Posts Tagged ‘ credit score ’

Walk away from a second home?

February 21, 2011

My niece and her husband moved to Las vegas and bought a condo. The job fell through and they are back in LA. Thank God they did not sell there house in Ca.
They rent the condo but it is bleeding them financially.
The 5 year arm is coming do and it is so underwater (ha remember it’s in Vegas) that they will never be able to refi. Any suggestions I can give them? Is walking away and taking the hit on their credit?
They are young and can survive a bad credit score.
Thanks, I would like to help but we are talking over 100K loss.
S and DE: A short sale would be over 100K short and they still have their first home in LA.
I think NV title does not give the bank the right to get other land but I don’t know for sure.
The first guy is wrong, but thanks. The hit on their credit score would be tolerable. They still have OK jobs.

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Mortgage loan for a first time home buyer?

February 15, 2011

Hello everyone, firstly thank you for reading my question. I need some serious answers. My husband and i am buying a house in Las Vegas Nevada because my husband is retiring soon (propably nect year or in two). We are house huntig right now and we fell in love one 2 bedroom house and 1 bath for ,000. We are going to make a ,000 down payment on it. Since he filed for a bankruptcy a year ago, i do not think that he will be able to have a loan for the rest of ,000 that we have to pay for the house. I don’t work but i do odd jobs occasionally (selling avon, baking cakes and sell my home made tamales to my friends and neighbors) so i don’t have a steady job. but i have a little over ,000 saved up for the down payment next year. how can i get the rest of the ,000 to be financed? Plus, i have a new credit. I did not have a credit card before but now i have one and i am building my credit score. My credit score is about 750ish. Is it possible that i can have the rest of the mortgage to be financed by a company or a bank?? If not, what are my choices? Please help me. Thank you very much. Suggestions from experts are very important to me please give me some advice. I am curently living in Los Angeles Area. Thank you

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