behind on mortg in high variable rate cant afford paymt want to save my home? mortg company wont redo till up?
by Mortgage Rates on Thursday, September 23rd, 2010 | 3 Comments
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What is your current credit score? How much do you owe on the home now and what is it worth? How long were you unemployed before finding the new job?
I might be able to help but need more information. You can go to my website and fill out a quick application if you don’t know your credit score. I am a personal mortgage consultant and work with hundreds of banks. I can procure another loan for you depending on the answers to the above questions.
I am also a member of the National Association of Responsible Loan Officers.
My web address is http://www.vegasloansbytami.com and you can find contact information there. I’d like to help if I can…..
Good luck.
This is a tough one. If you absolutely HAVE to refi to save your house from foreclosure your going to need what’s called hard money.
You say your house is worth 90K, but I’m wondering if that is what you owe on it or if that is what the appraisal would come in at.
Hard money lenders will give you 65% of the value of your home with no questions asked. The rate will be similar to what you are paying now, but they won’t look at credit, job, or assets. They lend strictly off the value of your home.
If your looking a conventional loan, then I’d really need to know your credit scores and exactly how far behind you are in your payments right now. 30, 60, 90, or 120 days? 120 days or more is normally going to be considered a foreclosure proceeding. If that happens your looking at a foreclosure bailout loan which again.. while it is possible, would offer rates similar to what you are paying now.
If your credit is above a 500 score you’d be able to get at least 80% of the value of your home to payoff your old loan and get into a better interest rate. There ARE subprime lenders that still specialize in working with folks in your situaiton. If you think your mid score is above a 500 then shoot me and email and I’d be more than happy to help you get this done and get out of trouble. Just make sure whatever happens your going to be able to make your payments going forward. If you get cash back use it wisely and either pay off debt or keep it in reserves for a rocky time.
Chris Burns
loans@fivestarsmortgage.com
Your credit going bad after you bought the house should not effect you, the original contract is still in effect.
It sounds like you had a hard money loan in the first place. You are not going to get anything better if you have not improved your credit.
Personally I think you need to sell your house before Aug. YOu simply are in over your head and redoing the loan will not help because you are too high risk for legitimarte banking. The sharks (like the one you have now) will loan to you, but their real intention is to take the house after they have all of your money.