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  1. This will probably be a long post so thanks in advance for reading it all! I currently live in a double wide trailer that is in my parents name, but I pay the payments. When I bought it my credit wasn't very good so that is why we did it that way. The property on which it sits is owned by my grandmother, in a trailer park. It's a nice private park with lake access and with only 12 lots. We have tried to sell it a few times but without any property that's hard to do. I currently owe about $27K on it. I found a house that I'm interested in purchasing. The listing shows it appraised for $175K in 2007 and it is listed for $115K now. I figure in this market it would appraise for $150K, but I'm no expert. My question is it even possible to get a mortgage for the selling price plus what I owe on the trailer? At most it would be $142K, that's without the seller coming down any at all on the house. My reasoning would be I would be able to move immediately into the house and put trailer up for sale. If it took a year to sell that would be fine. And if I had to take a loss on it, I wouldn't have to come up with that cash to make up the difference. I figure when I sold the trailer I'd use that cash to pay off my car and/or credit cards. Also, since I do not have a house in my name (technically I suppose I'm renting this trailer from my parents by paying the note on it) I assume I could use the $8K first time buyer tax credit. And if understand that correctly, you can get that money immediately so I could use that to pay off the trailer. So that would lower the loan amount as well. Our credit is good now. Been a while since I pulled my score but it was around 680 then. Haven't been late on anything in over 10 yrs. Had a bankruptcy but it should be off by now. Worse thing on there is I owe about $10K on credit cards. Any thoughts?
  2. I don't think these free reports after a denial will have a FICO score on them. Just what accts you have and how you've paid them.
  3. Is there anywhere on the net that tells you this? I really want to convince my co-worker that he is wrong.
  4. I know the laws differ from state to state, but is there a waiting period on car loans? What if I bought a car on Monday, drove it Tuesday and decided I screwed up and don't want it, and take it back Wednesday and told the dealer I changed my mind? You always hear there is a 3 day waiting period, but I don't think it's true. The guy I work with says there is a 3 day waiting period, at least in Tennessee. I sold cars for a few years, and the sales manager told me if the customer signed at the dealership, it was a done deal as soon as it was signed. If the contract was signed outside the dealership (ie at the customer's house) there was a 3 day waiting period. Who's right?
  5. I thought an ARM was fixed for the first so many years (in your case 5) then it becomes adjustible. People use them if they know they will be selling the house in a few years to get a lower payment.
  6. Thanks, anyone else got anything?
  7. Had a collection that I just paid off. It was only about 1 month old. The collection agency said they would have it deleted from my credit report. Can they do this? At first he said it would show paid but I told him that it still would be a collection on my report so he said he would get it deleted. Not sure if he just told me he would have it deleted so I would pay it (I was going to pay it anyway) or if he was being truthful. Thanks for any replies.
  8. If you don't test drive, the dealer considers you a "looker" not a "buyer"
  9. He told me what they were without hesitation. I didn't actually see them because I was on the phone with him. Thanks for the reply.
  10. I was told once that if you are in BK13 that if you get a loan (for a car or house or anything) that you have to get it all approved throught the courts. Supposedly it's a lot of red tape and paperwork. I'd contact my attorney that did your BK.
  11. Dax When I run the numbers that you have provided it shows that with the mortgage payment, but not including taxes and homeowners insurance, that you will be right about at 50% debt ratio. This is going to put you in dangerous territory. While First Franklin will go that high FHA will not, and with good reason. The default ratio becomes much higher when the numbers approach 50%. Your wife's income would not count since she has only been working for 6 months, unless it was simply a job change in the same field. fla-tan The BK was discharged in April 2000 I'm pretty sure. I'm at work and don't have access to that paperwork, so I'm working from memory on that. My job is in the same general field. As far as my income, I know you can't count this now, but I'm all but guaranteed a $3,000 raise in October, if not more. My wife just re-entered the job market now that my children are school aged. Thanks for all the help fla-tan!!
  12. I wouldn't go to the dealer and just tell them how much money you have to put down. Whatever you tell them, they will ask for more. If you have $1000, tell them you have $500. That's what I did and ended up giving the $1000 just to get the payment more resonable, not just to get the loan done. Just a thought, good luck!
  13. Let me give you a little more info. My income is $33,000 per year. I had a BK in 2000. I have 2 car payments, one is $215/mo the other $260/mo. Both are current and I've never been late on either. Been at current job exactly 1 year, previous job was 2.5 years. I've got about $6,300 in revolving debt. Total minimum payment on all revolving is around $185. Currently rent and have been same place for 6 years. It's possible that I have one collections showing on my credit (it wasn't on Equifax I pulled) but it has been paid. The lender didn't even ask about my wife's info at all. She has about $10,000 in income (part-time) and has had that job for about 6 months. Her credit should be very similar to mine. We've been married 10 years, so everything is together. If you need anymore info, let me know! Thanks for the help!
  14. Talked to the lender today. He gave me my scores. They were 599,656 and 670. Sort of a big range, but he said they would go with the middle score. I was told I was pre-approved for a $100,000 house at 7.5%. He said it was a 5 yr ARM and the payment would be around $690. He said I would need nothing down and that I could roll the closing costs into the loan. He also told me that in Tennessee you couldn't do a combo loan and you couldn't do a 2nd mortgage. He acted surprised about that part. The lender was First Franklin. I've read good stuff about them on here. Does all this stuff sound about right to all the professionals around here?

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