Imgettingoutofdebt

Hi Marv, This weekend I went to get approved for a car loan and my car credit score is 524, I'm not sure how or why this is so low, all they could explain to me that my debt to income ratio was too high, I'm actually in the process of applying for a bankruptcy because my bills are spiraling out of control and I can't do it anymore, but I'm not sure how this would affect me getting a car loan in the future. They said that they wanted at least $6,000 down payment, I only have $3,000 for a down payment, and then they said that they wanted a cosigner if I couldn't come up with the $6,000, I'm not sure how difficult it would be for me to get approved for a loan if I waited, but my car payment is currently $777, and I feel like I'm drowning in debt. I'm not sure if you need further information from me, but my whole goal for getting a new car was to lower my monthly payments.

I can ask him that would be great, but do you think that I would be able to find a decent mortgage rate? Or would the rate still be ridiculous? I know the landlord is willing to work with me, so I'm hoping that this is a possible route.

Where the people willing to work with you? Was it an issue when you set it up with the lender or was it through the realtor?

This is true, and that's a lot of money, the difference is I will have at least 20% down because they put away half my rent for 2 years which is 20% and the 5% I would be able to come up with myself, but the interest rate is crazy, and I definitely don't want to pay that, that's insane.

I just wanted to say I understand your current situation, and I'm in a rent to own right now, but I'm considering buying my home by June 2011. You were able to get a mortgage after 2 years correct?

Is there anyway that I would be able to get a mortgage with a higher interest rate? I've heard that sometimes people can be approved for a loan but there interest rate is higher, is this not true? Also I have until June 2011 before my lease expires, if I file in March or so, and then have my credit for a year and 3 months, is that possible?

I'm currently in a condo rent to own, I have not filed for bankruptcy, but I'm seriously considering it, but I wasn't sure if I rent to own and file for bankruptcy would I actually get approved for a loan to buy the condo? Also, I'm currently in a 2 year lease, so if I file for bankruptcy now, how long would it take me before I could buy something?