Bad Credit refinance?
My husband and I have credit scores in the 500's. We own a manufactured home that is real property and need a refinance. our mortgage loan is a 2/28 and our payment just went up a 100 dollars a month. Is there any help out there? We have applied but no one seems to be able to help us because of our credit scores being so low.
you can do FHA but you cant have any credit lates in the last 12months. If you do …you will have a HARD TIME getting qualified
you can do FHA but you cant have any credit lates in the last 12months. If you do …you will have a HARD TIME getting qualified
on November 16th, 2008 at 1:17 pmReferences :
http://carolinahomerates.com
A adjustable rate 2/28 mortgage on a manufactured home added to low credit scores in the 500's…adds up to a difficult but not imposable, refinancing scenario.
on November 16th, 2008 at 1:56 pmNot knowing if your mortgage loan carry's with it … pre-payment penalties if you refinance an pay off the loan early, or how much you owe on your mortgage, or where and how much other debt you have, (ie; car, credit card, medical, ect.) , or what your income is….there are a lot of questions that should be answered in order to give you any credible help.
If you haven't already, go to current mortgage lender, in person, face to face if at all possible, not over the phone and explain your entire financial situation. Most sub prime lenders , such as yours, are going out of their way to help borrowers such as yourself. Their default , foreclosure numbers are soaring and the losses those lenders are taking are astronomical.
The old saying: " You can get more using sugar and spice than you can using sticks and vinegar" should be used.
Talk to them, NOW, don't wait until your 1, 2, 3, 4 or more payments behind. Talk to them NOW, firmly but nicely. Have with you…. your past 3 year tax returns, pay stubs, know the phone numbers and address's to your employers., know ALL your debt ( Itemized, how much, who it's with, monthly payments, payoff balance…give your lender all the information they ask for, up front. If you are told no….ask to speak with their superior, senior lending officer! If you are declined at that level with you current mortgage lender then look in your phone book for mortgage loan brokers…use the same approach as you used with your current lender…..If your not successful in obtaining a fixed rate, no pre-payment penalty, refinancing terms, at a acceptable rate of interest through a loan broker and you can no longer afford to make your payments…Contact your lender and let them know ….don't threaten….simply and calmly….tell them…..preferably always in writing!
Bankruptcy my be your only recourse….Current bankruptcy laws are such that documenting all the steps outlined above, can only work to your betterment! Having every thing in writing….documented….will also be very beneficial to your BK attorney. Good Luck!
References :
32 years as a Senior Vice President, mortgage lending, Certified Financial Planner.
How about trying to fix your credit scores first- but that seems like the obvious answer….
on November 16th, 2008 at 2:20 pmReferences :
Absolutely it's possible. A lot of lenders don't like to do manufactured homes, but then again there are quite a few that do. You have already talked to your current lender about modifying your loan to a fixed payment, right? Obviously they lend on manufactured homes as they're holding your mortgage now. Ask them first if they can come up with better terms, if not, then I'd suggest looking for local mortgage brokers who does FHA loans and comparing a few quotes.
on November 16th, 2008 at 2:53 pmGood luck!
References :
mortgage broker