Lawsuit Loan Atlanta

Getting a mortgage with bad credit if I have lots of money.?

Question: Ok ,so here's the deal...i suffered GREATLY from the recession and now I have bad credit...I have the following things charged off on my credit: $150 electric bill, $300 comcast bill $700 credit card $500 walmart card and a $800 student loan...all are either 180 days past due or charged off completely. I just recently got a settlement for a lawsuit I filed over 6 years ago against my former employer for $842,000 dollars...i got the check and put it in the bank yesterday...but now I'm thinking I want to move to Atlanta (I now live in Houston) and buy a house. Can I still qualify for a mortgage of about 2-or 3 hundred thousand dollars since I have so much money in the bank, I dont wanna pay for the house cash cause I want to use this money to invest in. Will the lenders approve me because of my bank account and also, i am not working right now either. PLEASE ONLY SERIOUS REPLYS AND PEOPLE WHO ACTUALLY KNOW ABOUT THIS STUFF Ok, so I got some good advice but I'm still at a loss...the first thing is: even if I clear the items off my credit by paying them, I am told that they will only be marked as having been paid and that the delinquency still shows on my credit report, which means I'll have bad credit whether I pay the items or not...which I do plan to do this week. So I will still have bad credit right? also, i am not working...so even if I got a job tomorrow...I would have to work how many months before I can show good proof of income? Also, even i got a job here in Houston tomorrow...I want to move to Atlanta...so how do lenders do it if you are moving to a whole other state as far as job requirement?




Answer: You will not be able to get a standard mortgage. You have no job & bad credit. Decide where you are going to deposit the money then talk to them about a portfolio loan. They may do it because of the money you are going to put in their bank. Before I talk to them about it I would pay off the collections. Student loans are never written off & never allowed to be put in Bankruptcy. Yes, the delinquent accounts will still show but at least they will show paid in full. That is better than just walking away from your responsibilities. I would buy a less expensive house, maybe even a fixer upper. Pay cash & when you have a job & have been on it for a year, try to get pre-approved to buy a bigger & keep the first house as a rental. Get some decent credit going to show you don't shirk your responsibilities. Pay everything on time. No blemishes from this point on.