Your Questions About Home Loans For Bad Credit

George asks…

Is it really true that buying a house with bad credit worthy?

If some one has a bad credit history but now the situation is better because of a stable job. Do you thing it is worthy enough to buy a home with bad credit loan?

John answers:

You can always apply and see what they say. Each situation is different and without full details (which clearly you don’t want to post here) it would be impossible to even guess.

Jenny asks…

If you have bad credit, but good income can you still qualify for a home loan in todays housing market?

Is there any sort of insurance that one can buy that would provide the lender assurance against one’s bad credit?

John answers:

No. Expect to pay higher interest if you can get a loan at all.

Daniel asks…

What steps are taken before a landlord can report you to a collection agency?

Here’s the situation, I rented out a townhouse for a year. I’ve paid my security deposits on pets and the apt. I’ve never been late, never gave them ANY problems. I moved out after the lease was over. Gave them a month advance notice that I didn’t plan on renewing my lease.On the day I left I could not wait for the office to open up so I left my apt keys, mail keys, gate keys and a note w/ my fwding address and cell #. (hoping to recieve my security deposit back) After a year later I apply for a home loan only to find out that I’ve been reported to a collection agency for $1142! It really dented my score…BAD. I’ve never recieved a notice that I owe anything. In fact I never even recieved my deposit back….what do I do? what are my rights? Can I sue them for giving me bad credit?

John answers:

What did they say when you called them and asked about this?

Charles asks…

What steps are taken before a landlord can report you to a collection agency?

Here’s the situation, I rented out a townhouse for a year. I’ve paid my security deposits on pets and the apt. I’ve never been late, never gave them ANY problems. I moved out after the lease was over. Gave them a month advance notice that I didn’t plan on renewing my lease.On the day I left I could not wait for the office to open up so I left my apt keys, mail keys, gate keys and a note w/ my fwding address and cell #. (hoping to recieve my security deposit back) After a year later I apply for a home loan only to find out that I’ve been reported to a collection agency for $1142! It really dented my score…BAD. I’ve never recieved a notice that I owe anything. In fact I never even recieved my deposit back….what do I do? what are my rights? Can I sue them for giving me bad credit?
oh yeah…I left the contents in the night drop box.

John answers:

Gather up all your old lease papers,receipts,correspondence,etc.Any proof of your tenure at the townhouse and then file a claim against the landlord in small claims court.I would seek legal advise from a lawyer also.

Linda asks…

Is it possible to purchase a home with bad credit?

I have really bad credit but my aunt told me that she could get me into a house as long as I have a down payment of three thousand dollars. Is this possible?

John answers:

You use to. Haven’t you heard. Sub-prime mortgages are in trouble. That means that mortgage companies are not so willing to take a risk. PS the interest on these loans will kill you.

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