I was desperate to sell my house, and I found a family that wanted to rent it for a couple of months until they qualify to buy it. They have made the first two payments right on time, and the last two they still haven't paid. Now this is showing on my credit report. I know this was probably not the smartest way to go, but I was desperate to get rid of it. Now I am in a huge need of a car, and noone really wants to lend me anything due to the past due mortgage payments. Any suggestions???? Please let me know....
2007-08-08 08:50:24 · 12 answers · asked by Anonymous in Business & Finance ➔ Credit
I hope you've learned your lesson. Don't ever let anyone rent hoping they will make the payment. Good luck at getting them out.
2007-08-16 02:11:37 · answer #1 · answered by Old Man 7 · 0⤊ 1⤋
Do you really need a car that desperately? You seem to be jumping from one desperate situation to another.
If your mortgage is not handled immediately, you will find yourself in foreclosure and / or bankruptcy. Period.
Call the mortgage company and tell them the situation. See if you can work out that problem first. Have you asked your tenants for the money or just assumed they won't pay? Ask them to pay you directly and start procedure to have them evicted.
Millions of people have gotten through life without ever owning a car. Once you get yourself together, try buying an older model car for cash or at a dealership that lets you make weekly payments directly to them.
2007-08-15 19:04:58 · answer #2 · answered by Maddy Waddy 2 · 0⤊ 0⤋
Make a large down payment, make sure you are not over-extended on other credit or over limit, or over 50% of your limits. You may have to pay higher interest rate. Or if there is any way to wait; usually lates on mortgages drop off in about 2 years. If you can't wait, maybe buy an old car in cash until you can afford to get a better car. Ride sharing? Or, I don't know if they have it in your area but my neighbor uses flexcar;
www.flexcar.com.
It's a great way to use a car without having as much hangups as rental cars do and a bit cheaper. Plus they have daily and weekly programs.
2007-08-13 22:31:37 · answer #3 · answered by mom101 2 · 0⤊ 0⤋
Stay away from private lenders. Best bet is dealer financing if you have already shopped - they have all kinds of options and kind of work like a middleman between you and several banks/cu/finance companies. There will be someone who you will loan you money - it might be a little higher interest assuming everything else is ok. Not everybody has *perfect* credit, so if your bank or credit union turn down your loan (check with them first though), the dealer might know someone who will. More and more friendly financials are sticking their neck out a little more to save people from places who prey on not so perfect credit.
2007-08-08 12:12:22 · answer #4 · answered by gogo7 4 · 0⤊ 0⤋
Today every person has need of car, because it has become the necessary need for the people and status symbol also. If you have bad credit history or poor credit history and look for purchase a car, then it is very tough for you. Due to bad credit history, lenders are not keen towardyou can take this loan at better rate, because competition among lender.You can reduce your interest rate after talking with the lender
2007-08-13 05:28:26 · answer #5 · answered by Anonymous · 0⤊ 0⤋
You are going to have to do without that new car. Not only can you not afford that car, not even the sleeziest car loan company is going to give you a loan with a current mortgage 60 days past due.
2007-08-08 09:01:40 · answer #6 · answered by bdancer222 7 · 0⤊ 0⤋
I know that you might not have the cash on hand but if you can swing a couple hundred you might want to look at Ebay's auto section. you can normally buy a car really cheap on there. or look around for an auto auction in your area.
2007-08-16 02:21:35 · answer #7 · answered by reymop 2 · 0⤊ 0⤋
when paying bills you must pay the rent first. you must have them evicted go through the proper procedure/
after they are late a few days they need to pay a late fee.
take care of this first.
get pre-qualified and bring the paper work with you. actually I wouldn't get yourself into another mess without having someone with you to help you with your decisions.
2007-08-14 17:00:17 · answer #8 · answered by Rene S 2 · 0⤊ 0⤋
Auto finance is what I do for a living and you need to go to a dealer that advertises Special Finance and talk to the Manager, they will be able to help you.
2007-08-08 09:17:35 · answer #9 · answered by ? 7 · 0⤊ 0⤋
No one will loan you anything while your mortgage is past due.
2007-08-08 09:01:05 · answer #10 · answered by Anonymous · 0⤊ 0⤋