Archive for May, 2011

Can a couple qualify for a house based on combined incomes?

Only one of us will actually apply for a mortgage loan due to the other currently going through the final stages of credit repair. We both have good stable incomes. Can both incomes be used in this situation to qualify for a more expensive home?

Would I be able to get a Commercial Morgage/Loan?

Would I be able to get a Commercial Mortgage/Loan?
I have been working for garages since I was 16 but since my last job, where I was having trouble with a manager, I haven’t been able to find another so I am currently on Job Seekers Allowance.

I have come across an opportunity where I can buy a fully established large garage for £150,000 freehold.

The thing is, I have no deposit and for the past 3 months I have missed my credit card payments.

I think it should be taken into account that I am only 20 years old going onto 21 but I am very serious about running a business.

I was just wondering what my options are.

Thanks in advance.

EDIT:

I should also add that it has its own MOT testing station and comes with 3 full time employees and one part time.

I haven’t yet seen the accounts but I am waiting for them.

(I did ask this late last night but I was hoping for more answers/suggestions)

Should I sell or refinace my house?

I am 21 years old and not too long ago bought a 2 family house. It is being used for investment purposes. Right now I am paying some money out of my pocket because the rent i am getting doesn’t add up to what I owe on the mortgage. Now i’m thinking about selling it or refinacing it. If I refiance I am escrowing the insurance and tax into the mortgage. So the monthly payments will go up a bit. The loan officer told me that I can get something called “depreciation”. I don’t really know what that means. Something to do with taxes I guess. So what ever I pay out of my pocket I will get back when I do my taxes. He said I would have to hire an accountant for all of this. I also plan on buying more property. So my question is will it work out for me if i refinace? or am I better off selling the house? Like I said i am 21 and new to this real estate kind of thing. Any suggestions/opinions would help alot. Thanks

Does anyone live in a manufactured (mobile home)?

I just got approved for my mobile home mortgage loan today. The home is beautiful, manufacturer is Clayton, now I have people coming out of the woodwork telling me these homes are no good and they will fall apart in 15 years, and my mortgage is for 25 years. I live in a double wide now that has been sitting here since the seventies, of course it has been added on to, has vinyl siding and the siding is rock. I am scared to death now to go sign on the deal. Can anyone who lives in a double wide tell me if they are really this bad and what brands are the best? They will be moving this home to my land if that makes a difference.

Do you think Obama’s going to help with the mortgage problems?

Fact Check: Sen. Obama Accepts Over $ 1 Million From Subprime Lending Industry

The Obama campaign’s response to the comprehensive plan Hillary laid out to address the housing crisis today was not to discuss their disagreement with her proposal but to assert that Hillary has received contributions from subprime loan companies.

Considering that Sen. Obama has received $ 1.18 million from subprime lenders and has taken more campaign contributions from the top ten issuers of subprime loans that attack rings hollow as just words. Sen. Obama has a record of talking about standing up to special interests and then caving to their demands. Hillary has a 35-year record of standing up to special interests and delivering results.

Obama has taken $ 1,180,103 from the top issuers of subprime loans. [cq.com]
Obama received $ 266,907 from Lehman. [Cq.com]
Obama received $ 5395 from GMAC. [Cq.com]
Obama received $ 150,850 from CS First Boston . [Cq.com]
Obama received $ 11,250 from Countrywide. [Cq.com]
Obama received $ 9052 from Washington Mutual. [Cq.com]
Obama received $ 161,850 from Citigroup. [Cq.com]
Obama received $ 4600 from CBASS. [Cq.com]
Obama received $ 170,050 from Morgan Stanley. [Cq.com]
Obama received $ 1150 from Centex. [Cq.com]
Obama received $ 351,900 from Goldman Sachs. [Cq.com]

Sen. Obama has taken more money from the top 10 issuers of subprime loans than Hillary. Sen. Obama has received $ 434,420 from the top 10 issuers of subprime loans. Hillary has received $ 364,950. [Cq.com; USA Today]

• Obama received $ 266 907 from Lehman [Cq com] Obama received $ 5395 from GMAC [Cq com] Obama received $ 150 850 from CS First Boston [Cq com] Obama received $ 11 250 from Countrywide [Cq com]

I am using Green Path non profit to get out of debt. Anyone ever use these guys??

I had no choice but to use them, to get me out of a 20% intrest rate, how long after I get out will it take to get my credit back to good?? I know you take a credit hit by using this service, they told me they have programs for mortgages, and personal loans once you complete the program. Your thoughts?

What lenders specialize in using land as collateral for loans to buy a home?

I need a loan to buy a mobile home and I want to use the land I already own as collateral. Are there any mortgage companies or banks that are known to take land as collateral as a down payment or to secure the loan? (p.s. I live in Oklahoma)

• using land as collateral for mobile home

what is your opinion on this email that was sent to me?

What caused the “economic crisis we are now stuck with” is the refusal of Democrats like Barney Frank to recognize the need for reform and oversite at Fannie Mae and Freddie Mac…who together owned or guaranteed one-half of the trillion dollar U.S. mortgage market. John McCain apparently recognized the problem as on may 25, 2006 he stated on the Senate floor, “I join as a co-spnsor to the Federal Housing Enterprise Regulatory Reform Act fo 2005, to underscore my support for quick passage of GSE regulatory reform legislation. If Congress does not act, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose to the housing market, the overall financial system, and the economy as a whole”. President Bush, along with those in his administration, also warned of problems and the need for regulations and oversite at Fannie and Freddie…a total of SEVENTEEN TIMES since 2001. And, the legislation I mentioned that would have done just that was blocked by the Democrats and never made it out of committee…of course Cris Dodd (D), then the ranking member of the Banking Committee and now its chair, was in the middle of receiving preferential loan treatment from Countrywide Mortgage…one of the companies gaming the system in the credit crisis. Here’s what Mr. Frank, who at the time was the ranking member of the House Financial Services Committee, and now its chair had to say about Fannie and Freddie in 2003, “The more people, in my judgement, exaggerate a threat of safety and soundness (at Fannie and Freddie), the more people conjure up the possibility of serious financial losses to the Treasury, which I do not see. And even if there were a problem, the Federal Government doesn’t bail them out. But the more pressure there is, then the less I think we see in affordable housing”. THAT’S BRILLIANT BARNEY!!! I especially like the part that people were just exaggerating and conjuring up problems that don’t exist. what gets me is that these people have the GALL to even show their faces!! The “funny” thing is the trail of corruption leads straight to Barack Obama…who happens to be, by far, the top recipient of “donations” from Fannie and Freddie since he has been in Congress. Now, who is it that’s to blame???

If the united states has a budget deficit?

Since the united states has a budget deficit of billions of dollars.
How can we afford to bailout all these banks/loan institutions/ mortgage companies etc.?

This is a serious question.
Please only serious answers.
I should of none some wise a@@es would answer this!
OK! No serious answers.
I guess I will have to extend my question.

What are you addicted to?

Here we go again, another wonderful day
My mind full of nothing but decay
Try to kill the pain, about to go insane
Walking out in the rain, with no name
Need another drink, but forgot my wallet
Trying to get by, but forever in debt
Go and rob another damn liquor store
Just trying to survive, not to be hardcore
To progress further, sell some coke or weed
Running from the cops, such an evil deed
Avoid my warrants, try not to get myself caught
Because when I get to jail, I’ll be left rot
Nothing but a juvenile, but all grown up
Steal from my mother, stuck inside a rut
Moving from town to town, every month
Hard to get by, I’ve almost had enough

Addicted to love, addicted to hate
Addicted to this, so I’ll jump state
Addicted to drugs, take another drink
I’m on the brink, eyes turning pink

Pop another pill, make the world stand still
Helps take away the pain I hate to feel
Can’t take things anymore, just another bill
Donations every week, just a third wheel
Grab the gun, and hope Jesus is with me
So one day I can quit feeling empty
Go to church, maybe the problem will leave
Maybe God can give me some time to breathe
Take the can goods, back to the mobile home
Stop at the bank try to get another mortgage loan
Hopefully someday I can put this all behind
Look toward the future in the back of my mind
Just waiting for chance to finally come along
She’s still young, got to change all that is wrong
But caught up in my addictions, drink the booze
Sitting on the porch, knowing I’m about to loose

Addicted to love, addicted to hate
Addicted to this, so I’ll jump state
Addicted to drugs, take another drink
I’m on the brink, eyes turning pink

Start out small, work up to the big time
Taken every chance I could to make mine
Risk and reward, got me work’n even harder
The tricks of the trade, got me getting smarter
Putting food on the table, in a nice house
What the American dream is truly about
She’s a young woman now and me at the top
What happened next made my whole world stop
My past friends jealous of my great success
Plugged bullets through my house and wife’s dress
Burned down my house, my daughter on the inside
Flames and ash on the ground, no one left alive
When I was on top of things, the sky had to fall
Why is my life circled around Murphy’s Law
Back in the trailer park, stealing TVs and DVDs
Back to my old ways, as I start to flee

Addicted to love, addicted to hate
Addicted to this, so I’ll jump state
Addicted to drugs, take another drink
I’m on the brink, eyes turning pink

The Midwest Arsonist