life Posted November 7, 2002 Report Share Posted November 7, 2002 Ok i just found out that i need to get a mortgage asap.My credit scores are experian 622 equifax 539 and t.u show two score the fico 577(i piad 12.95 on line at their wbsite) and then the one that come in the mail with the report 517 My husband's score are a few weeks old but they are t.u 533 their fee report on line, experian 603.equifax unknow....... We have a strange sitution with our home, we were unable to qualify for a mortage a few years ago so we hooked up with an investor that owns the home and what we are doing is we are paying him xxx amount each month and after so many years we would own the home or we would try to get a mortage and buy the home from him, we he just wrote to us and told us that he wants us to get a mortage Asap as he nolonger wants to carry the mortage on this home. Apparently his new wife is worried that we will default on the payments and they will be left with this house...So now i need to look for a mortage company..Is there any one here that canhelp us...Yes we want to stay inthis house....And no family will not help us.... Link to comment Share on other sites More sharing options...
admin Posted November 7, 2002 Report Share Posted November 7, 2002 It sounds like you are doing a lease purchase. Did you sign an agreement on this? If you did, and it's before the lease is up, he can't make you move. If it's after, then he can.You could get a home loan with a not so great interest rate, but only if you have lots of cash down (at least 10%). Otherwise, it may be tough. I'd also suggest seeing if you can go FHA or VA (if you or your husband is a veteran). Link to comment Share on other sites More sharing options...
life Posted November 7, 2002 Author Report Share Posted November 7, 2002 KristyDo you know anyone in the business.I looked at our paperwork and i cannot find anything about terms. Or being thrown out. THe top of the paperwork sayswraparound mortage........ Link to comment Share on other sites More sharing options...
admin Posted November 8, 2002 Report Share Posted November 8, 2002 Oh REALLY!!!! How interesting. Is your name on the title? Most mortgage companies do not allow wraparound mortgages and if they find out that someone has been doing it, they can call the full mortgage due immediately. However, if the mortgage is older than the late 1980's, it's possible that this practise was ok. Do you know when the owner took out the mortgage?Since you're a customer, if you'd like, you can fax me the paperwork and I'll give you (my non-binding and non-lawyerly) opinion. Email me and I'll give you the number.Kristy Link to comment Share on other sites More sharing options...
life Posted November 8, 2002 Author Report Share Posted November 8, 2002 KristyNo our names (me and husband) are not on the tiltewe were told that when we made all our paymentsthen we all would go to the court house and switch the names. The investor also said that when we can get a mortgage they would sell us the house and the moneys paid would be used as downpayment etc....What is your email address?/ The more i look at this i think we have been taken advatnge of but we had to move from our 1st house becasue of a sheiff sale and the investor was willing to work with us he was the friend of a friend and at the time we had 3 kids and #4 was onthe way. Link to comment Share on other sites More sharing options...
admin Posted November 8, 2002 Report Share Posted November 8, 2002 From what you said, you don't need to send me anything. I get the picture.Yeah, I think you were taken advantage of. Do you even know the name of the company or the account number? If you did, you could threaten them with reporting the wraparound mortgage to the company. But why bother with all the hassle? It might be better to put your energy into something positive.It sounds like next time you need to get a real lease purchase agreement until you can afford a mortgage. From your credit scores, most likely, you will need to put 10-20% down on a house - can you do this? Link to comment Share on other sites More sharing options...
life Posted November 8, 2002 Author Report Share Posted November 8, 2002 In th paperwork it has the name of the other mortage company but who knows that mortagege could have been sold by now and with another company. Yes we can do 10%We really want to stay in this house as it is everything we want if you know what i mean Link to comment Share on other sites More sharing options...
admin Posted November 8, 2002 Report Share Posted November 8, 2002 I'd start shopping around for mortgage brokers and see what they say... Link to comment Share on other sites More sharing options...
life Posted November 8, 2002 Author Report Share Posted November 8, 2002 do you know anyone in Pa Link to comment Share on other sites More sharing options...
smogtek Posted November 9, 2002 Report Share Posted November 9, 2002 Lisa,Don't know of anyone in PA, but "fla-tan" over on creditnet is in the business and has been very helpful to folks over there. You might want to give him a holler.HTH Link to comment Share on other sites More sharing options...
life Posted November 9, 2002 Author Report Share Posted November 9, 2002 What is creditnet? Link to comment Share on other sites More sharing options...
smogtek Posted November 9, 2002 Report Share Posted November 9, 2002 Another credit repair site.http://www.consumers.creditnet.com Link to comment Share on other sites More sharing options...
sisflomi Posted August 8, 2003 Report Share Posted August 8, 2003 What would a wrap around mort be? Link to comment Share on other sites More sharing options...
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