Posted on: 20th Mar, 2008 01:15 pm
I once had excellent credit and it has now been ruined. Can anyone please tell me who will give loans to people with poor credit. My fiance, whom I have a child with has been without a job since January. I now cannot pay my mortgage this month nor really anything else. I have gotten a couple of payday loans and now am in trouble with one of them. I have never missed a mortgage payment int the four years I have owned my home. IS THERE ANYONE WHO CAN HELP ME.
Hi Gypsyt7,
I understand that you are in a desperate situation, and I am sorry to hear that. You need to contact a lender that you know in your area that you can trust, or one of us on this Mortgage forum so that we can go through your information and make recommendations that will fit your needs.
There are things that can possibly work, but you need to act quickly.
I understand that you are in a desperate situation, and I am sorry to hear that. You need to contact a lender that you know in your area that you can trust, or one of us on this Mortgage forum so that we can go through your information and make recommendations that will fit your needs.
There are things that can possibly work, but you need to act quickly.
Hi gypsyt,
Welcome to the forum.
I think FHA is not a score driven program. So you can try it out.
Kpatrick has given you sound suggestion. There are thousands of lenders in this community. So you can get free counseling from them to know better whether you can get a loan or how can get out of this problem. You need to fill the free counseling form at http://www.mortgagefit.com/.
Hope someone will help you out.
Feel free to ask if you have any further questions.
Best of luck,
Larry
Welcome to the forum.
I think FHA is not a score driven program. So you can try it out.
Kpatrick has given you sound suggestion. There are thousands of lenders in this community. So you can get free counseling from them to know better whether you can get a loan or how can get out of this problem. You need to fill the free counseling form at http://www.mortgagefit.com/.
Hope someone will help you out.
Feel free to ask if you have any further questions.
Best of luck,
Larry
Since you were never late would your mortgage company be willing to work with you at all? Sometimes I have heard of them moving a payment you can't make to the end of the loan. Example : your loan pay off date was 11/2010 it would make it 12/2010. At least if you do take out a loan to cover your other bills and could get a payment moved to the end it would leave you a little left over just in case an emergency arises.
gypsy, you never mentioned whether you've had contact with your mortgage lender at all. this is the first place you should go for assistance, especially since your payment history with them has been satisfactory.
as you now know, payday loans are disastrous. you might want to get a cattle prod to help your fiance find a job - the income would help. (just kidding about the cattle prod). but, truly, there are jobs that will pay real wages, even though they might not be the precise job he is looking for. sometimes we have to settle.
fha is a viable alternative, if you'll qualify. first, however, go to your existing lender and discuss what options they may have for you.
as you now know, payday loans are disastrous. you might want to get a cattle prod to help your fiance find a job - the income would help. (just kidding about the cattle prod). but, truly, there are jobs that will pay real wages, even though they might not be the precise job he is looking for. sometimes we have to settle.
fha is a viable alternative, if you'll qualify. first, however, go to your existing lender and discuss what options they may have for you.
Thanks guys for your responses. I have talked with my lender and they said that I have to miss 1-2 payments before they will help me. I do not want to be late or miss a payment as it will go on my credit report. My Credit Score is below 500. It was once in the 700s. I have been talking with a lender in my area for over 6 months and due to my accounts being turned over to collections, charge offs and due to two of them being in small claims court I cannot seem to get anyone to do a refi or a 2nd mortgage. What I just cannot understand is that I have excellent credit my whole life and in a few months it has been completely ruined. Everyone looks at the score and what happened in 2006/2007 instead of the conception of when my credit began. I am a hard worker and have always taken care of myself. Unfortunately, I was "lied" to by the father of my child in that he just can't keep a job and will not provide for us. One day he says he can't stand living like this and fighting about money all the time and he is going to fix it and then the next day - no job, no money, just his hand out for something from me. I have never had anyone take care of me, I have always taken care of myself. I do not know who to go to, where to go or even if there is someone who will even help me. All I want to do is pay my debt, get my credit back and be able to provide a future for my child. I have to come up with almost $3000.00 by the end of the week to pay my basic bills and b/c of my score - I cannot get a loan, a refi, a 2nd mortgage and will not get another payday loan as I am already in trouble with one of them. I am at a complete loss. There has got to be a company that will help high risk people - even if it is just a loan. I have never in my life not been able to provide and now that I have a child this is killing me.
gypsy...you noted your credit scores are in the 500 range now...missing a mortgage payment in order to enable your mortgage company to help you is going to have such a small impact on that below-average score that it is probably the smartest thing you can do.
i feel your pain as to how your credit is viewed, but you must understand that the desire for a creditor is to see that you have the ability to repay a debt. history is the best predictor of the future when it comes to credit, so if you have a recent history of not paying on a timely basis, that is how the creditor must look at it.
consider the converse - if you had a score of 700 today and it was 500 2 years ago, you wouldn't want the creditor to go back to the past and base a decision on that score. truly, you can't eat your cake and have it too (and that is the real phrase, not the other way around).
you stated that "there has got to be a company that will help high risk people - even if it is just a loan." your mortgage company has given you the beginning stages of a solution - miss and payment and they will work with you to solve the problem. you need to take advantage of their willingness to work with you, even if it looks like a step backward.
sometimes, we have to take a step backward just to move forward.
i feel your pain as to how your credit is viewed, but you must understand that the desire for a creditor is to see that you have the ability to repay a debt. history is the best predictor of the future when it comes to credit, so if you have a recent history of not paying on a timely basis, that is how the creditor must look at it.
consider the converse - if you had a score of 700 today and it was 500 2 years ago, you wouldn't want the creditor to go back to the past and base a decision on that score. truly, you can't eat your cake and have it too (and that is the real phrase, not the other way around).
you stated that "there has got to be a company that will help high risk people - even if it is just a loan." your mortgage company has given you the beginning stages of a solution - miss and payment and they will work with you to solve the problem. you need to take advantage of their willingness to work with you, even if it looks like a step backward.
sometimes, we have to take a step backward just to move forward.