NLIC.org

Alma Said:

How does a joint mortgage application work when the two parties have very different credit scores?

We Answered:

Hello Every One,
I am Brittany David by name, I live in Gege Shiselweni Swizerland , just a few weeks ago I was in
search for a loan of 50,000 Pounds, as i was running out of money for
feeding and my bills. I was scammed about 3,000 Pounds and I decided not to
involve my self in such business again finally A Friend
of my introduced me to a loan firm due to my appearance and doings. I made a
trial and I am most grateful am I today, I was given a loan amount of 20,000
Pounds by this great firm Joseph Micro finance Global Company manager by Mr.Joseph Matthew.
If you are in need of a genuine or legit loan or financial assistance and you
can be reliable and trusted of capable of paying back at the due time of the
funds I will advice you to, contact him via email .
josephmatthew@maktoob.com, And you will be free from scams in the internet. I
want to thank you once again for the happiness you gave to my family.

Cindy Said:

what are my rights with a harrassing mortgage lender and save myself from foreclosure?

We Answered:

The debtor cannot, legally, talk to others about your debt. They do, however, have the right to come to your home and ask for you. If they do not explain the situation to your son or others, they are within their legal rights. Certainly they'd want to come and make sure the home is still sitting there, since most manufactured homes can go mobil rather easily.

Write them any complaints you have. Certify the letter, meaning you get proof that someone received that in the office. Write in it that you have been informed by others, name them, that they have been spoken too about your one month delinquency and that you know that it is illegal for them to do so.

If it is only one month behind there might be a solution if you haven't done this already. Most lendors will allow for one month to be skipped of a payment due to hardship. Doesn't mean you aren't penalized on your credit with it. I learned about this during a hurricane problem Florida had a few years back. All were willing to help us out since we always paid otherwise.

You cannot get your credit rating down by paying anything late. So talk to this company and see if there is some solution to this one month late thing. Ask them to HELP you and ask them to find solutions that all can live with. That paying it isn't an option but remind them how you have been paying every month.

Credit. Most don't realize that every bill you pay late goes against your credit rating. You think, what's the big deal in paying the late charge and paying the utility bill late? It will show on your credit rating and bring it down, that's why. Credit card companies do the same as do auto loans. But your home bills hurt you as well.

There is no way to get a better credit rate with bad credit that is compounding monthly for you. Every single month that you have bills that are paid late, your credit score goes down. For each and every bill you pay on time, does little to counterbalance the bad payments.

From here on out, whenever you speak to this lendor do the following.
From the moment you get on the phone, you state that you'd like this phone call documented. They legally must do so if you demand it. They don't have to do so, if you don't demand it. Knowing your legal rights are the first place to start.

Go into the legal section and put in your state and the legal actions they must follow.

But begin every time you talk to them that you want the call documented! Don't say a word until you do so. In fact, document it yourself. If you can, try to go to radio shack and pay for a recording device. Think they are about 65 dollars. You then have to inform the person on the other end that you'll be recording all calls to document your speaking to them. Then inform them that you want them to document your call as well. Write down the time and person you spoke too as well as the date each time you speak to them. NO matter who calls whom.

If the person you are speaking too cannot help resolve this one month behind issue, ask to speak to a supervisor. They don't have to do this for you, it's courtesy only. But it's always worth a try. Especially if you can show you've been making payments. It helps greatly if you can say you've made all the other payments on time.

Explain if they don't help you you might have to file bankruptcy or give them back the home. Trust me, that won't help them at this time, not with this economy! it's in their best interest to help you as well.

Elmer Said:

can i get a mortgage with a 40-50% deposit but very poor credit rating?

We Answered:

Hmmm... in the US so maybe this doesn't apply. Buying at auction somewhat complicates things, doesn't it? Never mind about that...

In any case, the more money you put down, the better off you are. You should have a copy of your credit report in hand, and go to various banks to ask them about their loan programs. Do not let them run your report, just show them what you've got and ask them if you would qualify for a loan with the rules they have.

Different loans have different rules. A bank can offer many different "programs" or loan types. In each case, the underwriting rules will state what kind of credit "dings" are acceptable and which aren't. The more you put down, the more likely it is that they can find a program that will fit your particular creditworthiness profile. Unfortunately things in the US and UK are fairly dreadful for those with credit history problems. Too many bad loans have made them very uptight and they demand squeakly cleanness for the best loan programs. However, money talks and a big down payment is the best kind of talking when in your position.

So, I would definitely try to attack the problem as well: see if you can improve your credit report. If you talk to the lender who gave you the bad marks, and explain the circumstances (father passed away, etc -- bring or send copy of death certificate,etc), they may actually be able to withdraw the negative items from your report. They have discretion to do so in the US.

You can also try disputing the negative entries. UK law is probably different from US law. In the US, sometimes just the process of disputing the items will bring success, as the lenders sometimes just don't respond to the verification requests from the credit reporting bureaus. In that case, you win!
Even if you don't get your desired result, in the US, you are permitted to to add a statement to your credit report concerning a disputed item, explaining it.