We have a condo that is going on forecloser, can we still get an Auto Loan?
Published Friday, 24 September, 2010 by David Ortiz. Categories: Finance.
Question from Grace in Chicago:
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"My husband has bad credit, a credit score of 560 and could
not get approved on a auto loan. My credit score is lower and I already have a
car loan under my name. We have a condo that is going in forecloser, our tenant
stopped paying us 5 months now. We can't afford the mortgage, tax & assoc
of at least $1500 a month but we can afford an auto loan."
Answer:
With the most recent downfall of the housing market and adjustable mortgage loans, Americans have been faced with the choice of living or paying their inflated mortgage costs... Most finance companies take this situation under consideration. If the home is going into complete foreclosure, all the finance company would need is the new mortgage or rent payment with a copy of your lease or new agreement. They need this to make sure you can afford the car payment as well as your current rent (not the forclosed home).
In case of a re-modification, all the finance companies need are statements of your new mortgage payment.
This is all to make sure that you could still afford the car payment under the new housing costs.
The bottom line is that you could definitely get an auto loan during a foreclosure as long as you can afford the payments based on your current income.
Answer:
With the most recent downfall of the housing market and adjustable mortgage loans, Americans have been faced with the choice of living or paying their inflated mortgage costs... Most finance companies take this situation under consideration. If the home is going into complete foreclosure, all the finance company would need is the new mortgage or rent payment with a copy of your lease or new agreement. They need this to make sure you can afford the car payment as well as your current rent (not the forclosed home).
In case of a re-modification, all the finance companies need are statements of your new mortgage payment.
This is all to make sure that you could still afford the car payment under the new housing costs.
The bottom line is that you could definitely get an auto loan during a foreclosure as long as you can afford the payments based on your current income.
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Auto Marketing 9-28-2010, 8:32 AM
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