Getting Car Loans – Bad Credit

Posted by admin in Loan Modifications | Comments Off

As a result of the existing economic crisis in the whole world, many people are experiencing financial difficulties and have bad credit. That’s why if you are facing such a problem, you don’t need to be embarrassed. Fortunately, the good news is that you can still obtain one of the existing bad credit auto loans online if you take right steps. One of the most important steps is that you should consider if you are able to afford to get a certain auto. The worst case would be to buy a car that is not affordable for you.

One more aspect that can help you to qualify for a car loan in case of having a bad credit is your stable employment. Usually banks and other loan institutions more willingly offer loans to the individuals that have a permanent job, as it’s easier to calculate the interest rates and they have the guarantee that you will afford making repayments.

Therefore, if you have stable income and a poor credit at the same time, your chances of obtaining the loan from a bank are much higher.

Furthermore, having a permanent job for at least a year, you can try not to change your current address for a longer period of time. If you are a person that changes the place of living a lot because of different reasons, your chances for receiving a loan from a bank are much lower. Besides, if your bad credits started to accumulate when you lost your work and you had to move to find a new job, you can mention this argument to the representative of the bank when applying for auto loans.

In case you get the refusal from the bank, you can try to search for other opportunities to get an auto, such as money agencies or auto dealers.

Trusts

Posted by admin in need a lender | Comments Off

I HAVE A “TRUST” THAT HAS BOUGHT 300 HOUSES.  EACH HOUSE HAS AN OCCUPANT ON A BUY/LEASE AGREEMENT.  THE “TRUST” BUYS THESE FROM A FORECLOSURE LIST.  WHAT I DON’T HAVE IS A LENDER THAT CAN DO THESE WITH LITTLE OR NO SEASONING…..SELLER PAYS ALL CLOSING COSTS AND USUALLY BORROWER HAD 3-5k PUT DOWN ON THE PROPERTY THEY LEASED WITH OPTION TO BUY AT THE TIME OF CONTRACT WHEN THE PROPERTY DIDN’T GO INTO FORECLOSURE. ALL ARE IN COLORADO…..ONE IS IN WYOMING.  NO LICENSE IS NEEDED IN COLORADO AS A BROKER.

Need help locating a lender that can do a 95% LTV stated income refinance

Posted by admin in need a lender | 1 Comment

Sounds easy on the surface, but here are the issues:
1. Customer has a middle score over 620, but below 650
2. Customer is refinancing with-in 12months of purchase – Can use purchase price
3. Limited trades & “B” credit
4. Here’s the killer: Documents on previous loan were frauded.  His loan is current but he will soon be facing foreclosure if he can’t get the house refinanced as the investor pulled tax transcripts. States the LO frauded the tax returns used on last loan, but customer is in the used car business.
I’ve got bites, but they are double-digit rates & with stip sheets a mile long.  I’m trying to help the customer, help the investor & help the originator.  The original broker & LO were terminated & can’t be found & there is no proof who did what.  Customer has an attitude & his story is he didn’t participate & he’s sticking to it.  While it is easy to tell him to shove it, we would like to help resolve the issue for everyone as the customer is paying & his payments are actually made ahead of time.