please some can give me any direction ,im close to a foreclose by the high payment please answer in spanish or english
2006-06-14 08:54:27 · 10 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Regulated lenders require at least a 500 credit score. Below that, you have to go to a so-called "hard money" lender. Depending upon your situation, however, it may be better to consider selling. Rates are higher now than they have been, and if your credit score has decreased, as seems likely if you're close to foreclosure, you're unlikely to get a rate as good as you had. One way or the other, you've got to be able to make that payment, and if you can't, refinancing into a negative amortization loan or something like that isn't going to really help, only give you time to dig yourself deeper.
A corollary question to this is how much equity do I need? The lower your credit score, the more equity you need for the bank to consider it an acceptable loan. The higher your equity, the more options you have.
2006-06-14 09:28:09 · answer #1 · answered by Searchlight Crusade 5 · 0⤊ 0⤋
Yes, you can refinance, just a matter of how good a rate you can get. There are ways to boost your FICO scores in a few months. I can help you with it. I work with a big direct lender/mortgage broker doing business in 48 states, and because the huge volumn of business we do, we get better rate than smaller brokers. We have over 200 loan programs to meet the needs of different situations, from good FICO score and good income and down payment, to poor FICO score and NO income (called "stated income") and NO down payment, so I will be able to find the program which best fits your needs. Contact me at xjuy@yahoo.com or 408-476-0455 and I can help you. Jessica
2006-06-16 12:28:12 · answer #2 · answered by Jessica 2 · 0⤊ 0⤋
Interest Rates are on the rise and with bad credit your paying a higher interest rate to begin with. You should probably call around to different mortgage companies. Dont ok them to pull your credit until you get something definate from them. The more inquiries (in the past 90 days) you have on your credit the more your score decreases. Try talking to a credit counslor and fixing your credit before refinancing. There isnt going to be a fast fix to the forclosure. Call your mortgage company and work that out with them at least thats a short term fix while you try to get refinanced. FHA loans are good if you have bad credit too.
2006-06-14 09:16:08 · answer #3 · answered by Kristin Pregnant with #4 6 · 0⤊ 0⤋
Talk to your bank. They do not want to have to foreclose on you, they just want their money and they are willing to help. You also need to see if there is a prepayment clause in your loan. A lot of people got sucked into doing those ARMs loans to get into a home they can't afford and there is a huge prepayment penalty if you try to refi too early in your loan and if you can't pay that penalty you might be in trouble, since you will not be able to refi. Just make sure that they do not foreclose! You would rather sell the home than have it foreclosed, cause from what I understand you will not be able to sell if they foreclose on your home.
2006-06-14 09:24:20 · answer #4 · answered by ohnoslen 3 · 0⤊ 0⤋
The credit that "counts" is the familiar salary earner's. in case your husband is the familiar salary earner, than his middle credit is the only which will be used to ascertain the speed. besides the indisputable fact that, some banks do have underwriting guidelines that stipulate if a co-borrower has a credit lower than "X" than it top away drops the non-public loan right into a larger activity price bracket, or you received't be able to bypass on the non-public loan in any respect. you could continuously practice jointly, and in case you locate that the speed is more desirable suitable with out you on the non-public loan, ask to proceed to be off the non-public loan and be placed on the identify with him instead. They don't have an difficulty with redoing the non-public loan software. so a strategies because the vehicle personal loan is going--both of you would opt to bypass to the monetary employer and word if its available on your call to be placed on the non-public loan. they might or they received't counting on their monetary employer's coverage.
2016-10-30 21:47:26 · answer #5 · answered by ? 4 · 0⤊ 0⤋
contact the bank thats holds the lien on your mortgage. you might be able to make some type of arrangement whrere they will give you some more time to figure things out. dont ignore their calls that will make it worse. i know its tough but face it head on. I wish you luck!!
2006-06-14 09:02:54 · answer #6 · answered by rrh2 3 · 0⤊ 0⤋
Your best bet is to talk to your lender. I specialize in foreclosure properties. If you want, contact me and we can look into your particular situation and come up with some options.
Regards
2006-06-14 20:35:41 · answer #7 · answered by Anonymous · 0⤊ 0⤋
That's a good question!
2016-08-22 23:47:50 · answer #8 · answered by Anonymous · 0⤊ 0⤋
Yes, it might be
2016-08-08 00:02:36 · answer #9 · answered by ? 3 · 0⤊ 0⤋
rondel@1stmdloans.com email me a I will tell you about a program that may be able to help................It's not hard money.......
2006-06-14 14:44:25 · answer #10 · answered by ron d 3 · 0⤊ 0⤋