When I was going through my divorce, the house wasn’t settled. We tried to do a modification, but did not get approved, so the house is on the market as a short sale. My credit has suffered as a result–should I put a note on my credit report to explain the circumstances?
Q: Hello, I live in NJ and recently went through a divorce. At the time of the divorce, the house wasn’t settled. Now, after trying to do a modification and not getting it, the house is on the market as a short sale. My credit has suffered and I was wondering, if I add a letter to my credit report explaining the divorce and such, will that help me get some credit? Prior to all of this happening, my credit was decent–I had a score of 720. Now it is much lower–in the low 600s. My ex-husband did nothing to help me and won’t even cooperate with the short sale, but my saving grace is that my divorce decree says the house is to be sold. Read More.
Q: I haven’t paid my mortgage in over a year. They haven’t sent us any foreclosure notices yet, but when they do, I was wondering how I should respond and what to do to get loan modification. Read More.
Q: Can the HELOC loan on a first house affect the approval for HELOC on the second house? Read More.
I recently heard every time your credit is reviewed it hurts the score. Please explain how this works and what it does to the score?
Q: I recently heard every time your credit is reviewed it hurts the score. Please explain how this works and what it does to the score? Read More.
We were told our loan was going through and now they are saying our debt to income ratio is probably too low.
Q: We have a house appraised at $720,000. We recently applied for a refi and home equity loan since our current mortgage is based on LIBOR and we are concerned about interest jumps on our adjustable. We have never had an issue with not being able to make payments till now. My husband is a financial adviser and hasn’t been able to earn enough to pay our bills. We have dwindled our savings to nearly nothing. We were told our loan was going through until the mortgage guy was fired last month and now they are saying our debt to income ratio is probably too low. We need the home equity loan to hold us over until we can figure out how to increase our income, etc. Now what? My income has doubled but is very low given my profession … Read More.