Question by : Should I let the bank foreclose on my house (a little long F.Y.I.)?
I’ve been unemployed for almost 7mo now and haven’t been paying my mortgage for this time either. I have gotten a notice for the bank to auction my house on Feb.8th 2010. I have no job prospects at this time so it’s not that I’ll be able to get current on my mortgage any time soon. Also, viagra dosage case I haven’t been able to pay my credit card payments and those have all run up one card is about 1800 and the other is about 5000 that I owe. Since it’s less than a month now before my house goes to auction, should I even bother trying to save it? These are the conclusions I’ve come to as to help of some of you folks answer my question.
I don’t particularly care for my house, the community or area anymore(it’s a nice, new development, but the surrounding area is not. Often times there is graffiti, empty shopping carts, broken locks on the pool gates and parties in the parks when I’m sure the ppl throwing them have not reserved the areas with the HOA which also leads me to believe that they don’t live here either. So the combination of all this has not let the stress of foreclosure hit too hard. My original mortgage for a 1650sqft., 10x25ft back yard 2 car garage 3bd 2.5bath house is $ 1,517 plus 112/mo HOA fee. I bought my house for $ 195,000 and I believe is only worth maybe $ 120,000 now. Typing this seems I’ve already answered my own question….If I called the bank on monday to see if I could do anything/if I could….to save my house (give me another month or two to find a job) should I? Also, I was going to take a traveling job which paid me about 1000 more a month than I was originally making would they even have refinanced me? Please help me to decide, I just don’t know what to do anymore.
Best answer:
Answer by sassy25
Your first priority is to get a job. Without an income you have no hopes of saving your home.
Know better? Leave your own answer in the comments!
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Question by Angela: Credit qualifications for home loan?
Hi, advice I am looking into a USDA home loan. I already qualify based on the county I want to purchase my home in and also by my income. I am a little worried about my credit score, seek though. my credit score is a 638. I only have one credit card, rx which I have only had for 3 months, but it has never been late. Does anyone know if this is going to disqualify me? Thanks for all of your help!
In the previous question you are referring to, it is not me who has a lot of debt, it was me asking on behalf of someone else. I just find it easier to ask directly instead of say “my friend wants to know”, etc. I am 21 and have just gotten my first credit card 1 month ago. Nothing else is on my credit report.
Best answer:
Answer by ..what.a.mess..
I am currently in the process of getting a USDA direct loan. I think as long as you don’t have anything negetive on your credit then you should be okay. Even people with bad things on their credit can get a loan through USDA. They are more worried about your income. Everything is based off of your income. The loan amount, your monthly payment, and even if you get a subsidized loan or not which will then effect your interest rate. So I would just make sure you are including all of your income. That will help you get approved for more money. I’m not sure about your area, but I live in Virginia and I have already been waiting about 4 months just to get my application pulled for processing and it stil hasn’t been pulled. It should be processed within the next couple of months but it is really hard to sit and wait! So you better get your application in ASAP if you haven’t already. They only have so much money for the year and once they run out they have to wait until the following year until they get their new budget to pull more applications. It really is a great program for people who could not otherwise get a home, esp. someone like me.. a single mom.
Here is a link that might help you with some additional information:
http://www.rurdev.usda.gov/va/programs/SFH/RD%20HomeBuyer%20Handbook%20FY08.pdf
It is under the Virginia website but I’m sure alot of the information is the same. It really helped me with stuff I did not understand. Good luck!
EDIT:
I looked at some of your other questions and it looks like you may have alot of debt. That will definately effect your chances with this loan. I’m pretty sure you will not be able to get the loan if you have around $ 10,000 in debt as you stated in one of your previous questions. Having that much debt is definately considered “bad credit” because it will be reflected on your credit report. Your question made it seem as though u have never had any credit before this latest credit card. But you can still apply.. all they can do is say no. You need to be honest with yourself or you will just be wasting your time.
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