The Finance Blogger


Question about Poor Credit Home Loan

Poor Credit Home LoanWe received a question about poor credit home loans from a reader and will answer his questions in our next post. Many people are faced with trying to find lenders who will loan money to them when they have poor or bad credit. With so many people unemployed over the past 5 years and not earning income, it is no wonder that many consumers now have a poor credit rating. With no or little income, they could just not pay their bills.

Poor Credit Home Loan

Question to Debt Counselor::

We have been attempting to find a lender that will provide us with a home loan so that we can complete a number of renovations around our home. The basement, add a bedroom and a bathroom downstairs as well as change the roof before it begins to leak are on the list. We have a poor credit rating and as a result we are having a hard time finding a lender who will lend us any money.

Do you currently have a mortgage? :: Yes, there is 19 years left on the mortgage

Home/Mortgage Loan Amount :: $15,000 ( $5000 for the roof and the rest for the basement)

Other Loans, Including Credit Cards:: No other loans or credit card debt

Are you employed and for how long:: Both my wife and I are employed and we have worked at the same place for the past 3 years

Your credit rating to be – excellent, fair, or bad? :: Our credit rating is poor, however we are unsure why it is this way. We have never missed a payment as far as we know. We did dispute a bill 2 years ago which was resolved in our favor.

Gross Amount Per Paycheck :: $2000 every two weeks combined

Do you agree to have this information published online, without your PRIVATE information of course? :: Yes

Extra information here please (some detail):: We suspect that the dispute that we had with a local company is what has led to our poor credit rating. We had purchased and item and then returned it. They did not want to give us a refund and billed our credit card as if we had never returned the item. We had to go to small claims court to get our money back and credited to our credit card. The credit card company was fully aware of the situation, however we think they registered the non payment since in their opinion they were uninterested 3rd parties to the transaction dispute.

I guess we should have paid the credit card company and then recovered the money we were owed separately.

 

If you have a question about debt, loans , mortgages or other financial situations, please feel free to leave a comment with as much detail about your situation as you can. We will try to answer your question in our next post. For more poor credit rating info on what to do, click here.

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