Posted on: 13th Nov, 2007 03:49 pm
My boyfriend likes to think the world will continue to revolve around him. Not too long ago, he left his place of employment in search for more professional growth. In turn, he ended up without a paycheck for one month. In lieu of this time, he was able to turn his finances from being decent to going horribly wrong quickly. First starts with the mortgage, he had hopes of refinancing the house after 2 years. Because of a bankrupcy he filed 4 years ago, a few things popped up and needed to be flagged to remove. By the time he had those items removed, his interest rate on the mortgage sky rocketed from an 8% interest rate to an 11.375%, raising the mortgage payment considerably. After this, he kept trying to work through makings ends meet. Never admitting to himself, that it was impossible. 8 months later, the mortgage has been at a consistent 30 days late each month. We have been making each monthly payment at this new rate, but we can't seem to get caught upon the month behind. We have considered several options for getting out of this situation, but we continue to get denied. I am not on the mortgage; however, they don't consider first time home buyer, full-time students, and full-time employees as ideal candidates for home buying. Are there options out there for help? I have looked through=""
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Content-Type: application/octet-stream
hi ckmfsherman,
i think if you cannot afford the present loan and facing serious problems, then you should immediately talk to your lender. see what are the options available for you.
if you find you are not getting any help from your lender, you can think about refinance because the interest is bit higher. so shop for a lender and if you find that you are getting it with affordable interest rate, you can go for refinance.
thanks,
larry
i think if you cannot afford the present loan and facing serious problems, then you should immediately talk to your lender. see what are the options available for you.
if you find you are not getting any help from your lender, you can think about refinance because the interest is bit higher. so shop for a lender and if you find that you are getting it with affordable interest rate, you can go for refinance.
thanks,
larry
Hello Ckmfsherman,
Are you thinking of refinancing the mortgage in your name?
You may do that and convert it into a fixed rate mortgage.
"they don't consider first time home buyer, full-time students, and full-time employees as ideal candidates for home buying"
Was this told by your lender? It might not be for the full-time students but for a full-time employee, I think it's possible.
It would be better if you shop for sometime and talk to few other lenders.
I suppose, that at present you are running 30 days late on your payments. You may talk to your lender about mortgage modification or an alternative payment option to make it up.
Are you thinking of refinancing the mortgage in your name?
You may do that and convert it into a fixed rate mortgage.
"they don't consider first time home buyer, full-time students, and full-time employees as ideal candidates for home buying"
Was this told by your lender? It might not be for the full-time students but for a full-time employee, I think it's possible.
It would be better if you shop for sometime and talk to few other lenders.
I suppose, that at present you are running 30 days late on your payments. You may talk to your lender about mortgage modification or an alternative payment option to make it up.
Oops... it was me above, forgot to log in.
He will never get an FHA mortgage with thouse lates on and a bk. You can try to refi in your name or buy from him and maybee involve one of your parents as a cosigner for income purposes. You can also look at the new FHA loan that allows late payments after an ajustment but it may be a longshot. Thing is your boyfriend had a BK then lates after it then lates on mortgage. Any underwriter looking at this will say that he is at best irresponcible.
FHA Mortgage Loans guidelines are 2yrs for Chapter 7....1yr for Chapter 13.
If he had the lates after the ARM Adjusted then he will be a prime candidate for the FHA Secure Programs.
[First Link removed as it is already in signature. The second link is deactivated as per forum rules. Thanks.]
If he had the lates after the ARM Adjusted then he will be a prime candidate for the FHA Secure Programs.
[First Link removed as it is already in signature. The second link is deactivated as per forum rules. Thanks.]
