Spring love asked:


We just got married and my credit score is 726 with $21,000 in debt, (mainly in car payments) My husbands score is 629 with $20,000 in debt (again in car payments and one credit card). Would it be easy for us to get a mortgage with these scores?

I know there are a lot of other details that factor in, we are just looking for suggestions! Thanks

JOHN

jolifrijoles asked:


I am so irritated with the catch-22 of home improvement. You can’t get a loan without having equity (i just bought 4 months ago), and in this market you sure aren’t going to get equity without boosting the value of your home by making improvements, which of course requires money.I was prequalified for 3 times the mortgage I got, but this place needs a LOT of work. I was naive in thinking that since i prequalified for so much more that I could easily find home improvement funds. To an extent, that’s true– I can get personal loans with decent interest, but they’re on a 5-7 year payoff. I’d prefer to roll it all into a 30 yr mortgage so I’m not too burdened with the payment. I also don’t like the 203 loans because they require you to use licensed contractors for everything. A lot of it I could do myself. I’m guessing I could do it all with about $20-30K if I do what i can myself. If I go the contractor route it’s probably about 50K. I don’t want to put this all on credit cards. Are there any options other than 5 yr loans and credit cards, or 203 loans to get the money to do this stuff and pay it off in 15 years or more??? I’m about to give up. Thanks

BARNEY

Stephan asked:


The government is shelling out 700 billion dollars to buy the bad loans that are putting the big banks in danger. We are told that the bad loans consist mainly of unpaid mortgages (sub-primes etc). So the government is effectively buying 700 billion dollars of housing. If we estimate the price of one house between 100k$ and 350k$, then the government should be acquiring 2 to 7 million houses. That is, unless we are being misled and that these bad loans were made up of a lot more than just home mortgages…

WAYNE

generic asked:


Are there any websites I can post my home for sale? I don’t want to go to a realtor. And I have no interest in making payments on a $60,000 loan with 17.5% interest rate. Can I let it go into foreclosure? I owe more then it’s worth and i don’t have any type of updates done to it. So it doesn’t really stand out from the rest of the homes for sale in the park. If I let it go into foreclosure, and it only sells for less then I owe, will I be sued for the rest? What if I don’t have any money to pay for the rest owed on the home? Or what if I don’t pay my lot rent, and get evicted. Will I still be responsible for my mortgage payment on the home and the lot rent even though I got kicked out? I have never been 30 days late on my mortgage, but can not do anything with this high interest rate because my husband and I have bad credit. Any suggestions would help. Thanks

AL