I have an established relationship with Bank of America however there are several other smaller banks and lenders out there with better rates. What happens if you get a mortgage through a smaller bank or lender and they go bankrupt or get bought out by another company? Does it affect your mortgage rate? Is that the chance you take or is the rate locked in no matter what?
Bankruptcy was NOT a fresh start, everyone takes advantage and charges very high interest. We have a home but it is at very high interest rate and I feel we were victims of predatory lending. Is there any help 4 people who need to refinance or get back on their feet after bankruptcy but keep getting ripped off by lenders? Are there any programs to help you if you have a home loan with a predatory lender? Everyone stumbles, but it’s not fair when there are vultures out there just waiting to pounce and take advantage. Has anyone successfully recovered from a chapter 7- how? All we ever got was bad advice- we are trying so hard to recover- have you been there?
Thank you.
I defaulted on approximately 0K worth of debt in 2006 which has obviously affected my credit score. I now have a very good job with 0K in household income. Additionally, I have K in cash as well as K in a 401K. I’m very stable – have been with my current employer for 5 years a mid level manager.
The poor credit will ‘fall off’ my credit report in three years. I have an opportunity to purchase the home I am leasing for approximately 0K.
Are there any legitimate lenders that will lend to someone with good income, employment and assets but a poor credit score? FHA will not consider me due to the outstanding ‘debt’ associated with the charged off accounts from 2006. Yes, I did attempt to file for bankruptcy, but got taken by an unethical attorney. I’m not interested in credit repair scams to allegedly ‘improve my score’.
I know there must be others in my position with everything except for the credit aspect. Therefore, I’m guessing there must be an alternative market to fill that niche.
Am I correct or am I way off base?
Every dime in deficit spending is borrowed money,so perhaps the lenders should have a say in how we spend it.After all,if we throw it all away on useless ideas like High Speed Rail,then there is nothing of value to take when we go bankrupt.
I mean it undoes the entire point of shopping around and selecting a particular lender. The first time this happened to me was when I had to chose a bank for my student loans and then I was notified 3 months later that the debt was sold. Since then I’ve come to realize that this is standard practice.
Before you leap to the defense of financial institutions think about this: companies that originated home loans (with very poor standards of verification) then sold those loans to other companies so they didn’t have to be the ones waiting to collect the debt were what sent the economy into its latest collapse.
Really, think how odd it would be if consumers could sell their obligations to someone else (for .50 on the ) and then after buying hundreds of obligations and living high on the hog that person could go bankrupt taking out hundreds of debts with him.
My most important concern though is there is no point in shopping around for and making a contract with a particular lender, since they can sell it at anytime. I’m interested in hearing your thoughts, if I had the power I would limit this ability.
Dear Sir Jam, you are factually incorrect. First, this question has nothing to do with delinquent accounts, this says a lot more about you and your issues. Second, debts are sold frequently, in fact almost all home loans are originated by one lender and then resold instantly to another (note paragraph two). Some people are unaware how often their debts are sold because sometimes their payments are handled by a debt servicing company, the one that sends you those little payment books, but they can work for a series of lenders with your one debt. I find it worth while to talk philosophically about our financial system because we have law makers who can change it if enough people ask.
I lost my job in October, so about two months ago. I have been living off savings, family assistance, etc. I can no longer afford my 500/mo car payment plus my 120/mo car insurance. I contacted the finance company, but they don’t offer refinancing. To top everything else off my dad and cosigner filed bankruptcy, so they won’t even give me a extension. They said they cannot discuss the debt because my dad filed bankruptcy. Also I cannot pull a loan because the car has depreciated 8,000, and lenders won’t lend me more than a percentage which mine suceeds. They will only lend me the amount its worth. I know I am still liable for it. I have great credit I pay all my credit cards off. I am never late on payments. I just can no longer afford it. Please help me. Any suggestions? and how bad will this effect me if I surrender/it gets reposessed?
Also I am still young, so someday I would like to buy a house. Hopefully even another car sometime soon.
Has anyone found a lender who will give them a mortgage while still in chapter 13 banruptcy?
Before discharge of Chapter 13.
And if so please give the lenders name.
Great so it’s been done all the time. By whom?
I understand that if settling — I will receive a 1099c from the IRS to pay 40% of the difference if I settle but is there any other advantage in respect to my credit reporting if I pay in full instead? Will it come off my report sooner or do Lenders look more favorably on this? Does it make a difference at all?
Who do lenders send monthly payments to? If government backed, does this mean the payments go directly to our federal reserves?
If a person has a lot of unsecured debt that has been charged off by the lenders and the person is not eligible for Chapter 7, should they file Chapter 13? What are the benefits of filing Chapter 13 in this situation? Thanks!
I am not interested in debt settlement companies. Is there any help out there for me ?
Perhaps I should be a little clearer regarding what it is I need. I am not interested in debt settlement companies or fraudulent lenders whose only means of contact is an email address. I am aware that with my low score I cannott qualify for a loan so I do not wish to receive answers from people who are soliciting "victims" for their fraudulent loan scams.
I have been in Chapter 13 Bankruptcy for 2 years and it will be discharged in 1 more year. Is it possible to get a ,000 – ,000 home loan? If so how and with which lenders?
Actually the court can approve that you can get a loan. The only reason it was filed is bc we had an enormous amount of medical bills. That was it.
Filing chapter 7 – going to need a car for a new job. Anyone have any experience? I’ve heard that some lenders see you as a good risk since:
1) You don’t have any other debts to pay
2) You can’t discharge your debt to them for 10 years by which time they would milk it out of you…
Anyone know?
Thanks!