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 M¢25  Funded By Mahalo ? |  November 08, 2009 09:47 AM

How does someone with bad credit get financed for a mortgage?

My ex-husband ruined my credit by not paying debt that was his due to our divorce. He also took out credit cards in my name and defaulted. He is in contempt of court on this stuff but he is unemployed and there is no way for me to force payment from him.

I am wanting to buy a house because I want to stabilize my children but have bad credit because of all the stuff he did to me. I have not filed bankruptcy and do not want to. I have been just trying to pay this stuff off. When I find out where my ex is working I plan to sue him for payment. But for now, my only focus is just to put my children in a secure home but am afraid that I will not be able to be financed. Is there a company that may help me?
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unwirklich unwirklich
 
 November 08, 2009 10:21 AM
Unfortunately literally all home loans now require a credit score of 620 minimum. I know, I ran into a similar situation as you.

You'll need to raise your score to at least 620 before getting a loan. Depending on your credit situation that is possible within 30 days. Your saying this debt is your husband's and not yours, if you can prove the debt is not yours it can be removed from your credit.

Even if you can't prove the debt isn't yours sometimes older, smaller debts can be removed by filing a dispute with the credit company. Some more ideas for boosting your score in source.

As a note be careful disputing larger debts that aren't very old. If the dispute is found in the creditors favor it will refresh the debt and make it appear more recent. The longer the length of time between a negative item and the present the better.
Source(s):
http://www.associatedcontent.com/article/2355238/bad_credit_score_ten_ways_...



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edwardclin... edwardclin...
 
November 08, 2009 11:41 AM
I suggest you try to contact DebtCC on their toll free number.

-quote-

"To get an even better understanding of the facts and figures we can learn about it in many ways. Negotiation is an art that gives you an edge over your competitors. Negotiation is something that can help you in every walk of the life. So, use the power of negotiation to learn more about bad credit mortgage.

If you have an idea of your total debts, opt for bad credit debt consolidation, after consulting a financial expert. The DebtCC community offers free financial help to people who are in debt. You may ask the community for guidance. The community is known for providing authentic support to its community members. For further assistance consult the DebtCC financial expert at 800-601-1579, a toll free number."

-end of quote-
Source(s):
http://www.themortgagecalculator.net/bad-credit-mortgage.php


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