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I have been trying to get a new home loan with a repo showing and so far I have found no lenders that will take the loan. From what I have been told by about 15 lenders, is that as long as the repo is showing on my credit I will not be able to get a home loan. They said even if my score was 700 pts the banks just will not approve ANY home mortgage with a repo on credit. On another note- my repo became a "repo" after the vehicle was completely totalled in an accident and was supposed to be paid off by my insurance and the remainder by GAP insurance, but my financial company (CITI) never let my insurance company do the assessment of damages to the vehicle before they auctioned it, hence no insurance check was cut - Even though this "repo" is totally uncalled for and actually illegal (right to due process violation) mortgage companies still don't care. Not even with the documents I have proving the financial company is in the wrong and there should be no "repo" showing on my credit. If you find a way to get a mortgage with a repo please post it here, cause it seems like if you're in this situation it is totally hopeless. (Unless of course you pay the repo off :( ) Addition: From what I've been reading on this topic, it would be best to go through a mortgage broker who will act as a professional representatitve (of sorts) on your behalf to the lenders. The fact that these guys do this day in and day out also helps as they probably have relationships with lenders that they can leverage.
What else can I help you with?
Can you demolish a house that still has a mortgage on it?
Yes, a house with a mortgage can be demolished, but the mortgage would still need to be paid off even if the house is destroyed.
What are the dangers of a second mortgage foreclosure?
The biggest problem with second mortgage foreclosures is that you can lose your home even if you are still current on your first mortgage. The second mortgage, if defaulted on supersedes you first mortgage.
Can you still qualify for an FHA loan if you have had a car repossession in the past?
Yes, you can still qualify for an FHA loan even if you have had a car repossession in the past. However, the repossession may impact your overall credit history and could affect your ability to get approved for the loan. It's important to work on improving your credit score and demonstrating responsible financial behavior to increase your chances of approval.
Can I apply for a mortgage if I have been pre-approved?
Yes, you can apply for a mortgage even if you have been pre-approved. The pre-approval process is just the first step in getting a mortgage, and you will still need to complete a full application with the lender.
How badly does it affect your credit if you surrender a vehicle to the financing credit union due to financial hardship?
== == http://www.NationalScoreIndex.com. Overall, the study found that: * The average Experian PLUS(SM) Score for consumers with no late auto payments is 689 versus 596 for consumers with at least one late auto payment. When a payment is late by 90 or more days, the average score dropped to 574. * 1.5 percent of consumers who have an auto have a repossession noted on their credit file. The average credit score for those with a repossession dropped even further to 566. The states with the highest repossession rate are Arizona, New Mexico, Texas, South Carolina and Nevada.
Can your wages be garnished for an auto lease repossession in Florida even if the leased vehicle has been turned in?
Yes, if there is still an amount owed.
Can you demolish a house that still has a mortgage on it?
Yes, a house with a mortgage can be demolished, but the mortgage would still need to be paid off even if the house is destroyed.
Is it illegal to conceal a car from repossession in Florida?
Concealment of a car up for repossession in Florida is a felony. You can be charged with hindering a lender in repossessing a vehicle, or even grand theft auto. Additionally, the state of Florida will not permit you to register any vehicle in your name if you have an active repossession against you.
What happens if you conceal a car on repossession in Florida?
Concealment of a car up for repossession in Florida is a felony. You can be charged with hindering a lender in repossessing a vehicle, or even grand theft auto. Additionally, the state of Florida will not permit you to register any vehicle in your name if you have an active repossession against you.
What are the dangers of a second mortgage foreclosure?
The biggest problem with second mortgage foreclosures is that you can lose your home even if you are still current on your first mortgage. The second mortgage, if defaulted on supersedes you first mortgage.
How many points does your credit score drop after an auto repossession?
http://www.NationalScoreIndex.com. Overall, the study found that: * The average Experian PLUS(SM) Score for consumers with no late auto payments is 689 versus 596 for consumers with at least one late auto payment. When a payment is late by 90 or more days, the average score dropped to 574. * 1.5 percent of consumers who have an auto have a repossession noted on their credit file. The average credit score for those with a repossession dropped even further to 566. The states with the highest repossession rate are Arizona, New Mexico, Texas, South Carolina and Nevada.
Are you able to still leave a mortgage in Minnesota after BK and not be liable?
Yes, you can walk away from a mortgage and not be liable for a deficiency (even in recourse states) if the mortgage was listed in the bankruptcy.
Can a judgment be put on you for an auto repossession from 15 years ago even if there has never been a judgment for it?
Call a local attorney for state specific advice on the SOL.
Can you still qualify for an FHA loan if you have had a car repossession in the past?
Yes, you can still qualify for an FHA loan even if you have had a car repossession in the past. However, the repossession may impact your overall credit history and could affect your ability to get approved for the loan. It's important to work on improving your credit score and demonstrating responsible financial behavior to increase your chances of approval.
Is tax on continuing a second mortgage deductible after filing for a first foreclosure?
Even if you have had a foreclosure, tax on a second mortgage or home equity loan is still deductible.
What do you do if your car got repossessed when it wasnt supposed to?
If it truly was a wrongful repossession, call local law enforcement and report the vehicle stolen. If they notify you that it was repossessed, inform them that it was a wrongful repossession. Next, contact the lender and demand politlely that they notify the repossession agency that the vehicle was wrongfully repossessed. You might even, still politely, suggest some sort of compensation for you inconvience. Also ask for the contact number of the repossession agency. Call them and notify them also of the wrongful repossession. Suggest also to them some sort of compensation for your incovenience. Vehicles that are wrongfully repoed must be returned as soon as possible and in the same condition as when taken. If there is damage, the lender and the repossession agency are liable. If you are not satisfied with how quickly your vehicle is being returned, push the auto theft charges.
Your parents died and left you property your name is on the deed but not on the mortgage is that a problem?
It is not a problem, but the mortgage will still have to be paid by the surviving co-owner even if that co-owner did not borrow or get any of the money from the mortgage, because it is a lien on the house.
