Co-signer With Our House As Collateral?
Has anyone here ever heard of finding an investor or just someone with good credit and offering them a % or very high interest rate in return for their good credit as co-signer for loan using our free and clear house as collateral for the loan? Is that too unreasonable? It seems that it wouldnt matter to a bank or other lender where the collateral comes from.
If you have a house free and clear why do you need the other person?
My wife and I want to get it ready to rent out (it needs a few fix ups) and go buy another foreclosure and continue to use the equity we can create to fund each succeeding project. Do you think thats going to be doable? We can do all the work ourselves but all we have for now is that house and its probably worth about 50-60K. Its seems as though the math works but will reality criple us?
Hello any note buyers out there?
Why are you trying to buy the note and not just doing a normal short sale on it?
Was not sure about short saleing a 2nd. I thought buying the note may be easier than trying to short sale the second. When I have done a short sale in the past, the company has required a LOT of documentation from the seller, such as past two year tax returns, past two month bank statements, etc. If I simply buy the note at a discount, I would assume the mortgage company would not require all of that documentation from the seller. Making the process a little easier.
Do you believe a short sale would be smarter in this situation?
Thanks for your reply,
MemphisREI
WOW!!! Thank you so much for the helpful post!! I really appreciate your response.
Best wishes,
MemphisREI
Prolly not, your score is tanked b/c of the RECENT delinquent activity. Getting that item off will be your big score mover. The mortgage will help, and only after 6 months, with the delinquency you could expect only 15 points or so of increase. In the short term you could actually expect your score to drop a bit once the mortgage inquiries and the new accounts hit the file. Good luck.
Mark
i have similar credit issues, 2 yr history on my ssn, 577 score. i have found that the easiest, fastest way to dispute items and have them resolved is by purchasing all 3 reports from ****Must participate a while before posting URL's*** fro 29.95. these will show you all your reported credit and how it stands on each report. some things may show up on one companies report, but not anothers. once you have purchased this you can immediately access your reports right there online, and start the dispute process online, or by mail. mail may take longer, but if you have supporting documents you want them to see it is beneficial to do it by mail. you will have a confirmation number that will allow you to log in to the dispute section of the webpage and will guide you through the whole process. it is not uncommon for example for people with common names to have items on their credit report that do not even belong to them, my husband for example had several- 6 to be exact, items removed that simply did not belong to him. it takes alot of patience to build credit, make all your payments on time, and have at least one revolving account, this helps your score as well as having available credit- ie. all your credit cards are not maxed out, but you HAVE credit cards. this helps too. if you pay a card off, cut it up, but dont cancel it. i hope this all helps you.
My score went up ALOT after selling my home that showed 22 months of payments