I plan on applying for a mortgage loan and had a foreclosure and bankruptcy 3 years ago…help me here.?
Ok I went through a bad divorce, bankruptcy, forclosure on the home we lived in. Three years later, I’ve got a few some personal loans, a new car loan and 2 credit cards(they only have very small usage). I have made all my payments on time, with rent and utilities. I do owe some back federal taxes but are having payments taken out of my check each month. My fiance and I are renting a house we’re playing on buying from our landlord, I’ve been at my job for 11 years and she has been at her job for 1 year but has a good credit score but not much activity. Will we able able to get a loan pretty easy….I’m a little worried!!!! We don’t have much to put down but can afford the closing cost.
I don’t know why the mortgage broker got a thumbs down. Mortgage brokers are the people to see when you damaged credit. Although, having been a Realtor myself and seeing all kinds of scenarios I doubt you’ll be able to get a loan. I think the bankruptcy will hold you back for at least 7 years. Also back taxes are REALLY bad.
I filed bankruptcy 6 years ago and paid all my back taxes 3 months ago but the Lender, and I have a shoe in since I was a Realtor, said I didn’t qualify for a loan of $70,000 even with my b/f who has excellent credit. However, he could buy the property without me on the mortgage.
Good Luck. Bad credit SUCKS! I’m right there with ya!!
P.S. I can thank MY ex and the nasty divorce for all this too!!
New Job as Mortgage Loan Originator?
7 weeks into new job still have not closed a loan….bills are past due..cant sleep..wondering if it is really for me…I see my co-workers getting big checks so I know the potential is there. Any advice?
Business is tough right now for everyone. 7 weeks without closing a loan is nothing. I know LO’s that haven’t done a deal in 7 months.
Yeah if you need income you may want to find another job, then start networking. If you have past due bills, commission work is not for you.
Commission is for people who have reserves for the lean times.
Loans dont just come knocking on your door. You have to market yourself, offer something others don’t and this alone is difficult enough without worring about making ends meet.
IF you’ve only been in this biz 7 weeks, how many books, marketing resource have you read or tapped? Does everyone you know now know that you are helping people with loan needs??
It’s lean times for the seasoned. Muchless the new.
Borrowers are more savy. They dont want just anyone advising them. What makes you the go to person? This is what you need to market.
Lots of LO’s have gone back to regular jobs. Not a good time to get in.
LET ME ADD….
You can go back to a regular job and utilize that exposure to network with new people.
Mortgages is a numbers game. The more people you know, the higher the likelyhood will be you will know someone who needs a loan or wants to buy a home. They need to know thats what you do.
This biz is highly adaptable to a flexible schedule.
You can hang your license at a broker that allows you to work part time.
We have agents that work a regular job, say like being a teacher, and then work their pipeline from 3 – 5 pm when lenders are still open. It all hinges on having an excellent processing office support team who can manage professionally in your absence. Luckily we have that.
You should have started this biz with tips from your office manager.
You should have 1) made a list of every person you know
2) create a good letter introducing your circle of friends to you new career choice (dont go into why you got into the biz-irrelevant).
3) inform them of issues in the market that may affect them
4) let them know what programs that can help them
5) offer them all a free consultation or review of their current program.
Keep in mind people want someone who has experience.
What I mean is that if you don’t own a home yourself, still live with mom and dad, have the latest coach bag when you have no income, that will turn people off. Work on your position. You cannot impart (financial advice) what you do not possess.(financial experience)
I’ve heard it said If people like you they will listen to you, but if they trust you they’ll do business with you. Give your clients a reason to trust you. That’s what an open book advisor is and why we believe in it. It has helped us in this market.
Good luck and if you have any questions, you can always pop online a hit live chat.
The bank dont have a prove of document loan we signed for mortgage….can I keep house?
I have been made payment on time for my home last 8 years until bank put foreclosure sign on my front yard. I thought it was a joke but it wasnt. I bring all my payment documents along with copy of check I wrote check to make payment every months to the bank, they said I was 4 months behind of payment. I showed them last 4 of checks I wrote to paid to bank, the lady was speechless and she dont know what to do and I went on to talk to the manager, he said there nothing he can do, I ask him do you have copy of document loan I signed 8 years ago. He said he will find it and give him a week. After one week and no answer. I came back to bank and ask for copy of document loan I signed. They said they still have to find it. To be honest I do have my document loan at home but I prefer to see if bank do have their copy of document. I dont think bank have it, if they dont have it…does it mean this house is mine because of payments on time for last 8 years? The lady said I am 4 months behind payment and I asked why my last 4 checks were cleared? She seem very speechless. Whats wrong with bank of america?
How bank can put foreclosure on my house even though they dont have document of loan I signed even though last 4 payments was not posted in their computer while my last 4 check I made paid for mortgage was CLEARED and PAID?
I take it since you went to Bank of America to solve the problem that your initial mortgage loan was funded by Bank of America 8 years ago. You have been paying them ever since your transaction closed.
Bank of America in all probability sold your mortgage loan shortly after your transaction closed. With them selling your mortgage,they also sold the mortgage note as they would have to in order to sell your mortgage. After selling your note, whom ever they sold this note to either have or signed a document authorizing Bank of America to collect the monthly mortgage payment each month.
Since Bank of American sold your mortgage the people you are speaking with have no idea as to where your mortgage note is,nor when it was sold, even to whom it was sold.
Perhaps you should find out from these same people who they are servicing your mortgage loan for and get the name of that company. Even the company that placed the signs on your lawn are a foreclosure company hired by your lender. Perhaps they can tell you what lender hired them to place this foreclosure sign on your property.
Mortgage loans are difficult to understand by those in the industry, therefore to the novelist it might be a nightmare.
I hope this has been of some benefit to you, good luck.
Can you check my gramma about this permission letter please?
I want to give my friend, a real estate agent full permission to access and pull out my mortgage loan to see how much I own something like that.
Dear Countrywide Home Loans Bank,
We are the property owner of ….hereby grant full permission to Ms. Lancy to have all related information of our home mortgage loan. We would greatly appreciate your consent to our request. We wish to thank you in advance for your co-operation in this matter.
Dear Countrywide Home Loans Bank:
Re: Loan # & Debtor’s names
We are the property owners of …. And hereby grant full permission to Ms. X Lancy, who will present this letter to you and who will show her identification to you, to have all related information of our home mortgage loan, particularly the mortgage amount and outstanding balance, with your Bank. We would greatly appreciate your consent to our request. We wish to thank you in advance for your co-operation in this matter. If you have any questions, please call me at XXXXXXXX.
Mortgage affects credit score by how much?
I had a score of around 700 and recently bought a home for 200k. I got a 30 year fixed loan at 5 percent. I’m only 23… Well I just checked my score and its now 687. I’m guessing my score went down due to mortgage loan. How long will it take to go back up? And how much does a mortgage improve my credit?
The effect of ANY change on your credit score depends on your ENTIRE credit file. NONE ot your questions has a correct answer with one exception. In your case, the mortgage apparently reduced your score by about 13 points.
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