was about no down payment, but now house info

[karl]

i hate this crap! so freaking hard to get mortgage when u have no money to put down on a house. like i have 50k to put down on a house(sarcastic, i dont have 50k).. anyone know a good mortgage person? combined income for year is 100k with below average credit..
anybody got some ideas to get rich quick..



alright maybe i should elaborate a little bit more about my situation. first off, me personally ive been making about 40k a year until 2 years ago when my company went union, whereas since then ive increased about 8k a year. so april 1st was our annual raise so i went from 45k to 52k. (of course im out on workmans comp for the next month from knee surgery, so i wont start making that until i go back) so next year ill go from about 52k to 69k, of course we get OT often so sometimes its more a year. ok, now my gf just moved in a year and some months ago, she had a pretty good job for about a year and then she left it due to issues in the office (sexual harassment on other employee so she didnt feel comfortable) she was out of work for almost 3 months. now she is back at a company and making 30k + about 9k for child support. going back before gf moved in i was out of work due to my knee injury, almost 3 months, all the while battling workmans comp because they felt the injury wasnt work related. i was unable to see a doctor to fully understand what was wrong with my knee so instead of injuring it more i didnt work. finally workcomp decided that it was work related and sent me to see doctor, i then went back to work. of course going on 3 months with no source of income is rather rough, so with rent and bills piling up i had to result in using what money i had in savings to stay alive. leaving me to not be able to pay 2 credit cards, but i had payment plans set up for when i went back to work to bring them to current. which brings us back today, between me and my gf we have annual income of about 85k-90k. we have about 1k a month in debt (car payment, cc bills, school loans) not including other bills like cell phone, daycare, etc. so that pretty much is the whole story, kinda explains that i dont piss money into the wind..

[TROLL]

arent kids worth a ton on the black market?



...dont know other than that... good luck

[karl]

ha thats probably not gonna work..lol

[malloyboy1]

selling sperm for cash?

[240sxDann]

Originally Posted by malloyboy1

selling sperm for cash?

eff that. sell crack!

[malloyboy1]

your girl could sell her eggs too

[karl]

Originally Posted by malloyboy1

selling sperm for cash?

thats a lot of sperm...

[240sxDann]

[Scapegoat]

let me know if you find anything

Getting into housing is hard right now unless you have cash. Too many foreclosures right now... on the flip side, if you had cash you could wrangle up a foreclosed property and sit pretty with it.

Unfortunately for me, my credit is ****ty with a ton of "settled" debts... if anyone knows a good credit person in the KoP area let me know, I'd like to get those removed if I can But that on top of not having cash set aside, plus me buying the truck and wanting to get that project going (its a good investment... really, I swear...), means no house for me either...

[karl]

yea i would have cash, but i pretty much just finished paying off all my cc debt. so thats where all my cash has been going for the past year. had to catch up after being outta work for almost 3 months while getting jerked by workmans comp with my knee.

[cburwell]

It sucks, since if you don't have much or anything to put down you won't get anywhere. If you're lucky enough to get a mortgage then you will probably be stuck with some crappy monthly payments.

I have been looking on an off since I graduated. The thought of a rental just seems like I would be pissing away money at this point. On top of that it's damn hard to find an apartment or another type of rental for under a grand per month (not in a ****ty neighborhood).

[TROLL]

scapegoat... do you know anything about the world of foreclosures? i'm curious about it but from what i've researched its not always easy picking. of course the situation does improve drastically if you've got the right people on your side though who know what they're doing.
so... does anyone know what they're doing?

[igo4bmx]

woah combined income is only 100k with bad credit?

good luck
maybe spend less on car parts and save!!!!

[jc8889]

I'd say go No DOC loan, but you need excellent credit....... if your time isnt rite.......

[amp]

clean up your debt first and foremost..

[gpzjack]

I hear ya. I just sold my house and i'm buying a new one...there is no way i could buy a new house if i didn't have the money coming from the sale of my first house. I have to put 57k down on my new house!! I think the days of 0 down mortgages are coming to an end.

[noclutch]

With no money down you're not gonna get a loan without good credit. There's 3 big things they look at. Down money, Credit History, and Debt to Income ratio. You need 2 to be excellent, if not all 3. Save up for a year or so and work on your credit, then see if you're on a position to try again.

[Scapegoat]

Originally Posted by TROLL

scapegoat... do you know anything about the world of foreclosures? i'm curious about it but from what i've researched its not always easy picking. of course the situation does improve drastically if you've got the right people on your side though who know what they're doing.
so... does anyone know what they're doing?

nothing more than common sense and assumptions really.

You've got a lot properties that people are defaulting on, which leaves the banks in crappy situations now that they have no one making payments on the loan. Obviously, you've got firms out there with money that are buying the houses left and right and making it difficult for the average person to secure one of these places.

Just pay attention to the sheriff's sales in the newspaper, do some research, dress nicely and act like a big player when you go. You'll still need the cash or a mortgage loan from another bank

[noclutch]

The problem with many of the recent foreclosures is that the original loans are only a few years old. The amount owed to settle the loanis nearly the value of the house, on top of that, the homeowner typically has liens against the house that makes the deal that much less attractive.


They don't even have to tell you about the liens when you pick it up at sheriffs sale, once you buy it, you're responsible for them though.
You can easily search for a list of your counties sheriffs sales through google but keep in mind that any property you're interested in will need to be researched to check for any liens. Thats money you're responsible to eventually pay on top of the purchase price.

Here's Montgomery County's sale page
http://sheriff.montcopa.org/sheriff/...29,q,41007.asp

"The Sheriff does not guarantee clear title to any property sold at sale. For example, you may buy a property with numerous liens requiring you to pay a lot more money than what you bid for the property and you must, under the law, pay these lien holders to clear what is now your title. This is solely YOUR responsibility. All liens registered on properties can be obtained at the Prothonotary Office in the Courthouse. A title search is recommended."

[Jeffros Spec V]

My father purchases houses from sherrif sales all the time. Then again he has a line of credit well over $500,000 that he can just use to purchase the house right there and then. If you look hard enough and get your crap together you can get a house around here for like $120-200 depending on location.

basically when a house goes into foreclosure a series of events happen. Lets say this....Jeff bought a house and has been paying his payments for the last 10 years. Suddenly I'm without a job and I miss my mortgage payment. The bank calls me up and says whats going on here? You better make your payment in the next 15 days or we are going to tack on x % of your payment onto this payment as a penalty. Well since I didn't have the money to make the payment I now don't have the money to pay the payment plus the penalty so I don't pay and then another month goes by and another and finally the bank says you're done.

Now I go before a judge and I promise that I'm going to pay x amount of dollars more each month in order to catch up on the payments that I'm behind and all is fine for a few months until I can't make the payments anymore. The bank then says ok you're done. We go before a judge and the judge says "This house is going up for sheriff's sale." The bank needs to calculate exactly what is still owed to them with interest and penalty's and other non sense and that becomes the figure for which the house is put up for sale. Now on the morning of the sheriff's sale I declare bankruptcy and the house is taken off the sale. Sometimes this can happen for 2-3 times before a judge finally says "Thats is, this house is going to sale no matter what."

Now house goes up for auction and there are people there ready to bid. The bidding starts at $120,000. Troll bids $120,000 cause he knows he secured some kind of loan or has the money to actually purchase this home. Karl comes right back and says I'll take it for $135,000.00 so Troll backs out and the house is sold to Karl. He signs some papers and within the next few days Karl needs to come up with $135,000 to take deed to the house.

Thanks for reading!