC – $1200 Limit – $0 Current Balance – Opened 3/2002 (30D late, Jan 2006, 60D late, Feb 2006)

Personal Loan – $2500 Original Disbursment – $1660 Current Payoff – Opened 5/2010 (Never late)

Auto Loan – $11735 Original Disbursment – $9211 Current Payoff – Opened 5/2010 (Never late)

US Dept. of Education – $63179 Original Disbursement – $63100 Current Payoff – Opened 1/2011 (Never late, have made 1 payment)

SallieMae Student Loan 1 – $9642 Original Disbursment – $13674 Current Payoff – Opened 11/2001 (Never late)

SallieMae Student Loan 2 – $7700 Original Disbursment – $12759 Current Payoff – Opened 10/2000 (Never late)

AES Student Loan 1 – $7734 Original Disbursment – $9581 Current Payoff – Opened 5/2010 (60D late, Sep 2006, 90D Oct 2006)

AES Student Loan 2 – $3351 Original Disbursment – $3498 Current Payoff – Opened 1/2006 (30D late, Jan 2007)

WellsFargo Student Loan – $5400 Original Disbursment – $6289 Current Payoff – Opened 2/2000 (30D lates, Jan 2009, Mar 2007)

Iowa Student Loan Loan – $5755 Original Disbursment – $4867 Current Payoff – Opened 10/2002 (30D lates, Mar 2009, Jan 2009, 90D late, Jun 2006)

 

Closed Accounts:

Key Bank Credit Line – $500 Limit – Opened Jun 2004 – Closed Aug 2007 – (Never late)

Personal Loan – $2368 Original Disbursement – Opened Jul 2008 – Closed Jan 2009 – (Never late)

Personal Loan – $2700 Original Disbursement – Opened Apr 2004 – Closed Apr 2006 – (30D lates, Apr 2006, Feb 2006, Sep 2005, Aug 2005, Jul 2005, Jun 2005, 60D lates, May 2006, Nov 2005, Oct 2005, 90+D lates, Sep 2006, Aug 2006, Jul 2006, Jun 2006, Dec 2005)  This account ended up in small claims court, which is the judgement listed below.  Yes, I was going through a very tough time financially…

Iowa Student Loan – $12232 Original Disbursement – Opened Dec 2004 – Closed Jan 2011 – (Never late, consolidated this loan into the US Dept. of Ed. loan listed above)

Best Buy CC – $1200 Limit – Opened May 2003 – Closed Aug 2008 – (30D lates, Apr 2008, Aug 2007, 60D late, Feb 2006)

Snowmobile Loan – $6240 Original Disbursement – Opened Nov 2007 – Closed Jul 2009 – (Never late)

Boat Loan – $2000 Original Disbursement – Opened Apr 2009 – Closed May 2009 – (Never late)

Auto Loan – $5646 Original Disbursement – Opened Jan 2009 – Closed Apr 2010 – (Never late)

Auto Loan – $2950 Original Disbursement – Opened Jun 2009 – Closed Jan 2010 – (Never late)

Auto Loan – $18917 Original Disbursement – Opened Mar 2005 – Closed Mar 2008 – (30D lates, Jul 2007, Jun 2007, Jan 2007, Dec 2006, Jul 2006, Apr 2006)

Auto Loan – $8450 Original Disbursement – Opened Apr 2004 – Closed Mar 2005 – (Never late)

Auto Loan – $5300 Original Disbursement – Opened Aug 2003 – Closed Apr 2004 – (Never late)

 

Collections:

Home Properties – Assigned 9/2006 for $803 – PIF as of 8/2008

Time Warner Cable – Assigned 9/2006 for $350 – PIF as of 8/2008

 

Public Record:

Paid Civil Judgment – $547 – Filed 7/2006 – PIF 8/2008 (Reference $2700 Personal Loan above for more info.)

 

My current FICO’s (pulled here) are TU675, EQ681 and EX661 (pulled in January by a lender).

 

So now that you are aware of my credit report info. how do you think I can break the 700 point mark?  Just time?  I’ve already tried GW letters for ALL the baddies with absolutely no luck.

How to increase CC limit?

Feb 102011
 

Ok, so I recognize that this sounds like a dumb question, but I’m trying to understand how to approach this. I have 3 major credit cards that I’ve had between 4-10 years. All of them have a good payment history, but they have been nearly maxed out since I first got them (racked it up in college, 6 years later I haven’t yet paid them down – working on it now though!) As a result, the limits on them are all small, between $1000 and $2500. They are all still at the original limits that were given to me and none of the CCC have offered to raise my balance nor have I ever asked. I assume the CCC have never increased them because they’ve been maxed out.

 

So here’s the question… what does a lender look at when a request to increase a limit is made? I am assuming they look at 1) individual card history (payment history, balance history, etc) and 2) overall credit history/score…  but what else?

 

One of the things I think is hurting my score (and overall financial health) is that my credit cards have low limits. Therefore, one of the things I would like to do over the next 12-24 months (in addition to paying the cards off) is get the balances increased.

 

Advice please!!

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