goingunder Posted October 5, 2004 Report Share Posted October 5, 2004 My husband was applying for a HELOC ($24,000) by himself because my credit is horrible. I have numerous "Collection"/Charge Offs" on my report - totally about $10,000 - with an additional $14,880 for a voluntary repo - which I am trying to work out payments on now.He was shot right down because his salary was not enough. But, if they use my credit and salary - they said I would have to pay off all the collections - that would be the entire $24,000 loan that we want for home repairs and/or improvements. Does anyone know any options here. I'd be willing to try to pay off the $10,000 debt, but not add in the $14,880 and just pay them with a payment plan. Would that work?My salary would definitely help. I make more than him (on the books) and also recieve child support that I could show as income. Could we possible remortgage and get more money that way. If I had to pay ALL my debt, we would need more like $50,000 to pay it all and do the home improvements. What do you think?I guess after typing this - I will also post this on the mortgage board. Thanks for your help. Link to comment Share on other sites More sharing options...
meebones Posted October 5, 2004 Report Share Posted October 5, 2004 Sounds like you two are already in financial trouble with credit that has already been given to you. Why or Why would you want to get more? I think you should work on gettng out of credit hell and then do the home improvements. Link to comment Share on other sites More sharing options...
goingunder Posted October 5, 2004 Author Report Share Posted October 5, 2004 Well, BOTH of us are NOT in financial hell - thank you for your personal opinion. My husband's credit is fine - but the salary just wasn't enough for the HELOC.As for me - sh!t happens and I'm trying to deal with it - thus the reason I am here. So, if the above didn't sound like I was trying to work out my problems, or get ahead and pay my bills instead of just trying to get them off my report - then I guess you read it wrong - or I wrote it wrong! But - I do thank you for your advise - guess I did ask for it! Link to comment Share on other sites More sharing options...
meebones Posted October 5, 2004 Report Share Posted October 5, 2004 I'm sorry if you took my post wrong. I did read you are trying to work out your credit stuff. However, I was just saying don't you think the two of you should work on getting this taken care of before you take on more credit/loans? After all when you are married it isn't his and her's but it is ours. As far as the loan your husband is trying to take out you said he got shot down cause of his income. What income are they requiring for a $24,000 loan? What are the number of months for this loan? Does he have other bills in his name that they took into account when figure debt to income? If so, maybe you guys could pay some of these off and then he would qualify on his own with just his salary? Link to comment Share on other sites More sharing options...
goingunder Posted October 5, 2004 Author Report Share Posted October 5, 2004 The only "outstanding" credit my husband has right now is the mortgage on the house, and a car.... I guess if you look at the "whole" picture, that is alot of debt - but he doesn't have any credit cards, or other debt. It's funny, they will only look at his salary, but will look at the "entire" mortgage as his - why not 1/2. since 1/2 is mine - technically.THanks Link to comment Share on other sites More sharing options...
anti-something Posted October 5, 2004 Report Share Posted October 5, 2004 It's funny, they will only look at his salary, but will look at the "entire" mortgage as his - why not 1/2. since 1/2 is mine - technically.THanksi can answer that one for you, they take the entire mortgage into account because he is entirely responsible for repaying it, even if its both names. if you ran off with your income, he would be stuck with the bill. Link to comment Share on other sites More sharing options...
meebones Posted October 5, 2004 Report Share Posted October 5, 2004 What is his debt to income look like with these two payments? With the home improvement loan you are trying to get what are the terms? You have told us it is for $24,000 put for how long? Link to comment Share on other sites More sharing options...
goingunder Posted October 5, 2004 Author Report Share Posted October 5, 2004 Well, it's a HELOC - 15 years max. as i understand it. Link to comment Share on other sites More sharing options...
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