just4aki

Is that because the economy has changed? I am only asking because when I last leased my car, I had very little down, and a ton of debt (probably more than I have now) as I was about to file BK. I got top tier rates (or so they said). Granted, no BK on my file. I guess we'll just have to find out, at least at one place. Thanks for everything.

Thanks. I figured as much. Do you know how our apps would score for a lease? I know they're more lenient regarding DTI.

I posted an app for Marv. But I work, but that means I'm carrying the mort myself, so I can't see that my income will help. FIL is helping with everything right now, not sure if that's applicable. No unemployment (he quit - well, got pushed out is more like it). No savings. We're in a bind obviously. So in all honesty, until we sell our house (which could be soon), FIL will be footing the bill along with me. i'm thinking we just borrow 5k and buy some cheap thing. ugh! sorry, i'm just so PO'd at hubby for putting this off until the very last minute. we'll need to buy something before the 14th of Dec. Sigh.

I'm listing my DH's stuff, then mine below it. I'm assuming we'll have to do this combined. Not even sure if we could get approved. With that said, if no approval for a loan, what are your thoughts on getting approved for a lease. Lastly, which will work best. Me alone, Him alone, Joint/co-sign? loan or lease. Thanks. Credit Application: for DH Your Age? 40 Your Equifax Credit Score? 680 Your Experian Credit Score? unsure Your TransUnion Credit Score? unsure How many years have you been on file with Equifax? unsure, probably same as below How many years have you been on file with Experian? 10 showing, 22 total (not sure which one you wanted) How many years have you been on file with TransUnion? ditto to equifax YOUR PREVIOUS AUTOMOTIVE CREDIT HISTORY Do you have an open auto loan? no Will this open auto loan be a trade-in? How many late pays within the last 12 months on the currently open loan? How many late pays within the last 13-24 months on the currently open loan? Your current open auto loan is financed with? Your current open auto loan payment is? Estimated amount you may be upside down in this vehicle? Rate your payment history on this open auto loan from 1-10 (1=poor:10=Best) YOUR REVOLVING CREDIT HISTORY Total number of revolving account(s) you have? 10 Total percentage utilized overall? 50% How many of your revolving accounts are store cards? 2 How many of your revolving accounts are major credit cards? (i.e. Amex, MC, Visa) 8 How many of your revolving accounts are known subprime credit cards (i.e. Aspire, 1st Premier) 0 YOUR PERSONAL INFORMATION How long at your current residence? 2.5 Do you Rent or have a Mortgage, or Live w/Relative or Other? Mortgage Your Monthly Rent or Mortgage payment? 3100 (including taxes. w/o taxes 2300) How long have you held your current job? no job (left job because he went to 100% commission aka working for free) Your total provable monthly gross income is? Your provable monthly gross income is provable via what method? (i.e. computerized paycheck stub, or tax return, or bank statements) Is there additional monthly income? What amount monthly? does monies coming from FIL count? if so, then yes. how much? 3-4k Describe the source. Is the additional monthly income provable? canceled checks/bank statement Spousal income is not applicable. YOUR DOWNPAYMENT Please tell me your exact down payment in cash? (rebates and trade equity are not considered, please input a dollar value only.) as of right now, 0. Does any credit repository contain any Public Record? no If yes, please very briefly describe. Does any credit repository contain any Collection Account(s)? no If yes, please very briefly describe. Please rate your overall creditworthiness on a scale of 1-10 (1=poor, 10= best) 6 Please rate your Installment credit history on a scale of 1-10 (1=poor, 10=best) 2 (no history except mort) Please rate your Revolving credit history on a scale of 1-10 (1=poor, 10=best) 5 (short history, 3 years or less) New or Used vehicle you are considering: Please very briefly describe. nothing in mind, need to know if we'd even qualify for anything first. and then, at that, it'd be whatever we can afford Credit Application: for me Your Age? 35 Your Equifax Credit Score? 685 Your Experian Credit Score? unsure Your TransUnion Credit Score? unsure How many years have you been on file with Equifax? 17 How many years have you been on file with Experian? 17 (showing 12) How many years have you been on file with TransUnion? 17 YOUR PREVIOUS AUTOMOTIVE CREDIT HISTORY Do you have an open auto loan? no Will this open auto loan be a trade-in? How many late pays within the last 12 months on the currently open loan? How many late pays within the last 13-24 months on the currently open loan? Your current open auto loan is financed with? Your current open auto loan payment is? Estimated amount you may be upside down in this vehicle? Rate your payment history on this open auto loan from 1-10 (1=poor:10=Best) YOUR REVOLVING CREDIT HISTORY Total number of revolving account(s) you have? 8 Total percentage utilized overall? yikes 75% How many of your revolving accounts are store cards? 2 How many of your revolving accounts are major credit cards? (i.e. Amex, MC, Visa) 6 How many of your revolving accounts are known subprime credit cards (i.e. Aspire, 1st Premier) 0 YOUR PERSONAL INFORMATION How long at your current residence? 2.5 yrs Do you Rent or have a Mortgage, or Live w/Relative or Other? mortgage Your Monthly Rent or Mortgage payment? 3100 (w/o prop tax escrow 2300) How long have you held your current job? 6 yrs Your total provable monthly gross income is? 4648 Your provable monthly gross income is provable via what method? (i.e. computerized paycheck stub, or tax return, or bank statements) paystubs Is there additional monthly income? What amount monthly? Describe the source. Is the additional monthly income provable? Spousal income is not applicable. YOUR DOWNPAYMENT Please tell me your exact down payment in cash? (rebates and trade equity are not considered, please input a dollar value only.) same as spouse Does any credit repository contain any Public Record? yes If yes, please very briefly describe. BK 7: 6/05 Does any credit repository contain any Collection Account(s)? no If yes, please very briefly describe. Please rate your overall creditworthiness on a scale of 1-10 (1=poor, 10= best) 5 (high debt ratio, BK, no lates though) Please rate your Installment credit history on a scale of 1-10 (1=poor, 10=best) 8 (lots of car loans, always paid off, never late, etc) Please rate your Revolving credit history on a scale of 1-10 (1=poor, 10=best) 3 (too debt, no lates though) New or Used vehicle you are considering: Please very briefly describe.

Do you want to buy a different car to replace the CRV? Would it be new? Or used? I'm asking because I had a lease on a Honda. When I bought my Scion to replace the Honda, Scion/Toyota basically paid off the lease buy-out and I was free and clear. Even got my down back from it. I'm not sure how it'd work with the CRV being upside down according to NADA, but you could try and see. That's one way to get out of it. I researched a lot of those lease swap websites and most of them aren't all that easy to do, nor are they honest. The one big thing that I noticed was that in the contract, it stated I could not sell my car to anyone unless I bought out the lease first. I couldn't lease it to anyone either, unless I kept my name on the car (not doing that). So if you go that route, read your contract extra carefully. good luck.

That's what I was thinking too, but wanted to confirm. Ugh. We so didn't think any of this through. I guess once I get confirmation by anyone working in the industry, I'll submit an "app" to marvbear. But thanks for the reply.

Ugh. I just realized as my DH is looking for a new car....he has no job! Duh! Anyhow, what are the chances of him getting a car loan/lease on his own, w/o a job? I thought I'd ask before I submit any info. Would it depend on other factors? or is that lack of job the main thing? Thanks.

Not sure what her scores are. She has one car loan, no revolving accounts at all. No credit history (because all her bad debt cleared off, and nothing is left) except for the car loan (which she's had for about 1.5 years now). She can only get $25k for a down, but that'd be her borrowing against her retirement. We live in CA, so housing is outrageous. She talked about buying foreclosures or short-sales, but isn't borrowing money for those harder? Or the same? She also talked about lease-to-own. Any thoughts on that? Overall, my initial assumption was no way could she get a loan. Not enough for a down, which will be taken from her reserves AND show up as debt and she has no credit (not sure what her scores are). What should I tell her? Besides build her credit history and savings?

Thanks. I have very glad for this fortunate event. We may not be able to keep the house, but at least we can sell w/o BK or foreclosure and those were my biggest fears. Good luck with Aurora.

Update: refi closed as of last week. our mort is now about $120k less than appraised value of home. I'm sure we'll get some sort of 1099 and need to discuss that with tax guy, but overall, I'm just grateful to have a 30-year fixed, low apr, fha loan, AND that if we still cant' afford it, we can get out of our loan WITH money in our pockets WITHOUT a foreclosure. sigh. so far, i am relieved.

I am. FYI, this doesn't have anything to do with HomEq though. They are a servicer, but this refi is coming from the investor. Remember, as a servicer, they can't refi a loan because they're not a lender.

I haven't yet, but will once this goes through (assuming all goes well)

No one answered, but thought I'd give an update. So far, everything is going well and is legit. Had an appraiser come out, title company called to verify things, loan docs are going through. Our lender is willing to take a hit, and we get a mortgage that will now be about $123k less than what our house appraised for. I guess if your lender is working with a company that can help you refi, contact them. I know HomEq services our loan and is not the lender, so they can't really do mod's. Looks like I will have a FHA backed refi, w/o any penalties, which means, if we can't afford our home in another 3 months, we can sell for almost nothing and STILL come away with equity. Yes, I'm sure a 1099 will show up, but I don't think I'll have to pay it. But not depending on that.

Basically, we got a call from Ameripath saying that the investor (who owns our loan, not the servicer), wants to unload all sub-prime morts, or any mort that looks sub-prime. I guess my name came up. Since they can't unload it on wall street, they're willing to do this refi. He said they will refi our loan, so we can afford it, as long as we qualify. The refi will also be up to $210 off our mort now. I know that if they take the money off, we will get a 1099 or whatever that IRS form is. And he did tell me the same, but suggested I talk to a tax accountant to find out if I will have to pay it or not, as I may not have to. Thoughts on this? Our servicer, HomEq has sent us multiple letters saying that they are working with Ameripath, so I'm not afraid that they're soliciting us without our consent, but I'm just curious to know if this has happened to anyone.

What are my chances if I'm refi'ing for what the house is worth? Still bad with the DTI so high?