I’m looking at buying a home, but have a $6,000 credit card debt to eliminate first?
Many people are telling me that regardless of that $6,000, now’s the time to buy. My plan is to systematically pay off that card while saving at the same time to have an emergency reserve should push come to shove and I’m in a financial bind. I want to go into the home buying process with only my student loan debt to worry about. Outside of paying off the card in its entirety before purchasing a home, what other options do I have? With the market the way it is and my good credit score (730-ish, debt-to-income ratio around 10%), I’m sure there are options available to help me obtain a home faster.
I should make it known that:
1) I live with my folks who aren’t charging me rent.
2) I have an open to buy of $25,000 in credit.
3) I don’t consider myself in financial trouble. I have a 401K and a T-Rowe money market account I’m making continuous contributions to.
Ray
Need a private investor. fast. with “no qualify”?
We purchased a beautiful home in the resort town of Breckenridge, Colorado, overlooking the golf course. In November, we had a hiccup in our finances. Because of a pending refinance, we weren’t worried, but it was taking a long time for them to create a new loan package for us.
On January 4th, they told us that it may very well take closer to the end of the month to get everything together, maybe sooner. At the same time, the bank told us we had to bring the loan up to speed by January 31st or they would file foreclosure proceedings. Thereafter, we were told on February 1st that the refinance company had $12 million in defaults in January, and they had to respectfully decline.
We are now in foreclosure and our FICO score has been hit hard by the foreclosure on our credit. We need someone to buy the house and lease it back to us in order to refinance in 6-12 months.
Please specify your terms and we can go into further details.
Thank you for your consideration.
The foreclosure sale already occurred, and no one bid on the property. I cannot go to prosper.com because we are talking about $1.4 million dollar first mortgage and a $300k second. The first went to sale on 6/15 and I have 75 days to redeem. The second is set to foreclose 6/29. I am trying to figure out whether the second is null and void or if it is going to proceed to sale.
If it is going to proceed to sale, in the State of Colorado, does that limit my redemption period to the date of that sale, or do I still by law have 75 days to redeem from the date of the foreclosure sale.
This is why I need a private investor to contact me who is interested in purchasing the property from the bank (redeeming the first position) in order to lease it back to me until I can get the foreclosure removed from my credit and refinance.
So far as the second mortgage, if it goes to foreclosure sale, and no one bids on it, then what? The bank owns second position or drops off completely? Confusing.
Donna
OK. Let’s say I have a 100K approval for a loan but the house I found is 40K. How much should I borrow?
Should I borrow an extra 20K in escrow to pay for PMI, property taxes and repairs? Or, should I take closest to the selling price so I can pay it off faster?
The lender i’m currently talking to said they can roll in the closing fees into the price of the home and can give me down payment assistance (government grant) so I won’t have to pay anything down. This is an FHA loan.
Alvin
Any private lender/investor out there who will fund fast to buy a house facing foreclosure?
for short term loans 6 month or less…with interest only payments? Need a good one that will do transactions in midwest or nationwide.
acemill…its not for the person not making the payments. Its for the person who wants to buy the property before it gets foreclosed by the bank and the sheriff sale occurs. Open your mind, and you may learn some things.
markmy. email the info to me at eeebox@yahoo.com. you said you knew them but did not give the info.
Nathan
Where can I get a loan of about $1 million for purchasing real-estate?
You see, the price for the real estate in my country is growing very fast, so I would like to find a company which would be ready to lend me about 1 million dollars, in order that I reimburse the credit within about 7-10 years. I can not offer any mortgage instead, but I have a well-defined business plan. If anybody has an idea of such a company, or can suggest something useful for me, I will be very grateful to him. thank you
Lance