Answers
FHA loan does not allow a down payment to come from a credit card loan, or any other type of loan. But, someone mentioned after two months, the deposited credit line in the a checking account becomes considered as savings. Right or wrong??
It might work by taking the cash out of the credit card months before you intent to apply for the FHA loan, keeping it in a savings account all the time.
But the problem is that the credit card cash advance shows up as a high balance on this account on your credit report and most likely you will be asked to have all credit card balances down to below 10% of their limits or even at Zero.
So getting the money out and passing it off as a legitimate savings will backfire because now you have a high credit card balance that they want you to pay off before you can get the loan.... wich means you either pay off the credit card fast or use the "saved" money to pay it off again and you are back to where you started... No substantial savings for a down payment on the house.
PayDay Loan Tree
Will they really loan me $1500? I seriously need money or I will lose my apartment and car. My credit score is 510 so I can't get a regular credit card. My friends and family can't loan me anything. I start my new job Nov. 1 (salary $35K) but have been out of work 2 months and that is a mighty big hole. I am desperate.
From what I've read on those sites, yes they'll give you the money (payday loan is what I'm referring to) and then they want you to pay it back plus interest which normally is natural but in the payday case, the interest is outta sight and you are paying for a long time and paying 10 times as much just about.
Please read the fine print on everything and anything online. If it sounds too good, you know it probably is.
I can understand why credit card companies do this. They check my report periodically to see if I'm eligible for credit line increases, and also may raise interest rates if negative information appears. The auto loan is a fixed interest rate. I am current on my auto loan. Why would they care if I am current with my other creditors?
In addition to what's been mentioned, they do so for promotional reasons - to decide whether to send you "preapproved" credit offers.
My house has a 80k loan and a 50k equity line of credit (diff bank)
Built 1849 I do not have the money to fix. Now a 3rd child is coming and my house has serious mold problem. Family is sick. I want to walk away. Help... deed in lieu of foreclosure?
What kind of options are available. I want to get a mold check for proof. Get quote to clean. Which I cannot afford. Then hand over to bank. House is unsafe to live in.
What is house worth? It had be worth more than 130K? If you have 50K on L-O-C, you should able to close escrow account unless you are with FHA, the first 5 years...Stop paying property tax if it is not livable...close escrow acct if possible, it will save you payment for a short while...sale it as quick as possible...
I heard that they don't look at your credit score to determine if you're qualified for loan modification or not. But do they still pull your credit ?
It's just that I have racked up more than 25,000 of credit card debt that I used to pay for the mortgage & bills (I know I was stupid, but I thought I could figure out a way to save the house while doing it)
I have not filed bankruptcy yet, but will have to eventually... as of now my house is my priority so just would like to have some feedback if having lots of debt in credit card/line of credit will make you unqualified for loan modification.
PLEASE go see a nonprofit credit counselor, HUD accredited. Don't assume that you'll have to file bankruptcy. You made some poor choices and will have to deal with the consequences.
I'd just anonymously call and ask if loan modifications are being done and what the procedure is, what is required. I'd guess they'll pull credit, but I don't know as it's a pretty simple procedure, and they're just lowering the interest rate on your loan. They want to know that by lowering the interest rate they enable you to make a go of the house, and avoid foreclosure or bankruptcy.
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