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There are only way to repair bad credit due to a mortgage loan is time. All debt information related to late payments and Chapter 13 bankruptcy come off a credit report after 7 years. Chapter 7 bankruptcy (total liquidation) remains for 10 years. Not that some items associated with defaulted mortgages, such as tax liens, last forever until paid and even after paid may remain for 7+ years.

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โˆ™ 2013-06-29 04:07:15
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Q: How can a person repair their bad credit to get a mortgage loan?
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Related questions

What is a mortgage underwriter-?

A mortgage underwriter is the person that approves or denies the mortgage loan based on credit, capacity, and collateral.

How can one get poor credit mortgage loan in Ottawa?

To get a poor credit mortgage loan in Ottawa a person needs to seek the advice of a lending company who can help you with getting a loan. Many times they will tell you how to get your credit in better standings so that you may get the loan.

Can i sue the ex for using my credit to refinance her mortgage?

The note and mortgage must be signed by the owner of the property. The lender checks the credit record of the person who signs the loan application. If you didn't sign the loan application then you are not responsible for paying the loan and your credit isn't affected.

How do credit card companies use a person's credit report?

When a person applies for a car loan, mortgage or credit card, the lender determines if lending money to the consumer will be a risk. Credit scores are one way to help credit card companies make the decision to issue credit. To determine if that person should be given a loan or credit card (apex)

Can a civilian assume a mortgage of a VA property?

Yes, a civilian can assume a mortgage of a Virginia property. In order to get a loan for a property in Virginia, the person must have a credit check completed. If they have good credit, their chances of being approved for the loan are higher. If they have bad credit, the bank or loan officer may ask for the person to have a cosigner.

What kind of institution would provide a lender a mortgage loan if that person has bad credit?

There are many types of institutions that are focused on helping people fix their credit so that they can get a mortgage loan. A person with bad credit should wait several months to a year so that they can increase their credit score and then apply.

Where can someone with bad credit apply for a home loan mortgage?

Having bad credit does not stop a person from applying wherever they wish to for a home loan mortgage. It does, however, make it significantly less likely that they will be approved.

Where can someone get a mortgage loan for people with bad credit?

One can get a mortgage loan for people with bad credit in two different places. The first place that one can get a mortgage loan for people with bad credit is a bank, like Wells Fargo. Another place that one can get a mortgage loan is a credit card company, like American Express.

Can you get a home loan with a judgment on your credit report?

It is up to each mortgage company to determine a person's credit worthiness and likelihood to pay a mortgage loan. Mortgage companies may not approve loans if there are derogatory credit items on a person's report, but this decision is often based on many factors. A judgment will appear on your credit reportfor seven years from the filing date.

Can I get a mortgage with bad credit?

It is possible to get a mortgage loan with bad credit but you will have to pay a lot higher interest rate and the loan amount will be lower. You can go to HUD and talk to a counselor about securing a mortgage loan with bad credit. There are a few different options for people with bad credit.

Does paying off another person mortgage payments help your credit?

No. Not if your name isn't on the loan.

What is a tradline?

any credit line that you have- credit card, car loan, mortgage and student loan

What and where to pay a mortgage loan?

A mortgage loan is a loan that is used to either purchase a property or get a loan with your property as collateral. You can secure a mortgage through financial institutes like banks, credit unions or mortgage companies like Fannie Mae.

How does a persons credit score affect mortgage credit rates?

Actually the better the credit score the better are the offers for a mortgage credit loan. In general the interests offered for a new loan depend (besides others) directly on the credit score.

How can someone apply for a mortgage loan?

Someone can apply for a mortgage loan by going to the Realtor website. The website has information on how people including those with bad credit can apply for a mortgage loan.

How do you assume someones existing home loan?

First, contact the owner of the mortgage. If you are interested in the property and want to assume the seller's mortgage, the person who has the mortgage must contact his/her mortgage loan servicer. That person will tell the mortgage loan servicer that a certain party is interested in assuming the loan. The servicer will then allow the interested party to contact them. The servicer, for example Wells Fargo, Citi, etc will send an assumption package to the interested party. It will usually involve a credit check and application to insure that the person that wants to take over the mortgage can qualify to make the payments. The mortgage loan servicer will then underwrite the application to the appropriate loan guidelines and ,if approved, then both parties would close the real estate contract. The buyer would assume the mortgage and the seller would be released of liability by the mortgage loan servicer.

What is the perfect credit score in order to get a home loan?

A "credit score" is one of the major factors that a mortgage lender will review as to whether or not the individual will receive the opportunity to acquire a mortgage/home loan. The minimum/acceptable credit score is 650. 650 will allow the opportunity to a chance of acquiring a mortgage/home loan.

How do Card companies use a person's credit card report?

When a person applies for a car loan, mortgage or credit card, the lender determines if lending money to the consumer will be a risk. Credit scores are one way to help credit card companies make the decision to issue credit. To determine if that person should be given a loan or credit card (apex)

Can the bank you have a second mortgage with and a credit card with attach that credit card to your second mortgage after a person is deceased?

Once a person is deceased all debt is completely erased from that person's credit. If they own a home and do not have a will nor a co-signer of the home loan the government will take over the ownership of that home. If they have credit card debt, the debt is forgiven and no longer in existense.

What is the position of a cosigner for a house?

A co-signer is an additional person who signs a loan/mortgage you have taken out as a precaution for the bank or lender. Depending on the situation, if you have bad credit or not enough credit history the lender may require a co-signer. The function of the co-signer is to pay the loan/mortgage in the event that the original person who took out the loan is unable to make the payments. Usually, the bank is looking for a co-signer with good credit as a back-up in case the loan is not paid.

What is the average expected credit score to receive a mortgage loan?

There is not an average expected credit score to receive a mortgage loan. You may have a low credit score, and an high income and still be able to qualify. Loans are not just based on credit score.

Where can one buy a home loan with bad credit?

There are many places to get a home loan for people with a bad credit. Some of these places include Home Loan Specialist, ICC Mortgage and Financial Services, E-Loan, MortgageCreditProblems and Ameriquest Mortgage Co.

How can a person get loans for their small business even if they have bad personal credit?

To enable a person with bad credit to obtain a small business loan they will likely need a guarantor to provide a guarantee or provide proof of substantial financial holdings to mortgage the loan against.

What happens if mortgage loan holder files for bankruptcy when the title has other people also?

If there are 2 people on the deed of trust and only one on the loan - then the person who has defaulted on the loan will have their credit negatively affected. The one who is only on the deed of trust will lose ownership to the bank or mortgage company, however, their credit will not be affected unless they co-signed or guaranteed the original loan that has defaulted.

Can you get a mortgage loan with horrible credit?

Most probably No