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Is it better to short sale a house or refinance to get credit in good standing?

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2012-08-14 21:26:30
2012-08-14 21:26:30

It's better to refinance. A short sale will reflect negatively on your credit record.

It's better to refinance. A short sale will reflect negatively on your credit record.

It's better to refinance. A short sale will reflect negatively on your credit record.

It's better to refinance. A short sale will reflect negatively on your credit record.

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2012-08-14 21:26:30
2012-08-14 21:26:30

It's better to refinance. A short sale will reflect negatively on your credit record.

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Related Questions

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Your credit can raise or lower your credit score. It is what consumer credit for buying a house or car is based on.

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Your house is in forclosure, this means you do not pay your mortgage. Unlikely a bank would take such a risk!

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You have to go to the bank that has the loan on your house. They will have you fill out a bunch of paperwork. After that they will refinance your house.

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It can be easier if you use their credit by putting them on title on the home and use there credit, however they will be responsible for the loan and be on title as at least a part owner. If you use another persons credit to do a refinance, the other person must in most title states be put on title and will be responible for the loan even if you both sign which you would have to do.

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You can get credit reports from all three major credit bureaus from www.annualcreditreport.com. It is free once per year. Otherwise you will have to pay.

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Yes it is possible to refinance your house if you have low equity. But you must have at least 20 percent equity before your refinance will be apporoved.

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No, if you have some credit card problems some house financers will help you with the refinancing costs by putting the cost at a reasonable rate, therefore helping you suceed withoit making your credit card suffer consequences and debts.

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Ever since bad credit has become a popular problem, many companies offer bad credit loans to refinance. To find the refinancing according to your specific needs please contact your preferred banking operator or you may also select online from a variety of websites and firms dedicated to this specific field.

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Technically, yes, but the home equity line of credit is a lien against your home and will have to be paid off when you refinance the house. In reality, many people find that the unpaid balance on the HELOC, plus the unpaid balance on the original mortgage, exceeds the amount the bank will lend on the refinance. Before you apply for the refinance, just talk with your lender. They can probably walk you through the numbers on the phone and determine pretty quickly whether or not you have enough equity to refinance. If you bought your home several years ago, you may have to have an appraisal done to find out the maximum amount the bank will lend.

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You would have to 'buy' the house from your parents, but if you can qualify for a loan, there shouldn't be a problem.

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You may not save anything. It depends on what you're refinancing from and to, whether the value of your house has fallen since you bought it, and your current credit situation.

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I am assuming you are looking for a first time home buyer credit. No this is a refinance not purchase. Closing Costs could possibly still be deducted on taxes but check with your tax advisor on that.

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no you dont. the bank takes into consideration that there is no longer a house standing and excuses from the mortage providing you have good credit.

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The best use of an adjustable loan is to take advantage of the low rates so you can improve your credit standing in other areas. Then, when you refinance to a fixed loan, you may be able to get a better rate than you would otherwise. So, obtain a copy of your credit report and make sure everything is correct. Pay down any outstanding credit to less than half of your credit line. Then, check with your original lender as to the cost of refinancing since they are likely to be able to do a simple refinance with a low fee. Although it may be tempting to take some cash out of the equity, avoid doing so since housing prices are not particularly stable at this time. You do not want to become "upside down" on your house.

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When refinancing your home it will depend on how much you have had it appraised for. For example-if your currant mortgage is based on what you paid for the house,say 100 000, And you have it appraised for 150 000 you would be able to borrow about 75% of the extra 50 000. As long as your credit with your financier is in good standing and you have the income to pay it back. We did that to do some upgrades on our home.Answer For some loans it's possible to get a loan for more than the total refinance. However, this is a decision between you and your lender. Some lenders may not allow you to refinance for more than what is still owed on the property.

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To get credit to build a credit score, you must take a loan out on something such as a car or a house and then make payments. The more you are on time, the better your score will be.

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You can refinance your home by seeking for a new bank to get your home refinanced or getting it through the same bank where you had your home. If you have good credit scores, then you have a big chance of getting approved for a home refinance. Online Real Estate school also teaches this kind of aspect so that they may also lead their clients to right decisions when it comes to house refinancing.

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If you are surrendering your house anyways, it is usually better for your credit score if you do it through bankruptcy. If your house is foreclosed on before you file bankruptcy, then your credit score is hit by both the foreclosure and the bankruptcy. If you let your house go back through bankruptcy, instead, then your credit score is only hit by a bankruptcy.

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If the wife does not have her name on the morgage can the husband throw her out of the house with nothing ?

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No. You were not married to him. Keep your maiden name and keep your credit seperate. If it has been a long time out of the bankruptcy then his credit may not be that bad. In fact it is possible that it is better than yours. Call all three credit reporting agencies and have them send a free credit report for him and you to review. If you put him on the title of your home then it could hurt you. If you use his credit scores and they are low it could hurt you because they will take the middle score between you both.

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An individual can get a refinance mortgage on their house by applying from one. Not everyone would be accepted though because their are some qualifications.

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If the lien is reported to your the 3 credit reporting agencies or even one as a collection it will effect your credit. If the lien is just on your home it will not effect your credit however you will have to pay the lien off when you sell or refinance your property. Also some of these liens have running interest which can be a shock in the future.

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