A friend of mine is having problems paying for his home due to the economic probems. The bank is telling him he has a short amount of time to pay the past due balance which is about $6,000. What can he do?
He could ask his parents… that is what my mum and dad did. We took our entire mortgage from our parents and we are paying it back over time, that is what he could do.
well first off most likely someone with bad credit will not be able to get a loan…What they need to do is have someone with good/decent credit who will be their co-signer. This person will have to get the loan / re-morgage thier home but if something happens the co-signer could be held responsible as well
One of the first things he needs to do is see if there’s a Legal Aid office near where he lives. I’m part of a committee in which Legal Aid assists homeowners who are in trouble. They will usually help the homeowner figure out the next steps to take, whether that be a referral to a social service agency that can help him further, or whether that be into looking into other options (such as possibly selling the home). Legal Aid will be honest, though sometimes the answers aren’t always what you mat want to hear. They’re not there to sugarcoat things for you, just give you the options that are in your best interest.
That person already HAS a ‘loan with bad credit’. Giving such a person MORE money isn’t going to solve anything. If he cannot pay the loan payments which are now due, how will he pay the increased amounts required with another loan ?
You need to understand that loans come with responsibilities. The MAJOR responsibility is paying back regularly what you have borrowed. Higher payments required solve nothing.
If he cannot pay for his home now, how does going further in debt with additional payments help him at all. No one is going to give him a loan making his situation worse and increasing the chance that they will never get paid back
nothing he can do except pray,
but im athiest so id sell the house to pay off debt and move to
somewhere cheaper
He could ask his parents… that is what my mum and dad did. We took our entire mortgage from our parents and we are paying it back over time, that is what he could do.
Sorry but if the credit is bad –no you cant..unless its borrowed off someone -family— etc
well first off most likely someone with bad credit will not be able to get a loan…What they need to do is have someone with good/decent credit who will be their co-signer. This person will have to get the loan / re-morgage thier home but if something happens the co-signer could be held responsible as well
One of the first things he needs to do is see if there’s a Legal Aid office near where he lives. I’m part of a committee in which Legal Aid assists homeowners who are in trouble. They will usually help the homeowner figure out the next steps to take, whether that be a referral to a social service agency that can help him further, or whether that be into looking into other options (such as possibly selling the home). Legal Aid will be honest, though sometimes the answers aren’t always what you mat want to hear. They’re not there to sugarcoat things for you, just give you the options that are in your best interest.
That person already HAS a ‘loan with bad credit’. Giving such a person MORE money isn’t going to solve anything. If he cannot pay the loan payments which are now due, how will he pay the increased amounts required with another loan ?
You need to understand that loans come with responsibilities. The MAJOR responsibility is paying back regularly what you have borrowed. Higher payments required solve nothing.
If he cannot pay for his home now, how does going further in debt with additional payments help him at all. No one is going to give him a loan making his situation worse and increasing the chance that they will never get paid back