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100% Mortgage Financing With A Lowly "500" Credit Score?
The financing vehicles have been in place for several years now for a borrower using some creativity with a seller to make 100% financing possible. However, the real estate market had been so hot in many areas in the U.S. the sellers did not have to even entertain anything resembling creative financing. With a softening market, creative financing is back as a helpful tool to allow sellers to unload their properties as long as an over supply of inventory exists.

In this current real estate market, there are creative real estate possibilities. It won’t last forever; the time is at hand to utilize seller help and creative financing if anyone with a credit challenge needs a push on buying a home.
A Thief Is A Thief…Wrapped In Electronic Sheep’s Skin…Just The Same…A Thief
Credit card thieves had found a wrinkle around that by giving the cardholder a feeling of comfort using a slight of hand. This allows the thief time to run the card up. Rationalization abounds in this act. Acting in concert, the card is lifted and either sold for cash or used by the thief. These thieves clothed in electronic sheep’s skin are giving sheep and wolves a bad rap. Keep in mind, this is not the worse of it. If a cardholder is not able to pay the money back then the credit scores plummet and years of endless explanations on this event are in store for this innocent party. In all cases, a police report needs to be filed in every instance. In these cases the thief is an outside party. In many cases, it is someone close to the family and a police report is not filed as to protect the family member, but alas the credit gets hammered again. The focus of this article is on outside perpetrators of credit card crime. Keep your cards safe otherwise risk a meltdown on your credit scores and credit history.
I’m Not Digging “Triggering” My Credit
The approval came back ACCEPT PLUS. The findings came back with the credit report that had been pulled during the process. Per agreement, Emily proceeded to lock the loan per the Good Faith Estimate and application. There would be a full 30 days to close this loan. The financial markets were beginning to waffle again and rates may shoot back up, but this loan was now locked guaranteeing the offered rate per conditions. Emily called Pricilla and Bob with the good news. Emily set up a time for the appraisal to do an interior inspection with the borrowers paying for the appraisal at the door. Things were coming together nice and neat. The very next day when Pricilla and Bob got home from work, there were four calls from other mortgage companies inquiring about refinancing their loan. They seemed to know a lot about their personal information from current loan amounts, lender, and the fact that they had applied for a new mortgage. Pricilla and Bob looked at each other in amazement. Pricilla and Bob were just flabbergasted on how their personal information could be bandied about to complete strangers. Emily went on
To explain that these were called “trigger lists” and if they wanted to Opt-Out they could go to www.optoutprescreen.com but it takes several days to go into effect. Pricilla went online and opted out. Emily would be doing their loan. There was a phone number displayed as: 1-888-567-8688.
Municipalities Killing The Goose That Lays The Golden Eggs
Areas of the country that have enjoyed a big run up in values the past year are now paying for it. Local tax assessors doing their jobs, based on comparable sales, are moving assessed values up to increasingly high levels. Housing affordability is a function of interest rates, housing prices and the taxes and insurance and income levels of the citizenry. With the recent run up, in some cases the property taxes have more than doubled.
What is particularly disturbing is that many municipalities (NOT ALL OF COURSE) are awash in cash with this new surge in revenue. These governing bodies have the power to reduce the mill age rates to offer some sanity to these homeowners. Yes, there are always projects and departments that can use more cash, but every stinking penny of it?
So You Agreed To Take A Seller Held 2nd Mortgage To Help Sell Your Property…Now What?
Many buyers who have jobs and means to make monthly housing expenses have for what ever reasons have lousy credit. Sometimes bad things happen to good people. It could have been a recent forced job change, family illness, auto accident, death in the family causing a one or two month interruption in the family cash flow. Credit FICO scores plummeted in the lower 500 range. Things are turning around now, but the challenged credit history remains. What to do? If a family does not wish to wait five years to turn their credit around there are several possibilities. With these lower scores many B/C Subprime Mortgage Lenders will allow anywhere from 80% to a 95% Loan To Value Mortgage. At the same time these mortgage lenders may allow a 100% Combined Loan To Value (CLTV) mortgage with the seller holding a second mortgage for the difference. Mortgage markets change all the time based on secondary mortgage experiences with foreclosures and slow payment histories. Right now, this scenario is possible in this current slow real estate market. In addition, the lenders will allow the seller to pay in many cases up to 6% of the buyer’s closing costs and prepaid expenses such as the annual hazard insurance premium and escrows for the taxes and insurance. In some cases, these credit-challenged buyers using this financing technique can buy a property with little out of pocket. In the past, these buyers may have been kicked to the curb and told to come back when they have some money saved and improved their credit. Not today, at least by mortgage brokers who know their products. Buyers need to seek and qualify Realtors and Mortgage Brokers who are willing to go to the wall for them to get the deal done.
The Mark Is Selected…The Fix Is In…Sting Underway
A passerby walking down the street discovers a wallet beside a stranger and it just so happens to be packed with wads of cash. The newfound friend proposes splitting the cash if the owner can’t be found. Then there is the bank “examiner” who calls a bank customer with an appeal to catch a dishonest teller. All the mark has to do is make a withdrawal to affect the capture of this teller putting her money and all the other bank customers at risk. We can’t forget the urgent online appeals on the Internet from a far foreign land where help is needed from the mark to move millions from offshore banks to a U.S. account with the only thing required is a good faith deposit to make it all happen. Yes greed and promises of massive rewards do play a part in all these schemes. Everyone is looking for a good deal that works out at a big profit. Some are legitimate deals and some are schemes. If it looks too good to be true, it probably is.
The Second Oldest Profession…Barter & Trade
Today builders and homeowners are again operating in a soft market. The “paper business” is a great way to make deals work. With the advent of corporate note buyers in the market place the deep discounted opportunities can be limited, however, there are still opportunities. If you end up with paper on a deal, hopefully at a discount, many creative practitioners using them at face value to put together purchase and trade deals. There is more than one way to put real estate sales together. If a bu
Warning Labels Mandated For Credit Cards
If anyone gets any type of prescription drug or even buys something over the counter to help with symptoms of a cold, a rash, insomnia or a hang nail there is a warning label attached out lining all the side effects of taking the product. A soda with an artificial sweetener has a warning label and caution that it may cause cancer. Buying beer or cigarettes comes with warning labels. There are warning labels on seat belts and no one dares remove the label on a new mattress or the perpetrator will suffer the consequences. Warning labels are mandated on all kinds of products. On a popular brand of dry roasted peanuts there is a warning for any child under six not to eat them as it could cause choking. Consumers are warned in any type of electrical appliance under the sun sold in the U.S. Many of these things have been utilized by the manufacturer and end sellers to “help” blunt litigation efforts by users of the products. What might a strong credit card warning label look like under such a mandate?

"The inappropriate use of this card could cause divorce, bankruptcy
the loss of your home through foreclosure, unlimited harassment from
creditors by phone and/or mail. Wage garnishments and filed judgement
may result in the loss of other owned property. With adversely impacted
credit scores plan on paying the highest mortgage rates allowed for a subprime
lender. Thousands of dollars maybe lost through identity theft if said event is not
reported in a timely manner. The use of this card may cause negative impact
on your health through added stress and emotional trauma resulting from non-payment of this card. Welcome aboard and as always it’s a pleasure to handle
your business. Use this card at your own risk. Have a nice day.” (Sarcasm Intended)
You Can’t Steal In Slow Motion-Real Estate Deals Wait For No One
Charlene had been attending a Home Buying Clinic sponsored by her church for the past year. Fortunately, childcare was available at the church during the three hour sessions. Tanya was able to do a little studying as well in a far corner of the large room. Budgeting, credit repair, together with the home buying advice was all being discussed. Charlene had been doing well on her plan, but her middle credit score still hovered around 570. At the last meeting Mr. Wilson discussed many of the opportunities to buy a home with creative financing. Charlene pressed Mr. Wilson for more details. Charlene asked Mr. Wilson, who happened to be a Real Estate Broker and a Mortgage Broker, if that might work for her. After class, Mr. Wilson took Charlene’s information and shared with her that she may have a shot at doing something right away. Charlene went on to explain, she wanted to get something closer to work and to Tanya’s school. Mr. Wilson said he would call tomorrow with some possibilities.