Can’t afford your mortgage payment?

Watch this short video to find out what options you have if you can’t afford your mortgage payments: http://ping.fm/HjWMi

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17 Responses to Can’t afford your mortgage payment?

  1. Great post with lots of impotrnat stuff.

    • What an awesome way to exlapin this-now I know everything!

      • Back in scoohl, I’m doing so much learning.

        • The proper fuormla is 3 times your annual salary. This is assuming that your other debt to income is in check ie your car is only 5% of your income ect. So it is fesable depending on your friends jobs that they can afford these homes (under the mortgage company standards) and still have overspent in other areas of their lives (cars and credit cards). You also have to be wary of lenders who will streach things to get you into a mortgage this is basically setting someone up to fail and it is a major problem with our mortgage industry right now.

        • It all depends on the mrotgage lender, so the first place to start is with a mrotgage broker who has experience in gifted deposit schemes. Some lenders will lend on the full a3100,000 if there is a 5% gifted deposit. Some will lend on 10%, others will not accept gifted deposits at all. It will also depend on the valuation report that is done by the lender, as I know of some houses recently, in a similar scheme but they were undervalued by the lenders.If you can find a lender who does accpet 10% gifted deposits then yes, definately negotiate with the seller. Alternatively, if it is a new build you could negotiate in regard to the fixtures and fittings, or interior of the house.Please make sure you use a solicitor who is familiar with gifted deposit schemes, as you will be surprised how many have never dealt with them before. Bear in mind stamp duty is paid on the net value- i.e a395,000. But this does mean you will pay more capital gains tax when you sell it on, if its a second home.

  2. Many thanks for being the coach on this niche. My spouse and i enjoyed your article a lot and most of all favored the way you handled the aspect I regarded as being controversial. You’re always really kind towards readers like me and help me in my existence. Thank you.

    • I do not think there should be any difficulty in getting the loan . Probably your bad credit is haunting you . Assuming you have bad credit due to any reason whatsoever it should be possible to explain to the potential lender the reasons which led to the problems . You may further convince the potential lender that the causes which led to bad credit no longer exist . It is a question of putting up your story in a proper way . Of course the problem can be solved quickly if the lender listens to your story with empathy . If this does not work , as a stratey you may try high cost loan where the credit rating may not be an issue . After repaying some part , you can approach a new lender who offers you take over loan facility at a soft rate. He will be guided by the latest record of repayment . All in all , it should not be difficult matter.

    • Your first question will deepnd on how you define bad credit. Are we talking 625 or 500? You may be able to get a loan if your score is 625 and you have a good income and down payment, but you probably can’t get 100% financing or have a debt ratio over 35% or so. There’s not enough information available to really know.If your score is under 600, you probably have to wait until it’s better. Make it a sacrosanct point to pay on time every single month, even if you have to cut back on other things. ANYTHING that gets reported has to be paid timely. That’s the #1 thing you can do to help yourself here.As for the other question, no. There’s an FHA loan called a 203 that may let you get additional funds to do some work on the house, but no lender will give you money to consolidate debt when you buy a house. That suggests you don’t have any cash to pay them first. If you do have the cash to get rid of the debt, do that, and start saving again for a down payment.

  3. Hello there, just changed into alert to your weblog through Google, and found that it is really informative. I am gonna watch out for brussels. I will be grateful if you happen to continue this in future. Lots of other folks will likely be benefited out of your writing. Cheers!

  4. It can be difficult to get well-informed persons on that matter, nevertheless, you sound like you know what you are preaching about! Thx

    • Well, when you sell your current home, won’t you get a profit from that? This is how most move-up buyers get the money for the downpayment on the new home.For FHA, you only need a 3.5% down payment. Often, you can get the seller to pay some closing costs.Or by deposit , are you talking about the good faith deposit you give the seller when you want to sign a contract? If that’s what you mean, then you may need to borrow some money now. Can you get an advance with credit cards?We are still in a buyer’s market. Be sure you work with an agent who can get the seller to agree to accept a smaller deposit. If you are otherwise qualified with good credit and income, it should be doable.Good luck.Have a great Holiday..

    • depends on the ledner.Some will treat it as a deposit, same way as if it were your own money that was being put down. Others will treat it as a discount, in which case, to use your own example, they would consider your purchase price to be a395,000 not a3100,000, and you would still have to stump up your own cash with such a ledner.By all means, negotiate with the vendor to increase the deposit, (s)he wants to get their property sold at the end of the day, and it’s all down to them whether to accept your proposition. I don’t think there is a limit on the size of the vendor gifted deposit, besides how low a price they are willing to go down to for you. If they are selling to you at what is effectively below market value, a vendor gifted deposit will certainly be considered by some ledners, and you can get going with your purchase.The legal treatment of this scenario is a little different to a conventional sale, however, so make sure the solicitor handling the conveyancing is aware the deposit is gifted.

  5. It is some thing I have to find more information about, i appreciate you for the posting.

  6. Hey I discovered your webpage by mistake when i searched Bing for this issue, I have to say your website is totally very helpful I also really like the layout, its superb!

    • Get in the game! Many benefits to owning a house. Your interest and taxes are tax deductible. that means if you pay a mortgage and tax of say 1500 a month, you are really only paying 1000 a month (Roughly) with an effective tax rate of 35%You have to figure How much is my take home,subtract your expenses, and save a bit for emergencies. then how much can you pay each month. Don’t forget water electricity gas etc. Often yyou will find that its not that much more then renting and the money is effectively going in to your pocket instead of a landlords.Additionally your income will increase over time but your mortgage will not (Taxes and utilities mgiht, but the big nut is the mortgage)At first it will be a struggle,butIn 10 years time your payment will be easy, and you will have equity in the houseOne caveat, avoid adjustable mortgages, they can crush you pretty quick in uncertain economic times

    • The best way to go about it is by using a renovation loan, which a bank I’m wokirng with offer (it’s a new product that is not offered elsewhere as far as I know). If you can show that the purchase price + renovation costs is 5% (10% if it is a second home, 20% if it is an investment property) less than the appraisal value, the bank would loan you the full amount (price + renovation costs). The bank will pay the contractor based on work done (and signed on) as per the schedule of work that would be submitted with the application. Therefore, you get the money to buy, the contractor gets paid by the bank, and by the end of the project, you would be taking a new loan (no obligation to do it with the same bank). You would have to qualify for the full loan amount. The interest on the first loan can be rolled into it (but can still be deducted), which means you won’t pay a dime throughout. One caveat: the renovation should be done by a licensed contractor and should be at least $ 25,000. Note: if the gap is not the 5%,10%, or 20%, required, you can use a collateral (equity in another property, CD in a bank) for it. However, it also probably means it’s not a great deal renovation generally ends up costing more than first calculated.

  7. Really liked what you had to say in your post, Can’t afford your mortgage payment? | FastCash4Homes.Biz Blog, thanks for the good read!
    — Tanesha

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