low income bad credit need a mortgage
Submitted by lfahrne on Mon, 06/23/2008 - 2:06pm.
I have found a foreclosed home that I need to purchase. My income is ss disability of$1142. My credit score is in the low 500's. How do I find a loan and how do I contact the person holding the mortgage
Comments:
I'm not a mortgage expert, but my guess is that you are not likely to find financing in the current market. One exception might be a hard moeny lender as they really only look at the value of the asset rather than your qualifications. Do not expect a hard money lender to go much above 60% loan amount to value (LTV). As such you will likely need a sizeable down payment.
As for contacting the mortgage holder you can easily find the foreclosing lender using our service in CA. In other trust deed states you should look for the trustees deed filed at the county recorders office after the sale. In judicial foreclosure you'll likely need to review court records, or find a service in that state that tracks foreclosures. Once you know the bank I suggest using laneguide.com to find the right department within that lender.
Best of luck!
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