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My husband has really good credit, he makes about 50,000/year and already has a house with a morgage of about 120,000. I make about 60,000 but while in college really messed up my credit. Could we ever get a morgage together or would they not give us one because of my bad credit? Serious advice is VERY much appreciated. Thanks!

We want to buy some land and build and would want to get a morgage around 220,000

I think I have good news for you, but with a couple asterisks attached.

First, you have to see how bad the damage is. If you have a history of making on time payments for a few years, the problem isn’t anywhere near as bad as you might think. Messing up credit doesn’t have to cause permanent damage — it’s cured by showing you’re responsible with loans, and you show that by making on-time payments.

So go to www.annualcreditreport.com. That’s the free Web site that federal law required the big three credit bureaus — Equifax, TransUnion and Experian — to set up. It lets you see one free credit report per year from each.

You also might want to spring for the credit score from each. The score is a three-digit number distilled from the credit report, and it’s what lenders look at. It’ll cost you around 30 bucks. You can get the scores from many places; www.myfico.com has all three, plus good explanatons.

So you did some damage to your credit, but how much depends on how long ago it has been and how your payment history has been since then.

Let’s say that the loan is a 30-year fixed loan, and because of your past credit, you have to pay a bit more than the average in interest. I’m going to guess that it will be a 7 percent loan. The average for good credit is about 6.2 as of now.

The monthly payment for a $220,000 loan at that rate is around $1,460 (not including insurance or taxes). Your income levels can handle that.

One last thing — assuming you’ve learned your lesson, if you don’t already, you should mingle at least some of your finances with your husband. His good score helps lift yours. And after all, helping a wife is what a good husband should do, right?

As always, talk to a professional for specific advice, but I’ve given you the lay of the land — and from here, it doesn’t look so bad.

Good luck.

Looks as though there is a house price crash in the offing – also a stock market crash too.

Take care where you invest your money. Do not buy property to let.

You can find out more about what’s happening in the financial sector from this website : -

Money Morning is the leading source of investment research on the global markets. Our free daily service provides news, research, investment opportunities …

http://www.moneymorning.com

There’s no doubt that Mortgage Companies going bankrupt is going to add to the proplem and speed up things.

The renter hasn’t payed morgage and we are getting eveicted w/o our deposit etc. What can we do?
I am the renter, sorry for confusing guys.

Nothing. Why did you let the renter be responsible for the mortgage? That’s your responsibility – you pay the mortgage and he pays rent. I can’t believe I’m actually taking the time to answer this question. Would you give a stranger one of your credit cards and expect him to pay the bill every month?

I am in deep dispair now having lost the bill payer and my significant other please show me how I can get back on my feet and be able to afford to stay in my house. pattie.

I really dont know what is your current situation with regards to your term, rate, and the value of your house.But if you are going in to the foreclosure process, any lender that will be able to bail you out of the foreclosure is going to charge you a higher interest rate and less attractive terms. That is only on the assumption that there is a lender that will to do your refinance.
In most cases a lender will not bail you out of a foreclosure if the new mortgage amount is more than 65% of the value of the house and if you can not show them that your current income is enough to support the new loan.
So if you can not refinance, my suggestion is you can sell the house for a profit and rent or buy another property that is less expensive.

Our neighborough’s pay us ground rent and are moving. The new people have to pay us a fee, not sure how much it should be.

This is usually a nominal fee of between £25-£50 per notice. The Lease may have details of this charge so please check it thoroughly.

Your solicitor should be able to provide further advise should you need it.

we dont have a buy to let morgage but need to live elsewhere due to family commitments and cant afford to sell at the moment

yes it is possible, but if you get caught you’ll probably get a hike in interest rates or have to pay a lump sum to them. also remember that if you let your property out without permission it invalidates your insurance. Many of our customers are caught by the tenants returning unopened mail marked ‘gone away’. Be very careful.

I am on a title to a property but not the loan itself. I am in no relation to the person on the mortgage loan. They are about to go into default and possible foreclosure. What will happen to me since on the title? Will I have an option to buy out? Thanks!

Nothing will happen to you. You can attempt to finance it in your name, but everyone on the title needs to agree to that.

If it is foreclosed the new title will have the banks name on it and you will no longer have any claim at all.

My credit score to date is 547 and My chapter 7 case was just discharged last month. I’m single and don’t make alot of money. How long will I have to wait two buy a house?

Most likely, you won’t get approved. Have you even done a mortgage calculator to see what you can even afford? You have a few factors going against you.

547 is a really low score. Your chapter 7 is fresh. You are single and don’t make a lot.

You need to establish better credit. Keep renting, pay your bills on time, don’t open new accounts and don’t close old ones that weren’t closed by your bankruptcy.

Don’t apply for anything until you have a score of 680. Don’t get secured debt credit cards, don’t do anything. Don’t pay for repair services, they don’t work. Just pay your bills and give it time.

It isn’t what you want to hear, but it is sound advice.

The mortgage crisis is going to last another year, so if it is low prices you are wanting, you have time.

Me and my fiance are going to be first time home buyers. We are in our late 20s and have well above average income, my credit is good, hers is fair, and we will have at least a 10% downpayment.

How much will lack of credit history hurt us?

If you are borderline it can make a difference. But it sounds to me like you wont have a problem. Since your income is good, your credit is ok, and you have cash for a down payment most lenders will view you as a good credit risk even if you dont have rental history.

Rental history is certainly a factor, but probably more for people who credit problems or income problems. My guess is that it wont hurt you very much.

I am US resident but I am planning to buy a home in another country because I travel overseas a lot. I am getting loan from either US bank or local bank out side of US. Can I deduct my mortgage interest on my US tax return?

If the loan is secured by the property, you can deduct the interest for up to 2 properties. The location is not an issue.