Bad Credit Mortgage

Bad Definition

–adjective

1.	not good in any manner or degree.

2.	having a wicked or evil character; morally reprehensible: There is no such thing as a bad boy.

3.	of poor or inferior quality; defective; deficient: a bad diamond; a bad spark plug.

4.	inadequate or below standard; not satisfactory for use: bad heating; Living conditions in some areas are very bad.

5.	inaccurate, incorrect, or faulty: a bad guess.

6.	invalid, unsound, or false: a bad insurance claim; bad judgment.

7.	causing or liable to cause sickness or ill health; injurious or harmful: Too much sugar is bad for your teeth.

8.	suffering from sickness, ill health, pain, or injury; sick; ill: He felt bad from eating the green apples.

9.	not healthy or in good physical condition; diseased, decayed, or physically weakened: A bad heart kept him out of the army.

10.	tainted, spoiled, or rotten, esp. to the point of being inedible: The meat is bad because you left it out of the refrigerator too long.

11.	having a disastrous or detrimental effect, result, or tendency; unfavorable: The drought is bad for the farmers. His sloppy appearance made a bad impression.

12.	causing or characterized by discomfort, inconvenience, uneasiness, or annoyance; disagreeable; unpleasant: I had a bad flight to Chicago.

13.	easily provoked to anger; irascible: a bad temper.

14.	cross, irritable, or surly: If I don't have my morning coffee, I'm in a bad mood all day.

15.	more uncomfortable, persistent, painful, or dangerous than usual; severe: a bad attack of asthma.

16.	causing or resulting in disaster or severe damage or destruction: a bad flood.

17.	regretful, contrite, dejected, or upset: He felt bad about having to leave the children all alone.

18.	disobedient, naughty, or misbehaving: If you're bad at school, you'll go to bed without supper.

19.	disreputable or dishonorable: He's getting a bad name from changing jobs so often.

20.	displaying a lack of skill, talent, proficiency, or judgment: a bad painting; Bad drivers cause most of the accidents.

21.	causing distress; unfortunate or unfavorable: I'm afraid I have bad news for you.

22.	not suitable or appropriate; disadvantageous or dangerous: It was a bad day for fishing.

23.	inclement; considered too stormy, hot, cold, etc.: We had a bad winter with a lot of snow.

24.	disagreeable or offensive to the senses: a bad odor.

25.	exhibiting a lack of artistic sensitivity: The room was decorated in bad taste.

26.	not in keeping with a standard of behavior or conduct; coarse: bad manners.

27.

(of a word, speech, or writing)

a.	vulgar, obscene, or blasphemous: bad language.

b.	not properly observing rules or customs of grammar, usage, spelling, etc.; incorrect: He speaks 83c bad English.

28.	unattractive, esp. because of a lack of pleasing proportions: She has a bad figure.

29.	(of the complexion) marred by defects; pockmarked or pimply; blemished: bad skin.

30.	not profitable or worth the price paid: The land was a bad buy.

31.	Commerce. deemed uncollectible or irrecoverable and treated as a loss: a bad debt.

32.	ill-spent; wasted: Don't throw good money after bad money.

33.	counterfeit; not genuine: There was a bad ten-dollar bill in with the change.

34.	having the character of a villain; villainous: In the movies the good guys always beat the bad guys.

35.	Sports. failing to land within the in-bounds limits of a court or section of a court; missing the mark; not well aimed.

36.	Slang. outstandingly excellent; first-rate: He's a bad man on drums, and the fans love him.

–noun

37.	that which is bad: You have to take the bad with the good.

38.	a bad condition, character, or quality: His health seemed to go from bad to worse.

39.	(used with a plural verb) evil persons collectively (usually prec. by the): The bad are always stirring up trouble.

–adverb Informal.

40.	badly: He wanted it bad enough to steal it.

—Idioms

41.	bad off, in poor or distressed condition or circumstances; destitute: His family has been pretty bad off since he lost his job. Also, badly off. Compare well-off.

42.	go to the bad, to deteriorate physically or morally; go to ruin: She wept at seeing her son go to the bad.

43.	in a bad way, in severe trouble or distress.

44.

in bad, Informal.

a.	in trouble or distress.

b.	in disfavor: He's in bad with his father-in-law.

45.	my bad, Slang. my fault! my mistake!

—Idioms

46.

not bad,

a.	tolerably good; not without merit: The dinner wasn't bad, but I've had better.

b.	not difficult: Once you know geometry, trigonometry isn't bad.

Also, not so bad, not too bad.

47.	too bad, unfortunate or disappointing: It's too bad that he didn't go to college.

48.	to the bad, in arrears: He's $100 to the bad on his debt.

From Dictionary

Credit Definition

–noun

1.	commendation or honor given for some action, quality, etc.: Give credit where it is due.

2.	a source of pride or honor: You are a credit to your school.

3.	the ascription or acknowledgment of something as due or properly attributable to a person, institution, etc.: She got a screen credit for photography.

4.	trustworthiness; credibility: a witness of credit.

5.	confidence in a purchaser's ability and intention to pay, displayed by entrusting the buyer with goods or services without immediate payment.

6.	reputation of solvency and probity, entitling a person to be trusted in buying or borrowing: Your credit is good.

7.	influence or authority resulting from the confidence of others or from one's reputation.

8.	time allowed for payment for goods or services obtained on trust: 90 days' credit.

9.	repute; reputation; esteem.

10.	a sum of money due to a person; anything valuable standing on the credit side of an account: He has an outstanding credit of $50.

11.

Education.

a.	official acceptance and recording of the work completed by a student in a particular course of study.

b.	a credit hour.

12.

Bookkeeping.

a.	an entry of payment or value received on an account.

b.	the right-hand side of an account on which such entries are made (opposed to debit ).

c.	an entry, or the total shown, on the credit side.

13.	any deposit or sum of money against which a person may draw.

–verb (used with object)

14.	to believe; put confidence in; trust; have faith in.

15.	to bring honor, esteem, etc., to; reflect well upon.

16.	Bookkeeping. to enter upon the credit side of an account; give credit for or to.

17.	Education. to award educational credits to (often fol. by with): They credited me with three hours in history.

—Verb phrase

18.	credit to or with, to ascribe to a (thing, person, etc.): In former times many herbs were credited with healing powers.

—Idioms

19.	do someone credit, to be a source of honor or distinction for someone. Also, do credit to someone.

20.	on credit, by deferred payment: Everything they have was bought on credit.

21.	to one's credit, deserving of praise or recognition; admirable: It is to his credit that he freely admitted his guilt.

From Dictionary

Mortgage Definition

–noun

1.	a conveyance of an interest in property as security for the repayment of money borrowed.

2.	the deed by which such a transaction is effected.

3.	the rights conferred by it, or the state of the property conveyed.

–verb (used with object)

4.	Law. to convey or place (real property) under a mortgage.

5.	to place under advance obligation; pledge: to mortgage one's life to the defense of democracy.

From Dictionary

Related articles from Yahoo Answers

Open Question: mortgage loan, what do you think?
Me and my bf have alot of money saved up more than enough for a down payment, he has been in the same job for 9 years now and he makes great money. The only problem is he has terrible credit. We have my parents to co-sign and they do not currently have a mortgage to pay (they have paid it off) and they have great assets and make good money. Do you think we will be able to get a loan for a mortgage with them as co-signers, just worried because of the bad credit thing and because of the economy right now. We live in Canada Ontario. btw.. he has cleaned up his act, he has paid everything off now and owes nothing.

Open Question: How impossible is it to get a mortgage...?
In this economy, if you have bad credit and a foreclosure in your history, how many years before you have a better chance of being approved for a mortgage. I know the rates will be higher and the amount of loan probably low, but just wondering if ANYONE is even giving mortgage loans to people with credit problems anymore. Also, if only one person in a marriage has the foreclosure in their history and the other one doesn't, does that factor in at all?

Open Question: I need some GOOD advice!!!!!?
I just pulled our credit reports and I have a few questions!!! 1. If my husband is the only one employed should he be the only one on the mortgage (when we apply) 2. My husband is 8,000 in debt. 16,000 if you include his truck. But we make monthly payments of 340.00. It will be payed off in January 2011. I do not work and we have set up our accounts and everything to be debt free (aside from the truck) by the end of the year! He makes 47,000 a year not including overtime. I know it will be hard but we need to do this! Will we be able to be approved for a home loan when we don't have this debt or should we wait a while? 3. I would like to do 100% financing. Is this a bad choice? We are only 20 and 21. So we have a while right? Thanks :o) Oh yeah. Right now our credit is in the lower 500's. Will it go up a lot when every thing is paid?

Open Question: I need some GOOD financial advice!?
I just pulled our credit reports and I have a few questions!!! 1. If my husband is the only one employed should he be the only one on the mortgage (when we apply) 2. My husband is 8,000 in debt. 16,000 if you include his truck. But we make monthly payments of 340.00. It will be payed off in January 2011. I do not work and we have set up our accounts and everything to be debt free (aside from the truck) by the end of the year! He makes 47,000 a year not including overtime. I know it will be hard but we need to do this! Will we be able to be approved for a home loan when we don't have this debt or should we wait a while? 3. I would like to do 100% financing. Is this a bad choice? We are only 20 and 21. So we have a while right? Thanks :o)

Open Question: How do we go about getting a FHA loan?
Me and my sister is looking to buy a house together. We both have bad credit due to the past but enough money for a mortgage. Estimating $75,000/yearly. Right now, were clue less as to which direction to turn. Do we try and get approved for a loan first, then find a house? A little help please! Also, what are the qualifications for a FHA loan? With our bad credit history, what are the chances of getting approved?

Resolved Question: How to avoid not getting ripped off by collections agencies?
My husband and I are current victims of being ripped off by a collections agency. We sent them a money order for the amount due August 2008 and we are currently trying to get a mortgage for a house and when his credit was pulled, it showed that the bill had not been taken off his credit. We called the agency and they claim we never sent them the money. But luckily we kept the money order receipt. After calling them for a week demanding answers, they gave us another number to call where we finally got answers. The agency was audited for not paying off people's bills. So we got his account freezed and we will be sending them a copy of the receipt and we will be credited the amount we payed. But now we have another collection agency looking for money and I did a google.com search on the company and they are just as worse as the first company we are dealing with. Before we call and make payment arrangements or pay them any money, what can we do to make sure we don't get ripped off again? 1)Some people like myself lost their job last year and couldn't pay their bills on time so don't come at me with that crap. Plus I'm pregnant and I cannot work! 2)Thanks for being my spelling and grammer teacher. I'm looking for help, not criticism. I got twins on the way, and don't have hundreds of dollars to throw away to collection agencies who are pocketing my money that I could use for diapers and formula which is NOT cheap!

Open Question: can't afford rent, can't get a mortgage?
Sorry for the length but please read ok so I am living with my dad, his wife and my boyfriend. I'm just under 6 months pregnant. My dad currently has a mortgage on this house, which he has been paying off for 14 years, his wife and my boyfriend now help him pay it as he only has his pension. He has been ordered by the court to sell it and split the money between him and his ex wife. The problem is after this, and paying off the debts on the house we will be left with practically nothing, a few thousand. This is a 4 bedroom house, we are currently paying around £1000 a month. I've been looking at renting, and studio flats (not even a bedroom) start from around £850. We live in London and can't move too far away because of my dads wifes and my boyfriends jobs. So there is no way we can afford to rent. My dad and his wife have been looking into getting a new mortgage but apparently they are too old!! We've been looking around everywhere and even spoken to solicitors but apparently this is the case. My boyfriend can't get a mortgage because he has such bad credit. And I can't get a mortgage because I don't have a job. We've spoken to the council they said they could maybe find a bedroom in a house somewhere for a couple of us, or a b&b and that's not even until the house is sold and we are literally homeless and they said it's still not certain they could even do that. So I looked into mobile homes / static caravans. There are all these laws saying you can only live in them 28 days in a year. And caravan Parks also only let you live in them a certain amount of time in the year. and they need to be under 10 years old. But we couldn't afford to buy a new one. I don't know what to do!!!!! help? anyone? Because this seems pretty hopeless right now so any suggestions will be helpful xx

Open Question: Has anyone heard of or dealt with Westmarq Property Group?
I recently lost my job due to downsizing and we are struggling to pay the mortgage. Our credit score keeps getting worse because we are constantly behind on bills which makes refinancing almost impossible. (not to mention my income dropped by over half.) Westmarq is offering a solution. Are they reputable?

Open Question: The best deal for Miracle loans?
I have searched all over the internet for the absolute best offer. So far the best I found was at http://moveto.ws/hd1m25mjm Anyone know of a better deal? I have searched: Miracle loans http://moveto.ws/hd1m25mjm borrow money borrowing money borrow money loan borrow money fast borrow money online borrow money from money to borrow need to borrow money borrow money today borrow money bad credit borrow money quick borrow money now banks borrow money borrow money tax family borrow money borrow some money business borrow money can borrow money borrow money against borrow money cheap where to borrow money how much money can i borrow borrow money as borrow money at borrow money at a borrow money com borrow money online com www borrow money www borrow money online borrow money directly from where can you borrow money borrow money interest microsoft borrow money borrow money do borrow money and don borrow money and i i borrow money www borrow money online com borrow money on line and borrow money companies borrow money bank borrow money borrow money from another borrow money from credit borrow money from a credit where can i borrow money lend and borrow money lend borrow money borrow money for free borrow money and pay back borrow any money borrow money by borrow money bad borrow money without a job borrow money without credit borrow money for a borrow money without collateral friend borrow money friends borrow money need to borrow money fast borrow all the money borrow its money borrow free money borrow money directly borrow the money borrowing money against life insurance borrow money from life insurance borrowing money against borrow money agreement borrow money even advisable to borrow money to take a cash borrow money for the borrow money from china to pay borrowing money from 401k borrow money contract advisable to borrow money to take a cash discount borrow money without credit check borrow money and not borrow loan shark money borrow money private loan money personal loans lending money borrow short term loan borrow loan loans short term loans bad credit loan personal loan bad credit loans unsecured loan unsecured loans secured loans unsecured personal loan online loans payday loans payday loan cash loans lending cash loan mortgage pay day loans debt fast cash loans money lenders borrow cash personal lending get a loan family loans secured loan quick loan bad credit borrow loans private personal loan loans for people with bad credit no credit check loans fast cash instant loans loans for bad credit bad credit unsecured loan unsecured bad credit loans small personal loans unsecured personal loans bad credit personal loan small personal loan unsecured personal loans bad credit personal bad credit loans unsecured personal loan bad credit personal loans for bad credit bad credit cash loans private loans personal military loans fast loans personal loans document secured personal loan money to lend how much can i borrow payday advance faxless payday loans personal business loans loan to family member payday loans online i need money pay day loan fast money cash advance debt consolidation personal financing money debt settlement poor credit personal loan quick cash loans cash money poor credit loans home improvement loan intra family loan private lending business loans loan family loan loan companies to lending bank loan borrowing circle lending p2p lending loan rates borrow debt bank loans borrow credit lenders lend money private loan agreement lender private lender loans to family mortgage loan home loans home loan bankruptcy loans mortgage companies personal loan bankruptcy debt free secured money bad debt loan loan to family online loan bankruptcy loan credit money unsecured money mortgages loans to family members lending money to family unsecured lending credit personal loan document quick cash homeowner loan credit loans quick bad credit loan bad credit loan companies bad credit payday loan bad credit loan secured bad credit home loan bad credit auto loan bad credit car loan bad credit loan lender loan for bad credit guaranteed bad credit loan instant bad credit loan fast bad credit loan short term bad credit loan personal loan with bad credit bad credit unsecured personal loan loan for people with bad credit personal loan for bad credit bad credit loan rates bad credit loan online bad credit loan approval bad credit loan lenders bad credit signature loan bad credit cash loan bad credit loan money easy bad credit loan bad credit loan mi

Open Question: Mortgage with bad credit and co-signer?
My husband and I both have bad credit...several credit cards in collections, and defaulted student loans. We thought we would work on our credit for a few years before trying for a mortgage, but we just had a baby, and my parents really want to help us buy a house now, before prices go up even more (Saskatchewan, Canada). They have offered to give us a down payment and co-sign a mortgage for us. We both have steady income, and we would only be looking for a small, inexpensive house (the mortgage payments would probably be less than we are paying for rent). Is it possible to get a mortgage with their help, even with bad credit? Has anyone else personally experienced something like this? What is the best way to go about getting a mortgage in this situation...should we contact a mortgage broker? Thanks for any advice.

Open Question: How do I get out of a joint mortgage with my mother?
When my parents had to refinance their home they used my name because my father had bad credit. My mother and I are now in the mortgage together and my father is out of the picture. My mother and i can no longer afford the house unless she gets a second job or lowers her expenses. I have taken out extra school loans to pay for the expenses and she doesn't help out much. Is there any way to get out of the mortgage? She is not being responsible and I don't want my credit to get messed up. The more I take out extra loans, the more she spends....you get the point. Can I sell my share to her? how do i do that? Hi Refinanced the house before starting med school to help pay bills. Can I sell my share to my mother? There is not a lot of equity on the house.

Resolved Question: If I foreclose, will my husband credit be ruined? The mortgage is just on my name but he's on the title.?
I might need to go bankruptcy too... will he get the bad credit too?

Open Question: FTB - Adverse credit???!!!! PLEASE HELP!!!!!! :-( ?
Hi, Myself and my fiancee (we are getting married in July) are would-be first time buyers and wish to buy a house at the end of this year but I have a really bad problem with my credit history. My question is after taking the below into account, what are the chances of us getting a mortgage?? Currently we earn £43,500 between us a year - we would have approx £10-12.5K as a deposit. According to checkmyfile my current credit scores are as follows: Equifax - 429, Callcredit - 464 & Experian - 634. I currently have three defaults against my name (1 from a mobile phone provider, 1 from a loan company and 1 from a credit card company). I am hoping that by June the mobile phone and loan will have been repaid in full and thus they should show as satisfied on my files and by Oct/Nov the other other default will show as satisfied. I have had serious arrears (where I have missed an awful lot of payments consecutively) in the past and some of the accounts are subsequently showing as deliqeunt at the moment on my file(s). These are for loans/credit cards/overdrafts and are currently in the process of being paid off (but some of these are now down as arrangements to pay on file) and will be completely paid off by August/September of this year. At the time of us applying for a mortgage, the only debt that I will have against my name will be approx £1200 left to pay on a credit card (which has a £1750 limit) and again is something that I am paying off at the moment. I think that it is every married couples dream to own their own home but feel that my errors in the past my seriously hamper our prospects. My partners credit history is exemplorary and she has never had a late/missed a payment in her life. I would be really, really grateful for someones help advice on this subject so that perhaps I can start to sleep again at night!!!! Thanks ever so much in advance and my sincerest apologies for the length of this question!!!! Happy new year to all !!!! :-)

Open Question: What would you do in this situation, any revenge plots ect?
My marriage is broken, horribly! I dont want him in my life, we're separated and been living apart for 7 months. I asked him to separate, he left but together we own a house. I've been forced to stay in the house, as according to the law in Ireland I took over the house, which is not the case. He dumped it on me. I tried taking it to court for maintenance (contribute to mortgage repayments as his name is also on the house) but it was thrown out of court. So now I have a whole mortgage that I have to pay, I cannot leave the house as the bank will put me in a bad light therefore making my credit rating bad. As he refuses to pay 50% even if I'm not in the house. I cant afford to go back to court, no money, cant afford to keep the house (nor do I want it). He wants to take me to court for a juditial separation (even though the only outcome is to sell the house) but wont just sell the house without taking it to court. So in the mean time dumb dumb me is stuck paying for a place I hate. Any advice, revenge plots ect?

Open Question: How will this affect a credit score?
Bought a house in 2005. Long story short underwater in a big way. I'm the only person on the loan, my two partners and myself are on the title. Two of us want to stop paying on the mortgage let it go into foreclosure and buy the house back under the a different name. One of us seems to think his credit will be trashed because he is on the title but not the loan.I myself think his credit will be fine because it didn't get any better or worse just being on the title and not the loan. Any info would be a great help!

Open Question: Is there any way to get my name off the mortgage without refinancing or selling?
My ex-husband and I purchased a home together in 04' and divorced in 06'. I moved out and he continued living there, promising to take on full responsibility for the home and payments. In our divorce decree, it stated that he would refinance or sell "whenever possible" which he still has not done. I did not sign the quit claim. Over the past two years, he has defaulted on the mortgage payments 4 times. The loan is currently 2 months behind and my credit has been hit each time the payment was not made, or not made on time. He is ruining my credit more and more each day. He obviously has no intention of refinancing or selling the home. Is there anything else that can be done in this bad situation? Can anyone give me any advice as to what to do so that I can one day have my life and credit back to normal? Please help!

Resolved Question: How do mortgages work?
I'm looking to move out of the rented house that I am living in. I am looking to take a mortgage and buy my own place. I was wanting to know where I could go to get one, and how they work. Is it just like a loan? Do they look at your credit? And if I did have bad credit, could I still get one? Any information would be greatly appreciated. Thanks!

Resolved Question: Should we foreclose our house? ?
Here is the deal we are paying our payments on time and barely getting by (yes we are not as bad off as most right now) our monthly payment is very HIGH. Our house is valued less then what we are paying for! If we were to sell the house right now we would have to give you money to buy it! ( no way) The mortgage company will not work with us because we have not been late. They will not lower our bills or anything! I think about saying lower it or get nothing! Yet they work hard with people who are in HARDSHIP. Or they just turn in the keys! We are tossing this idea of not paying anymore like many have done this past year! But we are torn we just got credit to good standings. But credit can be fixed  We are trying to save for a wedding / honeymoon and even that is done cheaper… we just want to look out for our future as well as our current situation. If we drop this house we can then rent and save money. We could rent 2-3 places with the cost of our current mortgage and that extra money would really come in handy right now! Instead of us stressing monthly! So we come to you and ask. Would you do this? Have you done this? If so what should we expect? How bad is it to do this? Any comments or suggestions to help us right now with this situation? Any other options we don’t know about? we did that! and they said no. we can do anything for you! Thanks for your honesty!

Open Question: BOA Credit card: I am to be sued. What do I do?
I owe over $29,000 on my BOA Visa and BOA is about to recall this account from a collection company because the payments of $20 a month I have been making, they say is too little. (I work 2 fulltime jobs and am trying to pay off all my other creditors, too, also at $20 a month.) I cannot pay more than that now! My house has been in the foreclosure process for a year. I owe more on the mortgage than the house is worth. I have no other assets except a 1991 Lincoln Towncar. I cannot pay more than this and I am about to be sued by BOA. What will happen if this goes through to a final judement? Give me the worst case scenario.

Open Question: is it possible to get a mortgage with bad credit and I have a lot of equity?
and or refinance with money out?

Open Question: How can I tell if my husband co-signed on our mortgage? The monthly statement is just under my name.?
I don't know how to interpret all the mortgage papers so I don't know if he co-signed. I'm going to miss this month's monthly mortgage, I just don't want him to have a bad credit because of me.

Resolved Question: Has anyone here settled their Discover or other credit card debt for less than full balance?
I have a Discover card with $3,500 balance. It's been in "collections" for 4 years and has also gone to court where some kinda judgement was entered (I didn't show up for that so not sure). On my credit report it now shows as "profit & loss". I've been really scared of talking to them bc I'm soooooo embarassed. Yes I know I should have known better but I didn't. My mortgage banker told me to call Discover Card and try to "settle" with them for 1/3 or 1/2 the debt amount. He says since it's been a "bad debt" for soooo long they will probly be happy to get any money to settle it. Has anyone done this themselves??? If so, what were the magic words you used? I heard it can be very difficult and take a long time (months)??? Is that true? I have to get this cleared up within the next 30-60 days so I can get my mortgage started. Please help!!! THANKS in ADVANCE!!!

Voting Question: I want to get a mortgage at the end of this year or 2010.?
I want to get a mortgage with my partner either at the end of this year or next year, i was wondering, if we paid a deposit, would we still get one because my partner has a ccj and bad credit and i have defaults too but i dont have ccj's.

Voting Question: What do I do with my house...I am desperate for help!?
I bought a house 4 years ago with my husband. Long story short...they got me good. I did not know much about buying a house and ended up with an 8% fixed interest rate and a house that was priced more than it was worth. At that time I never could have afforded the payments without my husbands income. They still approved me for a loan in my name only due to husbands poor credit score. My husband and I split up 4 months ago and I can not afford the payments. I am currently 2 months behind and my house is not worth what I owe. I have contacted the mortgage company and they say too bad. They are not willing to work with me at all. I have two young children, I work 40 hrs a week and all my money goes to utilities and trying to make the house payment. I shop at goodwill for clothes, I have no debt except my mortgage (and now the money I owe my parents for help with bills). My car is paid for and I do not own anything I do not need. This was the worst christmas ever! I graduated high school had some college and work in the medical field. My question is this...I have just enough money in the bank to pay another house payment, but if I do I am still 2 months behind. I also have a gas bill for over $300, an electric bill over $100, and water and phone as well. The gas bill is actually a shut off notice. Back to the question...If I use the money I have in the bank to pay these bills I am still down to about 0. But if I start saving all my money and wait it out until I am forclosed on I can then move out of state and back in with my parents and start over...with that money. What would you do? I am at a loss...Will I ever be ever to own a house again if I am foreclosed on? Or will I have to rent forever? Does this ever go off your credit report? Any help would be appreciated, Thank you! Thank you all for you help! I do have to add that they did order child support, which I have yet to see...$75.00 a month. It is not enough to go far. Because he is a sub contractor working for his brother he did not tell the courts how much he actually makes and his brother helped him out there with that. Also, I did contact my mortgage company and was told " my loan was not eligible for a modification due to investor guidelines". Not sure what this means except that they will not help me. Also it is Indy Mac bank and I thought they went under? Not sure how this affects me either. Thanks again!

Voting Question: I own my house outright. No mortgage. I have bad credit,?
and need a home equity loan. Considering I have 100% equity in my home, do you think I would get approved?

Voting Question: How to delete late mortgage payments off credit report?
have five credit cards accounts, one auto-loan and three mortgage accounts. All accounts (except one mortgage account) current and up to date with no delinquinces.But on one of my mortgage accouns i had two 60 days lates in 2008 (first - august-september, second -- november-december). Right now (01/05/2008) all lates paid and there is no due on this account. But this two lates dramaticaly decrease my credit score. And this is the only bad information on my credit report. Is it any possible way to remove information about mortgage late payments?

Voting Question: credit card pre-forclosure?
The house that I co-own with a past boyfriend, is for sale. I moved out, but we left on good terms of who would pay what amount until the house sells. Although things are very tight with rent and part of a mortgage, i have been paying as i should. However, he has still not given me a phone number where I can reach him at. I have now gotten 2 notices 2 days in a row from the portion he is supposed to be paying. These are pre forclosure notices. I have very good credit. But obviously since this is looking BAD, should I get a credit card with good rates and such NOW before I possibly go into forclosure? The purpose of the credit card would be to buy only gas each month and pay off the balance. Will this help my credit rating go back up more quickly? I only have one other credit card and I have had that for 10 years. Please let me know what I should do! And yes, I will be making several calls to the mortgage companies and my realtor on monday. I don't know what else to do! I can't get ahold of my ex!!!!! UH! Lesson learned, right?

Voting Question: Should I walk away from a home that I will never live in again?
I have a home that I'm renting out, but I am unable to get a market rate that will cover the 1st mortgage. The 2nd mortgage isn't too bad, but I'm losing around 500/mo in the deal. Countrywide has proposed some kind of potential deal for their customers like me who have the Pay Option ARM loan. I can save 850.00 by doing so, but my credit will obviously be ruined for at least 7 years. I don't need to buy anything at this point anyways on credit, so that doesn't scare me too much.

Resolved Question: Will Debt Management Programs mess up your credit?
Our credit rating is good+ but We’re struggling. And most likely will get worse. (lost good healthcare). I hear Debt Management Programs can help but will mess up your credit. Is that true? Most people who use them don’t care because their behind anyway. Lenders aren’t lending for dept consolidations or 2nd mortgages also. We have 2 homes, renovating 1 to move into, want to sell the other (we live in) when we can move in the other. Both are mortgaged. We have another house (3rd) that we are the note holders on and get monthly income. We tried to sell the note but can’t find a bank willing to buy a private mortgage. Any ideas or suggestions? Thanks

Voting Question: Joint Mortgage Application (bad credit/good credit)?
Hello, I would like to buy a house with my girlfriend. Her credit score is 580 and mine is 820. I do not need her income to qualify for the loan. However, we are trying to build her credit score up and would like to have this on her report as well. Seeing we only need my income, will they punish us (by raising the interest rate, or even deny us, etc.) Thanks,

Resolved Question: Is it possible for us to buy a house, and if so, what price range should we be looking for?
My husband and I are itneresting in buying our first home, but are very scared due to all the real estate and mortgage problems lately. We are not looking for an extravagent home, just something comfortable. Our only problem is we both have bad credit resulting from credit card use in college. We are slowly but surely working to correct these bad debts. Last we checked our credit score was around 600. We bring home about 4500 a month. Have about 2200 in bills (cars, student loans, utilities, etc.) We have very little saved for a down payment. So my question is...am I stupid to even try to find a home right now? Should I try to pay off some of our other debt and save money for a down payment first? We are currently living in a home that belongs to a family member and the situation is getting very difficult and causing problems. Im afraid if I keep waiting it will never happen.

Voting Question: My new year resolution is to better my finances, any tips?
I have been so bad with money recently that I always end up being "broke" and it makes me feel low when I am unable to spend because "there isn't any sufficiant funds available". What makes it worse is that me out of all people should know better because I am studying towards a degree in accounts lol. Any way, I have worked out my debts etc and found that there are ways to budget and also didn't realise how many debts I had!! My first steps were set up a direct debit for all my credit cards, store cards etc to pay minumum payments, all my other bills are already set up on direct debit any way inc my mortgage. Next is my spendaholic ways will have to stop by not buying things i "want" but only get what i "need" instead. I offered to be my mum's taxi where she offered to pay me £5 for every trip (which is a mass help bless her?), I already have a busy life, I work full time, study part time and also have 2 girls and my partner (there dad) also works hard full time and tries to get as many overtimes as he can get.. but then we also have to compremise our hours by making sure we have family time with our girls that's why weekends are handy (it's all about spendin time with our girls). None of us can have other work as were already busy as it is. Was wondering f you had any other tips you could advice? I am going to make litllle changes such as intead of shopping at next and adams try primark for a change, exchange tesco for netto. Also my credit rating is soo bad i'd like to improve that as well. Any other tips would be greatful please?!

Resolved Question: The best deal for Credit Secrets Bible?
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Resolved Question: my credit is ruined my wife's credit is perfect i owe about 300,000 ?
my credit is ruined my wifes credit is perfect i owe about 300,000 to almost 10 credit companys my wife has perfect credit and also has a mortgage in her name can any of my bad credit effect my wifes good credit or mortgage and also when we file taxs we do it joint can that also effect anything i live in new york city

Resolved Question: How do you buy a home with bad credit?
I am 30, a single female, and am looking to purchase a home. I have bad credit but am working on repairing it. I have a good full time job and can afford a reasonable mortgage payment. Please give ideas. Thank you!

Voting Question: I want to start a vacation rental business and I need help!!?
I dont know where to start. I have a great idea to start a small vacation rental with the option of very limited personal use... I can buy a condo on South Beach in Miami on Ocean Ave. Estimated cost 300-400K. I think a 500K business loan would be enough. Or maybe a mortgage. I dont have any collateral. My only income is day trading, and on top of that I am basically broke since I could not find a job after college, and in some credit card debt from moving and not working for a few months. I have a college degree in Economics. I live in NYC so my personal rent expenses are high. 1500/mo just for rent. The truth is that if if I charge the regular rate of hotels in South Beach, $400 a night.. I only need about 1000 nights to cover the cost of the condo alone. That would be 3 years if I booked every night so lets say 10 years WORST case scenario. Most mortgages can be 20-40 years leaving me plenty of breathing room to be profitable. I have the marketing tools available to rent this condo out plus South Beach is filled with INTERNATIONAL tourist money.. I NEED HELP on how i can get this done!

Resolved Question: Will this effect us badly if we do this.....?
We are a few months late on our mortgage and a few credit cards. My husband is starting a new job in 2 weeks and the money will be FLOWING by then. We have a deal worked out with our mortgage company for a payment plan to become current. Well, today my husband found out his truck is in such bad shape it isn't even worth fixing. If he buys one tomorrow (pending credit approval) will our mortgage company and cc companies find out and be really mad and not want to work with us anymore?? Do they run checks on what you are doing? I know this sounds crazy but in 30 days we will have enough money for all out bills plus some. He needs a truck tomorrow because his new job is out of state. His current truck won't make the trip.....please help!!! Thanks everyone....that's what I thought. We will pay cash for a new car with help from a family member.

Resolved Question: Should I pay my mortgage this month if I plan to..?
December's payment is already "delinquent" because I made an agreement with the bank to pay less for 4 months. They did not explain to me that at the end of the 4 months I would have to come up with 10K. I thought it would be added to the balance. Anyway, we are planning on possibly doing a short sale. This is the first time we have been late. Should I just skip the January payment, or pay it and hope they do the short sale anyway? My credit will already be damaged by the short sale so I was thinking not paying it but don't know if that will make things worse. This is on a rental property, not my residence. Serious answers only please. Thanks. 10 points

Resolved Question: I need help with my VA mortgage and mailers I received about the Veteran Benefit Improvement Act of 2008..?
I bought my home-my very first home 3 years ago. I locked in at 6% on a 30 yr fixed VA loan. My payment is still pretty high and my husband hasn't been able to find steady work for over a year. I am always receiving offers to refinance, but I am not good at this kind of stuff, and I can never tell if it's a scam. I called my mortgage Co. about the National Home Retention Program, and was told that is not for VA loans. Anyway, they did take a few minutes and go over my income/bills....after putting me on hold for about 5 minutes the lady apolgized and said I really should consider selling my home and if I cannot sell it in 3 months I should consider a short-sale or a deed in lieu of foreclosure-Now ain't that a slice of Heaven. So now I am getting these ads for Veteran Improvement saying I can have 4.75% 30 year fixed (5.012% apr) and I don't have to do an appraisal, a credit score qualification, no out of pocket costs to me or income verification....that I can lower my monthly payments and defer the next 2 payments without penalty. The places that are sending me these are mortgage companies I have never heard of and why didn't my own mortgage company (Countrywide) who is well known offer me this option? I am not very good at business/financial stuff and I really want to keep my home. I would like to call on one of these places, but I don't want to get screwed paymentwise for the future, or worse lose my home altogether. Is this legit and has anyone on here taken advantage of this new VA act? I would really appreciate any advice anyone could give me, especially if you have firsthand knowledge of this new Act. Thanks....

Resolved Question: Looking for a bad credit mortgage in NC...I have 35-40% to put as downpayment...anyone know of willing lenders?

Resolved Question: If i co-signed for someone to buy a house, and he is late on payments, what will happen to my property?
My wife and I co-signed for my brother in law to buy a house. This happened about 6 months ago. During the last two months he hasn't paid for his mortgage. I own a couple of properties. If my brother in-law doesn't pay next month, the current lender will consider a foreclosure on the house. Since my wife and I co-signed, can the bank also take my properties or will my brother in-law just lose his house or will the three of us have bad credit for 7 years? What most likely will happen?

Resolved Question: I don't know if I should stay with him?
I have been in this relationship for six years, three of it married. When I met him, he was going through a bankruptcy for a dot com he had started after he left a mid level position at a software company. We lived in a little town at this point in time where the economy was not very vibrant and we made a fine living there, but only in comparison to the economics of scale. Both frustrated with what life had to offer us there, we moved half way across the country to a town of 70,000 people. He continued with the small business he had started and tried to make it grow - mostly with money borrowed on my credit cards. He racked up $13,000 worth of debt on a credit card of mine that I didn't even know that he was using. I was called by the credit card company because it had gone over limit with no payment. This was many years ago, and of course I was livid. But not livid enough to leave. I stayed and supported him in this business of his that has never turned a dime. I thought that he had finally come to terms with the notion that he saw that he was toiling away 60-70 hours a week at a business that was not worth it, but his ego has the best of him and he cannot see that it is never going to be a viable business. He keeps working on new ideas, going to venture capital conferences, etc to keep this thing alive - but in reality I support him. He makes less than a gas station attendant although he has an mechanical engineering degree and is a database website developer. It has been six years. I went $45,000 in consumer debt to finance this business. I make about $65,000 a year and can pay my bills without him, including the debt payments. (Although, if divorced I would hope that there could be some sort of payment plan, although I don't count on it since he hasn't been able to make payments on that debt while we are married.) The house is in my name because his credit was bad and I typically make the mortgage payment myself. The complicated thing is that I love this guy. We think on the same level, we both enjoy the same things. We are avid whitewater kayakers, back country skiers, and mountain bikers. He is funny and charming and I love spending time with him. But I have lost my patience concerning our finances, as I see that he is a bit of a lunatic in the belief of this business of his. The question is, do I leave or stay? I am leaning towards leaving as the definition of insanity is to keep doing the same thing and to expect different results and I keep expecting him to change - and I don't think he can. Any thoughts on this matter?

Resolved Question: Shady personal loan by mortgage broker?
A couple of years ago I was trying to get approved for a mortgage with my wife. we had some credit debt but overall we were ok. When my mortgage broker saw the 30k in debt he said he could get us a personal loan through an investor. Having no options we took the loan to pay off our debt, and get approved for a mortgage. Turns out a family member who also uses this mortgage broker came into money that they wished to invest. The mortgage broker thought he had the ideal situation by lending the money from my family member to use at interest. Basically he forced us into business with family and did not tell us. the family member didn't know either. The plan was to refinance after 2 years when the loan adjusted ,and pay off this personal loan having only paid 2 years of interest only payments.With the bad economy there was nothing left in equity.So having not made a few payments (due to not receiving any statements or acknowledgment of payments) both parties put pressure on the mortgage broker to resolve the issue when he decided to inform the parties were actually family. First question is this even legal.Is there any recourse?

Resolved Question: Blanket mortgage/ Investor?
have 3 mortgages need any help , bad credit, but have good equity would like to combine all three with some money out, is it possible?

Resolved Question: Mortgage Advice Please Help.?
Hi there i am currently looking to move house and with the market and the moment i was just wondering what my options would be i am currently living in a mortgage house that we purchased in April but have had trouble and without knowing the area we have made a massive mistake and have got to the point where we have had enough of the trouble i am going to call my mortgage company to see if we can borrow any more tomorrow as the wages we have now nearly double what we had when we bought this one, but we have to have a special mortgage due to a bad credit rating from previous events, plus then i was thinking about going through a quick sale property company to sell the house we are in as we have put in a new kitchen and bathroom and don't really wanna spend anymore money on it as we probably wont get back. So i would like some advice please as i am really scared that the mortgage company will say no but we have proved our self's tremendously.

Voting Question: Can I restore my bad credit?
I currently have a load of credit card debt that have been sent to collections. The bad debt has accrued for the past 2 years (24 months), and my only way out is to repay the collection agencies. However, the credit companies have already charged off all my accounts! I have heard through friends and family (who are involved in the mortgage industry), that repaying my debt will refresh my credit report and even if I pay the bad debt it will stick to my credit report for 7 years as of the date I paid them off. I was involved with a debt settlement company, until I found out that my credit wasn't gonna be fully restored. From what I know, my choices are bankruptcy or paying off my credit card debt in full. What I am looking for is a way to restore my credit without having to wait another 7-10 years, is this possible? I want to buy a house in the next two years, and I want to build a stronger credit profile. I am 24 and accumilated debt between the ages of 19-22, when I realized I couldn't afford to pay them because my income shrunk and I started school. Are there any REAL solutions for me?

Resolved Question: I recently found out that my exhusband has 2 cell phones. Just curious...?
My ex and I signed a 2 year contract renewal on our cell phones a couple of weeks before he left me. I found out he had been basically cheating with a coworker via a cell phone bill that I received in the mail. My ex always complains that he has no money and hasn't paid the mortgage in nearly 3 months. I'm sure that the house will probably go into foreclosure, but I'm not sure. Anyway, that's how bad he says money is. Yet I recently discovered that in addition to our cell phones in my name that are in contract he also has another one that he didn't tell me about. A coworker of his asked me for the number and this is how I found out. It's not that big of a deal and I honestly really don't care. I thought it was more strange than anything. I might as well just cancel his cell phone bill that's on my account, in my name, if he already has another one in his. I hadn't cancelled it because I didn't want to pay the disconnect fee and I thought his credit was so bad he'd have to pay a deposit to get one in his name. Plus, he always helps with the bill or pays it. It's expensive. So, anyway, just curious. Why would he have a second secret cell phone? He's a car salesman, so it's not like he really needs to have two for his profession. And, if you were me, would you just pay the disconnect fee and cancel his that's on my account? Thanks. I think he got the cell phone after he left me, which was quite a while ago... more than 6 months. So, that's why I'm curious.

Resolved Question: i don't understand about mortgage crisis going on in U.S?
what i understood was banks gave mortgage to people who had a bad credit. This consequently raised the demand for housing and then bumped up house price. To decrease house price mortgage rate were set high. And then...... Is it right. If not can anyone give me a brief explanation of this crisis? Thankyou

Resolved Question: is there anyone or agency that will pay off debt in return for for tax write off?
do to my wifes bad health we have gone into default on our credit cards in order to keep up with mortgage and car payments.

Resolved Question: Walking away from an investment property?
I bought a forclosure about a year ago that costed $250,000.00 and needed about $20,000.00 in repairs. I was trying to flip it but got caught in the housing mess and it has been vacant for nearly a year since it has have been repaired. Since the house was worth nearly $600,000.00 I was able to secure a home equity loan in the amount of $300,000.00 cash. Even before the home equity loan, I could not afford to pay the mortgage owing $270,000.00 on it. The house is obviosly not going to sell no matter what. Not now anyways. I've even tried renting option or lease purchase. Still Nothing. Should I just walk away from it and deal with the bad credit for the next 7 years that it will affect my credit? The only other debt I have is my mortgage on primary residence which is about $60,000.00 and I always pay cash for everything else that I buy. So should I just let the house go or tough it out?

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