Question by Lyle: How can banks come out with forclosing on homes?
Wouldn’t it be to the banks advantage to take less per month payment or refinance for the home owner to lower their payments. A lot of the houses sit for so long before they do sell they either have damage done to them or the bank takes a low price to sell it and sometimes a loss.
Best answer:
Answer by Rob
They do not come out ahead.
They lose money and then get
tax breaks for losing it.
Bankers can not think out side of
boxes even if it hurts.
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Question by jason w: Can I get an FHA loan if I recently lost my job?
I am in the process of getting a FHA home loan for $ 50k. Just before the mortgage guy submitted my paperwork to the lender, drug I lost my job. I told him about it immediately. Now my dad is on the loan with me, thumb but I’m not sure if this is enough to qualify me. Does anyone have advice for me?
If I remove myself from the note then i don’t qualify for the first time buyer tax credit. Would adding another buyer help in this situation?
Best answer:
Answer by Tigg
All you can do is remove your name from the loan and just qualify with dad’s information
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FHA will look at your ability to repay as indicated by your credit report. Your willingness will be judged by your credit report records — that is, how well you’ve paid your loans and other debts in the past.
If you are unsure what your credit report is like, you may want to begin by getting a free credit report
by google searching the terms credit report