Our client is applying for a $70,000 mortgage loan and he has horrible credit which makes his loan application approval difficult to say the least. He lives in in Akron Ohio and works for the city as one of the local fireman. He has an excellent job with good benefits, but a really bad credit rating.

The credit rating issue was created due to a dispute between him and his ex-wife. This happens quite often were one of the partners will charge up the other partners credit card thinking that they will never have to be responsible for this debt. Unfortunately it hurts both parties when this occurs. If both names are on the credit card account, both people will have their credit rating dropped, particularly when they fail to meet their monthly payment requirements.

Once the settlement is completed, the debt can be distributed to both parties or in some cases to the party that incurred the debt. They are then responsible to repay their portions, however the damage is done and both credit ratings are dropped. In our applicants case he has admitted that his credit rating is horrible and he knows that he will pay a higher interest rate as a result in order to be approved for a loan to reflect the increased perceived risk associated with lending money to him.

The question is whether any lender will lend him any money at all. With such a bad credit rating most lenders will not even consider a credit loan or refinancing a mortgage with or without security. In  addition to the bad credit rating, the divorce situation makes the approval very complicated. In order to be approved for a loan, his wife has to give up her share of the home in return for receiving the proceeds of the funds for her share of the home. She must sign off on the deed of the home leaving it free and clear for him to own. Only at that point will the lenders provide any money at all. For many lenders it is just too complex and they will not be willing to take the risk or spend the time to deal with this sort of thing.

It is not impossible, however there will be more processing expenses associated with this deal in addition to the higher interest rates. Our client may want to reconsider his desire to take over the house from his ex-wife and just agree to sell it outright. We anticipate that more discussion and negotiation will be required.

Home/Mortgage Loan Amount :: $70,000

Home Loan Application and Processing Speed (when do you need the funds):: yesterday, our debt load is so high we cannot make the monthly payments. we need to lower the interest rate and our payments

Do you currently have a mortgage? ::yes, a small mortgage loan balance of $54,000

Bank Name and Branch :: PNC Bank, Exchange st

What City/Town, State and County do you live in? :: Akron, Ohio

Zip ::44304

What is your employment field? :: Fire Department

Employment Position :: Fireman

When are you paid? (monthly/weekly/biweekly):: biweekly

Your credit rating to be – excellent, fair, or bad? :: bad to horrible

How did you find us? :: searching for credit loans on the web

How are you paid? (direct deposit/paper check):: direct deposit

Gross Amount Per Paycheck :: $3300

Do you agree to have this information published online, without your PRIVATE information of course? :: ok to publish without private information, I do not want the boys down at the firehouse to find out.

Extra information here please (some detail):: My credit rating is horrible and my wife and I are splitting up. I want to purchase her share of the house, and will need a loan to help me do that. I am getting the house and the car, she gets everything else. We will have to sell the house if I cannot get a loan, since she wants her share of the money right away. Our divorce is pretty much final with the exception of the house. My lawyer says that we can settle everything if I can find the money to pay her half to her, then I will be free and clear.

My credit is horrible because we have not been paying our bills. We were fighting over the amount she was spending. She charged up our credit cards and I refused to pay them  or pay even the monthly payments. The cards are in both names so both of us have a really horrible credit rating now. Pretty stupid I know, but then we were not really thinking straight at the time. Lot’s of emotions with everything. We have the credit card thing under control now. Since she made all of the purchases, she is responsible for that debt. The accounts have been closed and they are fully paid now, so at least we have dealt with that problem.

Note to Lender :: I am a fireman and make decent money with the city. With my income I will have no problem making the payments on this loan. As far as the other things I need, I will get them when I have the money to pay for them. No more credit cards. All I need to do to keep the house is to come up with her share of the money from the house which I can do if I get this loan.

Do you think you can help me. I know the interest rate will be more than what someone with good credit will pay, but I really would like to keep this home . Please help.

 

Category: Home Mortgage Loan	4.96%	5.22%	5.604%
Loan Principal	$70000	$70000	$70000
Payment Schedule	Monthly	Monthly	Monthly
Length of Term	15	20	30
Amount to be paid	$96182.88	$106690.30	$129003.21
Total interest paid	$26182.88	$36690.30	$59003.21
Paid per installment	$527.03	$438.45	$353.43

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