No Credit check or Verification of Income Mortgage?

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Posted on Jan 31, 2011 | 11 comments

I personally can care less about my credit. I just want to take out a loan on a home I own. Using the value of the home as collateral. Does any one loan based just on the value of the property?

I’ve talked to the bank, they said only my husband’s name is on the mortgage loan. Then I talked to their attorney, they said my name is on the mortgage only, I signed mortgage. I checked my credit report, there is no bad report, but my husband had because our house’s foreclosure process has started. Does this mean my name is not on the mortgage or mortgage and mortgage loan are two different things??? I am totally confused.
ok, they said im on the mortgage only but not on the deed, what does that mean?

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mortgage loan, very good credit but no income

How hard is it to get a decent

Looking to get my MLO (Mortgage Loan Originator)

Is a mortgage loan amount based more on

The mortgage loan FHA they are looking for

I need HELP what should I do about

Where is my mother with one income, and

I need help with government agencies that help

Who makes mortgage loans to 100% disabled vets

Should we apply for a mortgage loan using

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Community Answers

1-31-11

Kamal says:

Simple answer, NO!
That is what got us in trouble, don’t you read the news?


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1-31-11

acermill says:

Not going to happen. Lenders are always concerned with the credit status of persons to whom they will lend monies. That YOU do not care about your credit does not mean that lenders do not care about same. I am guessing that you have less than stellar credit, or you would not be asking this question.

If you expect to be approved for any such mortgage, it is advisable to insure that your credit report indicates that you are a good risk for a loan.


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1-31-11

kbk823 says:

Those limited documentation loans are almost entirely a thing of the past. Your creditor is more interested in getting paid back than actually taking possession of your asset, should you stop paying on your loan. A credit check is an absolute necessity. You should be concerned with your credit, it’s really more valuable than your asset.


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1-31-11

Glenn S says:

There are many hard money lenders that will give you a loan if the loan to value is high enough no matter what your credit score is. If you own the home free and clear you can borrow up to 33% to 50% of its appraised value. Be prepared to pay a way above market interest rate and a whole lot of loan fees. You may not personally care what your credit rating is, but you will pay dearly for your lack of caring. You would be considered a very high risk borrower and high risk equates to high above market rates.

Most of these lenders pray that the borrower defaults. They get your property for pennies on the dollar.


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1-31-11

Janet P says:

No one is going to give you money with no idea if you are able and even willing to repay them.


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1-31-11

Robert W says:

you may find one who will but if you have bad credit your rates will be high?? and they will only loan about 80% value of the home too??


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1-31-11

Leo F says:

LOL, LOL, LOL, LOL, LOL, LOL, LOL, LOL, LOL, LOL, LOL, LOL!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!. That’s the stupidest statement I have heard in a long time. You want credit but do not want to earn it????? Look! Bad credit means you dont pay your bills and you are not a man of your word. So why in the heII would anybody loan you money??? No job, No credit,dam you got guts to even ask this question.


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1-31-11

Michael says:

creditreport.imess.net – try this service to boost you credit score before getting loan. After credit repair you can get the loan with minimal interest rate.


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1-31-11

bud68 says:

Yes, you are. You are confusing the loan with the property title.


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1-31-11

kemperk says:

depending on our state, some states use the word mortgage, others
loans and liens. They are synonyms.

LOOK at the loan documents you have. IT is possible you are not
on the loan/mortgage. IT is possible to be on a deed and not
on a mortgage for the same property.

ONE Is a legal title and right to property [deed], the other is a pledge
of assets against a loan.[mortgage]


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1-31-11

Joshua K says:

Yes the mortgage and actual loan are 2 separate items. The mortgage itself is an instrument to document a lien against a property. This is recorded with county clerks and is public record. There are general state specific regulations regarding spousal rights. Most states require the spouse sign the mortgage even if not associated with the financing itself. It sounds as if just your husbands name was used for purposes of financing and you signed the mortgage for dowers rights or spousal rights. Hope this helps.


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