I am trying to get a home loan?

Question

I am trying to get a home loan and I have about 1400.00 of old debt on my credit that has to be cleared up. I am just findinf this out and we are suppossed to close on Aug 14th. I tried to settle with the old accounts but the people will not even think about it. I could just pay it but that leaves me with little to nothing to move in with. I really want this place for my daughter and I What Can I do??????

Answer 1

Have the credit companies "written your debt off"? Do they have a judgment against you?

It sounds like there may be more to this story. Talk to a supervisor or manager at the place you owe the money to. They will know what your options are.

If you can't buy the house because you will be "short" on cash after paying these debts off, maybe it isn't the right time for you to buy a house.

Don't despair, when the time is right everything will fall into place.

Answer 2

Do not get into more debt until you've cleared this up as well as any other credit card debt.

You will only start a downhill slide into more debt and you could then lose the house. If you can't pay this $1400, it will follow you around and continue growing and growing. A house is a huge financial responsibility - if something goes wrong, you will have to pay to fix it. How will you afford a new water heater? roof? How will you afford to fix anything?

If you don't have $10,000 left over in savings when you buy this house, do NOT buy this house.

The reason the mortgage company won't let you buy the house with this debt is because they're trying to avoid a terrible situation where you not only have that old debt, but the payments on a house besides.

If you have this old debt that you have ignored, that also doesn't say anything good about your ability to manage money.

If you can't payoff $1400 you won't be able to manage the payments on a house as well as all the other expenses.

Do not get into more debt until you've cleared this up as well as any other credit card debt and have some significant savings.

Answer 3

Two ideas, see if the mortgage company will roll the debt into your mortgage, or get a cash advance/ balance transfer on a credit card. Also, make sure that you get letters from the people that owe you money to saying that "the account is settled upon reciept of (what ever you owe them)" and write them a check/money order that you can prove that they recieved and cashed after you recieve the letter. They can look at your credit and they know that you are trying to buy a house and as a result they know that you have to pay them, that is why they will not work with you. Good Luck!!

Answer 4

rankings of six hundred plus and good income must be sufficient to have someone approve you..yet.. you disregarded how a lot of down price think about. lenders have become a lot harder on loans that are a lot less then 10% down. quite because the housing marketplace isn't what it changed into. also, word that lenders dont opt to be certain your debt/ratio a lot over 35%. So operating example the deepest loan volume shoudl no longer exceed 35% of what you adult adult males are making in a million month. My suggestion is only keep searching round. someone is going to approve you. Or, only wait till your rankings advance somewhat and then think about no challenge in any respect.

Answer 5

A lot of collection places like that will let you set up a payment plan. You can pay them installments each month until you get it cleared up. Tell them that you will pay like $300 a month or how ever much you can manage, they are usually happy enough to get your money that they don't care if it takes you another 2 months as long as you are paying it. Good luck to you guys and congrats on the house!

Answer 6

try applying a personal loan at citibank's non-collateral loan.if you are employed, just submit your w2 or itr,2 ids,2 mo latest payslip.if your gross annual income falls below 300k submit 2 mo latest statement of any credit card except rcbc.if you are self employed, itr, audited financial statement, 2 ids, dapat citibank na statement ng credit card.the highest interest they could give you is is 1.7% depending on your itr.the higher the itr the lesser the monthly interest.docu submitted will all be latest and clear photo copied.release of loans will take around 3wks.minimum loan is 25k and maximum loan is 1million.you can choose from 1yr to 4yrs to pay your loan.you are waived of the processing fee if you will issue a pdc.govt employees are allowed to loan but not the elected govt employees.

Answer 7

I have some old debt on my credit and I got approved for my home loan just saying I would pay it off in the next year. maybe you need to try another lender, usually they will work with you to get you what you need it's worth a shot to go try somewhere else and see what they say♥

Answer 8

i would seriously doubt that 1400 dollar credit would stop you from obtatining a home loan. even if it were in collections you should still be able to get some loan despite it. and that thing with them not settling with you on it is ridiculous. they should be wanting to take your money ASAP. if it affects your status in getting the loan then you need to pay it off, otherwise, if you're going to get the loan anyways despite the balance, screw them. and deal with it after you move in.

Answer 9

What do you mean the people won't even think about it? They won't let you pay. I bet they will. If you want the loan, you're gonna have to suck it up and pay the 1400. It's more important to get the place than to have money- is it not?

Answer 10

have the debt added on to your new mortgage loan and have 1 payment,.
you may need a cosigner though.
if you add the debt to your house payment it may only affect your monthly payment by a few bucks, thus giving you more $$$ for yourself!