If you are in vancouver I can help you. I work with lots of lender and will find the right lender that will give you a loan. Email me at: lindatruong@live.ca

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Looking for a loophole, need some help guys! i'm planning on purchasing my first home with my best friend since i was 2. after three months of research, i have found a special state program for 1st time home buyers, 30 year fixed @ 3.875%! the problem is my income keeps me from qualifying, but i have a credit score of 780. my friend on the other hand makes booku bucks, but her credit score is garbage. this leads us to believe that i should qualify by myself (as income is way easier to change than a credit score). we are wondering the best way to go about doing it however. i have read a person can "gift" another person 10k a year tax-free. that $830 a month would bump my income into qualifying for the mortgage, but it isn't exactly "steady income" in the lenders eyes. i need this to be almost like an alimony check she agrees to pay me every month. so our question is, how can she increase my income in a legally binding way? can we have a lawyer draft up a contract? we even talked about me filing a frivolous lawsuit for "mental anguish" or some other nonsense, going to arbitration, & amicably coming to a settlement sum of $830 a month for 30 years! there has got to be a loophole out there, i just need someone to point us in the right direction. p.s. please save your advice on why this is a "bad idea", how we could have a "falling out", etc. we have talked it over, & we know what we are getting into... ok, let me clarify some things. the lawsuit thing was intended as a joke. i was merely trying to emphasize the lengths we would go to qualify for this rate. the government program we are going through is not variable, and does not change by the day. it only changes rates when the fed rate makes a change. i’m simply looking for a way to create a “fixed income” from her, to me. any lawyers in the house?

Sign an agreement with her. The terms of the agreement could be that in return for 'services and other valuable considerations' to be performed periodically over a 30 year period of time,that she agrees to pay you on the (whatever) day of each calender month the the sum of (whatever) for a total of payment not to be less than (whatever amt.).. This agreement is secured on your promise to perform said services and the 'other valuable considerations' (the unwritten but verbally agreed to partial ownership of the house and a pre- agreed percentage of any value accrued in it for the same 30 year period). After you both sign the agreement (preferably in front of a Notary) Have her 'pay' you a couple of 'payments' to show a track record of deposits. Then,after say 3 payments, restart the loan process again. I bet you will be approved. After you all have moved in, you two can modify your personal agreement in any way that both of you are satisfied with the terms.You could actually show yourself as an employee of hers,performing 'services as required* and that you receive (blank) amount of compensation for your services. Again, show the payments in th bank for a while and start the loan again. You also will need to put 3-5K in an savings account to show the lender that you can make the payments for a time even with out a job. There are lots of legal ways to do an agreement bett. two willing people. These are just a couple of suggestions. Good luck!

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So let’s look at how we got here: illusions big part of what makes the american dream is hope. however unrealistic, uneducated, and misinformed choices replace hope with illusions. buyers had the illusion that homes would always keep increasing rapidly in value. however, they failed to understand that the real estate market has cycles. some of the factors that create a change in the market are increased amounts of supply or demand, deregulation of the financial industry, easy and available credit, low interest rates and much more. people who bought homes they could not afford did it because they saw an opportunity to “invest” their life savings and achieve the american dream. they viewed this opportunity as attainable because banks made it possible, unscrupulous agents/brokers made them believe it was possible, and because they lacked the knowledge necessary to understand the responsibilities, risks and benefits of owning a home. other illusions buyers had was their wages. the had the illusion that their wages would go up enough year after year to cover their ever increasing debt due to a lavish life style. this illusion, the lack of financial education and self-control allowed for people to live well beyond their means. today people, banks, and our government are drowning in debt. credit competition in the market forces business to improve on their products and allows the consumer to purchase those products at affordable prices. however, competition between banks in a booming economy and low interest rates created a credit bonanza. instead of banks improving on their products and services, they began utilizing creative financial tools to attract more borrowers. they also lend money to risky borrowers with little regard of their qualifications. anybody that had a pulse could literally get a loan. banks can’t accommodate the demand for credit only with their money reserves. so if they want to lend more money, they sell these mortgages to commercial banks and wall street lenders. financial crisis: who's fault is it, anyway? doesn't matter. because just about everyone is to blame. republicans opened the door through debt-based credit derivatives and deregulation. democrats further contributed by turning a blind eye to fannie and freddie and insisting that even those who couldn't really afford mortgages be allowed to get them. the bush administration touted consumer spending as a means to boost the economy, and encouraged reckless consumer behaviors with billions in "stimulus"money, all while fueling the national debt through a disastrous war and tax cuts for people who don't really need them. and, of course, greedy banks and mortgage lenders went along, doing their best to bilk whoever came through door for whatever they could get -- before passing the risk on to equally greedy investment banks and hedge fund managers. consumers came along for the ride, abandoning reasonable financial practices and using credit to fuel materialism -- as well as making poor decisions by buying homes they couldn't afford with "creative" mortgage financing. nearly everyone shares some of the blame. this is not the time to bicker over who is most at fault. it doesn't matter. the past is past. it's time to move forward and fix the problem. really fix the problem. with practical solutions (that's right, follow the link for just one alternative -- and better imo -- solution) that don't involve throwing a large, arbitrary amount of money at the problem. this is something that requires measured thought. and a change in how our society now views debt, money and the economy. there's no reason to rush into a bailout plan right now. instead, a little more analysis is needed.

I believe you forgot to give credit where credit is due to the Democrats you have sitting in congress, they have a great deal to do with the financial crisis as well.

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How easy is it to get your lender to modify your mortgage? my interest rate resets next month and the monthly payments will increase. i bought this house as my primary residence but then i moved out and made it a rental home. i rent it for $1245 a month. the mortgage is currently $1405 (i pay the difference...i could not get it rented for higher). the mortgage will go up to about $1650 in september. i can't afford such a big increase now because of changes in my financial status. i do not want to lose the house and i do not want the people who live there to have to move out. they are good people. they are disabled. they pay their rent every month. do you think my mortgage lender will work with me? i can't refinance it because i have too much on my credit now. any suggestions?

Absolutely you can try and call your lender and ask them to modify your mortgage. The only thing is , that this is your rental property and they are more willing to work with primary residence, but this don't disqualify you to do modification. You need to provide them with hardship letter and your financial statements ( you can check on their web, some of them have loan modification packages). If this will not work- you can contact me a. I work with the group of attorneys nationwide to help people modify their loans.

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How easy is it to get your lender to modify your mortgage? my interest rate resets next month and the monthly payments will increase. i bought this house as my primary residence but then i moved out and made it a rental home. i rent it for $1245 a month. the mortgage is currently $1405 (i pay the difference...i could not get it rented for higher). the mortgage will go up to about $1650 in september. i can't afford such a big increase now because of changes in my financial status. i do not want to lose the house and i do not want the people who live there to have to move out. they are good people. they are disabled. they pay their rent every month. do you think my mortgage lender will work with me? i can't refinance it because i have too much on my credit now. any suggestions? i can't sell the rental because my house is now worth less then my loan. i will be lucky if i can get $160,000 for the house and i owe almost $175,000. i don't know where i would get the extra $15k.

You may be able to do what is called a modification of mortgage. That is when the terms of the loan are changed. You can approach lender, advise lender of situation, and see if loan can be re-negotiated. Lender does not want to foreclose, especially if loan payoff exceeds property value. Lender usually would rather change terms of loan.