Could I even dream of a home loan? Terrible Credit but 35% down.?
I got wiped out in the crash of 2008.
I want a cheap rural house that is 35k (yes $ 35,000) with 10 acres.
I have 35% down (Over $ 12,500 cash)
I make 44K a year and have had the same job for 14 years.
I have two good secure loans (car & RV)
But I had some other credit cards go terrible (bought stocks with them “Stupid”) and I can’t pay them off. They have been bad since Early 2008.
I currently have NO mortgage. Again I make 44k a year, the house is 35k, I have over 35% down.
Is it possible that I get a mortgage loan?
Assume my fico credit score REALLY sucks.
Would I have a better chance with the credit union I had the two good loans through.
Again this is a secure loan, (bank can repo the house & keep my down payment) if I default. Don’t know if that makes a difference.
Anybody know? Thanks.
(Please no lectures about the credit cards – the banks F-ed up too in 2008 & needed the US govt (you and me) to keep them in business. Unfortunately, I couldn’t turn to Uncle Sam to bail me out.)
StevenW: Obviously you know nothing about fractional reserve banking. After the banks took the bail out money and inflated it by lending it at 90% and holding 10%, I’m sure jumping for joy that they paid it back. Circular lending & they inflated the money supply, then paid it back with their own lendings.
Biggest sham. Banks really have no honor. Unfortunately, they rule our economy though so I have to borrow money from one for two years (perhaps even one) to pay this off.
MIAMI – Like many home owners, hotels are starting to drown in debt.
They have been enticing travelers all year with sweet deals: credits for in-house spas and restaurants, up to 50 percent off five-star rooms, even free nights.
But all that discounting hasn’t stopped occupancy from dropping an average of 10 percent. The result? Hotel loans have begun falling into delinquency faster than any other kind of commercial real estate debt.
The rising defaults paint a grim picture for an industry with increasingly more rooms than guests, and more hotels still opening every day. It’s a problem that could get worse before it gets better, with demand expected to remain weak and ambitious new projects planned before the meltdown worsening the room glut.
The oversupply means room rates should stay low for at least another year, good news for consumers but not so great for hotel owners and the banks that lent them the cash to build or buy.
The rise in delinquencies is sharp. Five times more hotel loans are behind on payments this year than in 2008, according to mortgage data firm Trepp LLC, which tracks those traded by investors. In October, 8.7 percent were distressed, compared with 1.5 percent last year.
That’s almost double the 4.8 percent rate for commercial property and the 4.5 percent rate for stores.