2006-06-30 09:13:10 · 5 answers · asked by Brenda G 1 in Business & Finance ➔ Personal Finance
yes
2006-06-30 09:16:15 · answer #1 · answered by Anonymous · 0⤊ 0⤋
What is most important to realize is that every lender in America has different guidelines in which they lend money.
My company is partnered with over 80 investors, and most of which are on the sub prime market. We do specialize in low credit, bankruptcies, foreclosures, mortgage lates, etc.
What i suggest is that you have someone take a look at your credit and financial situation and analyze it for you. From there they will be able to accurately let you know what you qualify for.
I do suggest that you work with a company that has access to multiple investors..There are a couple reasons for suggesting that:
1. If a loan officer can shop your loan to multiple lenders they are bound to find one or more willing tho lend to you. They then can find the best of the offers, obviously resulting in lower rates and closing costs!
2. If you on your own call multiple banks to see what you qualify for, each and every lender will have to pull a seperate credit report. The more times it is pulled the worse your credit gets. Now, when you work with a loan officer that can shop among their investors, they only have to pull one credit report, and use that copy to shop mortgage lenders for you..
So not only do you keep your credit score where it is, you dont have to worry about any of the busy work..you let the loan officer do it for you..
My name is Jason Fry, and I am a loan officer with Providential Bancorp, a nationwide mortgage lender. I'd be happy to assist you in a refinance, or at least be able to let you know exactly what YOU QUALIFY FOR. You can then make a more informed, and educated decision whether it would be the right move for you.
Feel free to give me a call at 312-264-6448, or
you can email me at Jasonf@providential.com.
Thank You,
Jason Fry
Providential Bancorp
2006-07-06 09:05:50 · answer #2 · answered by MortgageGuy 3 · 0⤊ 0⤋
You may do so if you get permission from the Chapter 13 Trustee. Expect to pay a much higher rate because the largest mortgage securitizers (FNMA and FHLMC) won't approve the loan so you will be dealing with a sub-prime lender.
2006-06-30 09:18:51 · answer #3 · answered by mazziatplay 5 · 0⤊ 0⤋
Anything is possible when you have equity in your home, but I wouldn't recommend it. In stead, consider selling your place and either moving into something smaller, or rent for a while while you get back on your feet. Anything but more debt!
2006-06-30 09:19:02 · answer #4 · answered by Privratnik 5 · 0⤊ 0⤋
Sure why not, stranger things have happened.
2006-06-30 09:16:39 · answer #5 · answered by Anonymous · 0⤊ 0⤋