| ||||
| All Foreclosure Home Page | Foreclosure Discussion Board | |||
Posted by CARLOSINCA on May 29, 2007 at 15:12:46:
In Reply to: Re: If only BAD CREDIT ARISE, why don't more walk away? posted by Carie on May 29, 2007 at 10:37:13:
CARIE,
i dont understand why the loan is going up $1,000/mo.. that could add up pretty quick I'm sure, and well, yes, you already have a roof over your head, why worry bout bad credit... right? Number one, because the lender will still go after you for their money! Number two, if you ever plan on refinancing your home (the one u live in) you probably wont qualify for anyting under 12% Number three, lets say in the future you want to finance a car, you need a loan, your kids might need a loan and they want you to co-sign or lets just say you want to apply at Macys for an extra 15% off, you are not going to get it!!! I'm not even talking about whatever credit cards you might have open now... do you know that these cardholders have the right to periodically check your credit and reduce or cancel your limits at any time? Its true! have you thought about refinancing?? is there equtiy? do you have equity in the property you live now you could cash out, apply to the rental get loan structured so that you may have options, (*yes, i do mean 1% start rates) every month, but are consistent options for a period of 5 years therefore creating a positive cash flow.. do you even have the property rented out? how's your credit now? what is the value and balance of the property?? VALUE/BALANCE=LOAN TO VALUE (LTV) usually expressed in a percentage. If your LTV is 80% or below on either house you might just need to adjust your financing on these homes.. Its easy to give up, but think about it to whom would you give that advice to?? your kids? your friend? relative? I'm a licensed Raltor here in CA and have been a Sr. Loan Officer for 5 years financing property form here ot New Jersey, form Texas to MN. I know what i know and i've learned from experience, feel free to contact me for further advice. God bless hopeithelps
Followups are disabled on archived posts
Name : E-Mail : Subject :
Comments: Optional Link URL : Link Title :
