Jump to content

franklinD

Members
  • Content Count

    9
  • Joined

  • Last visited

  1. Like the previous posters stated, you should be paying 2-3% with your scores. We had similar scores 2 yrs ago (when rates were higher) and we got a 3.3% rate. Late last year, I decided to pay off the car since I was going to be in the hospital for a long while & I didn't want to burden my wife with having to make the payments while I was in the hospital. Now, Penfed is offering 1.99% & there are plenty of places offering 3% or less. Not sure why they are charging you 6% with your FICO's.
  2. I have two rental properties & I have almost no reserves left. Having renters that do not pay and it takes nearly 2 months to evict tenants in my state. I am unable to borrow cheap $$ except from my retirement. (I don't want to do that if I can help it).. I never been late with my payments and my FICO's range from 770 to 810 (790 mid score). I was off for 5 months due to major medical. (cancer) & I went back to work a month ago. Questions: 1. If I short sale the properties (2), do I have to pay income taxes on the forgiven principal? 2. I know my lender will forgive the negative principal (saw the memo) in 2012 & 2013 if I do a short sale. 3. How bad is credit impacted with 2 short sales. (I have two other properties with very small equity but I would break even at best--I rent those for more than the payments. I am about 50K negative (150K loan balances, worth about 100K--they were worth over 300K in 2006) on each property. We are talking a total of 100K+ of negative worth. Those two properties qualify for HARP2 and will save me approx $200 month on each property. I live 90 miles away from the properties. Bottom line: What are your thoughts on short sale vs. refinance with HARP2? Thank you for your responses.
  3. Could you add him as an authorized user on a relative's old open credit card account that has completely positive history with low utilization?
  4. If I got a FR from AMEX (my own credit), my wife would not consent to AMEX having the tax transcripts since we file jointly.
  5. I know alot of people that have no debt and credit scores 750 and above. Several people I know have zero debt and are over 800.
  6. I would avoid them. Nothing but problems!
  7. It sucks that one who is struggling to make the payment (and pay on time) do not get these letters. I have 2 underwater rental properties and never paid late.

About Us

Since 2003, creditboards.com has helped thousands of people repair their credit, force abusive collection agents to follow the law, ensure proper reporting by credit reporting agencies, and provided financial education to help avoid the pitfalls that can lead to negative tradelines.
×
×
  • Create New...

Important Information

Guidelines