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DCU help

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Rkalynsmith
Regular Contributor

Re: DCU help

Because of the reasons stated above.

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Current Score: 721
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Message 11 of 25
NRB525
Super Contributor

Re: DCU help


@Rkalynsmith wrote:
DCU is a credit union that im with. I'm buying the house and the back taxes is the only thing I have to pay. I already paid this years. That's why I asked the question about will they let me
Take out a personal loan.

Ok, i'm catching up. I think.

 

So you went to a tax auction and bid to buy this house out of, basically foreclosure for back taxes. Or some variation on that. You pay all the back taxes and you get the house completely free of any other liens. Is that right?

 

Ok, so what is the value of the house? I would take the car loan advance, mortgage the dog, take a sack lunch to work, eat only potatoes... you get the idea... to change my budget to get the money to pay those back taxes. If it is something you can survive without, get rid of the expense.

 

Good luck!

High Bal Jan 2009 $116k on $146k limits 80% Util.
Oct 2014 $46k on $127k 36% util EQ 722 TU 727 EX 727
April 2018 $18k on $344k 5% util EQ 806 TU 810 EX 812
Jan 2019 $7.6k on $360k EQ 832 TU 839 EX 831
March 2021 $33k on $312k EQ 796 TU 798 EX 801
May 2021 Paid all Installments and Mortgages, one new Mortgage EQ 761 TY 774 EX 777
April 2022 EQ=811 TU=807 EX=805 - TU VS 3.0 765
Message 12 of 25
Rkalynsmith
Regular Contributor

Re: DCU help

Rightttttttt lol at the time of the sale the taxes were $4k now In order for me to get the house it's $7k. House is probably worth $45k. I will take out a mortage next year to put a little work into it. Now I'm just trying to get the loan to buy it. I'm already living in it. I've been renting it for about 7 years. I can't pass this opportunity up. Just hoping I can get the lil personal loan.

Starting Score: 565
Current Score: 721
Goal Score: 800


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Message 13 of 25
Anonymous
Not applicable

Re: DCU help


@Rkalynsmith wrote:
Rightttttttt lol at the time of the sale the taxes were $4k now In order for me to get the house it's $7k. House is probably worth $45k. I will take out a mortage next year to put a little work into it. Now I'm just trying to get the loan to buy it. I'm already living in it. I've been renting it for about 7 years. I can't pass this opportunity up. Just hoping I can get the lil personal loan.

And DCU won't/can't give you a first mortgage for say 20k? Pay off the taxes and put the rest into the house?

Message 14 of 25
NRB525
Super Contributor

Re: DCU help


@Anonymous wrote:

@Rkalynsmith wrote:
Rightttttttt lol at the time of the sale the taxes were $4k now In order for me to get the house it's $7k. House is probably worth $45k. I will take out a mortage next year to put a little work into it. Now I'm just trying to get the loan to buy it. I'm already living in it. I've been renting it for about 7 years. I can't pass this opportunity up. Just hoping I can get the lil personal loan.

And DCU won't/can't give you a first mortgage for say 20k? Pay off the taxes and put the rest into the house?


Doesn't own the house yet. Can't own the house, get title, until the taxes are paid. Can't get a loan/mortgage to pay the taxes until clear title can be put in escrow to transfer ownership. A classic bind. Thus, the suggestion to go to eating potatoes only... Smiley Tongue

High Bal Jan 2009 $116k on $146k limits 80% Util.
Oct 2014 $46k on $127k 36% util EQ 722 TU 727 EX 727
April 2018 $18k on $344k 5% util EQ 806 TU 810 EX 812
Jan 2019 $7.6k on $360k EQ 832 TU 839 EX 831
March 2021 $33k on $312k EQ 796 TU 798 EX 801
May 2021 Paid all Installments and Mortgages, one new Mortgage EQ 761 TY 774 EX 777
April 2022 EQ=811 TU=807 EX=805 - TU VS 3.0 765
Message 15 of 25
Rkalynsmith
Regular Contributor

Re: DCU help

Never asked. Thought banks didn't do mortgages under 50k?

Starting Score: 565
Current Score: 721
Goal Score: 800


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Message 16 of 25
gdale6
Moderator Emeritus

Re: DCU help


@Rkalynsmith wrote:
Never asked. Thought banks didn't do mortgages under 50k?

It depends on where you live in the country, I have family that live in an area where homes can be purchased for much less than 50K.

Message 17 of 25
Anonymous
Not applicable

Re: DCU help


@Rkalynsmith wrote:
Never asked. Thought banks didn't do mortgages under 50k?

Well, your initial question was about DCU/personal loan.

 

Who has the title to the property? The people that moved out or a government agency?

 

Message 18 of 25
Anonymous
Not applicable

Re: DCU help


@NRB525 wrote:

Doesn't own the house yet. Can't own the house, get title, until the taxes are paid. Can't get a loan/mortgage to pay the taxes until clear title can be put in escrow to transfer ownership. A classic bind. Thus, the suggestion to go to eating potatoes only... Smiley Tongue


Yea, I probably didn't ask enough of the right questions. I knew he didn't own it, yet.

 

Who has the tax lien? and who is he paying rent to. Somebody is in control of the house and he is living in it. Is that someone the same that has the tax lien? One way or another, I would do exactly what I implied, work at getting a mortgage instead of a personal loan.

 

 

Message 19 of 25
Anonymous
Not applicable

Re: DCU help


@gdale6 wrote:

@Rkalynsmith wrote:
Never asked. Thought banks didn't do mortgages under 50k?

It depends on where you live in the country, I have family that live in an area where homes can be purchased for much less than 50K.


Heck ya, my main home is 3 story's, 2 car garage, 80 x 40 workshop on 2.5 acres with the back of the property having 350' creek frontage. Appraised value of 82k but I wouldn't trade it for the world. Most of my rental properties were picked up for less than 50k also.

 

There are advantages to being rural(boonies) Smiley Happy

Message 20 of 25
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