We are 10 months down on our mortgage and obligation to relocate...?
We are not sure on what our best options might be. We have a VA loan, and really don't want to mess that up, and nearby is a good chance we can rent the home at the appeal of our monthly payment. Our main concern is getting another mortgage for a different home while still keeping this house. Does anyone beside expertise can give us some advice as to weather anyone will tender us a loan being 10 months behind? I know a couple who purchased after their home go in foreclosure. Any help will be greatly appreciated...THANKS
NO...why would you even consider getting another loan when you cant settle up the first one?? Not paying for nearly a year is damaging your credit right now, a mortgage company would see that and reject you. Rent out your house and then move to a much smaller place yourself.
sorry, but there is NO way anyone would provide you a mortgage while being 10 months behind. Period.
Even if you pay packet up the 10 months of mortgage, your credit score has to be poor at this point.
In addendum, you can only have ONE VA loan at a time.
I would plan on renting for awhile.
"> nearby is no way anyone is going to give you a mortgage if you are 10 months aft on your current mortgage - your credit is already wrecked
you won;t be able to get another mortgage anytime soon even if you be able to sell your house for ample to pay off the older mortgage, which yo probably can't
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My mortgage broker is charging me 1% origination, $550 processing and 1.097% YSP. Am I getting ripped past its sell-by date?
The loan is FHA for 226,000. i'm in CA. what is YSP. The other question is, what is the rate. Maybe the LO allowance of 1% is a rip...
NO...why would you even consider getting another loan when you cant settle up the first one?? Not paying for nearly a year is damaging your credit right now, a mortgage company would see that and reject you. Rent out your house and then move to a much smaller place yourself.
sorry, but there is NO way anyone would provide you a mortgage while being 10 months behind. Period.
Even if you pay packet up the 10 months of mortgage, your credit score has to be poor at this point.
In addendum, you can only have ONE VA loan at a time.
I would plan on renting for awhile.
"> nearby is no way anyone is going to give you a mortgage if you are 10 months aft on your current mortgage - your credit is already wrecked
you won;t be able to get another mortgage anytime soon even if you be able to sell your house for ample to pay off the older mortgage, which yo probably can't
Related Questions:
My mortgage broker is charging me 1% origination, $550 processing and 1.097% YSP. Am I getting ripped past its sell-by date?
The loan is FHA for 226,000. i'm in CA. what is YSP. The other question is, what is the rate. Maybe the LO allowance of 1% is a rip...