I have had mortgage lates all year I own 2 houses . Can I refinance even with being late?

Question

I have been behind on everything and it is just killing me with stress and worry. Thanks so much

Answer 1

~Well, I'm not going to lend to you and I doubt anybody else that answers this will either.
Duh. Go to some lenders and apply. Or does that make too much sense? And start paying you're bills on time. That might make folks more inclined to take a risk on you. If you can't pay on time, start spending within yours means. Pretty basic, isn't it?

Answer 2

there is alot more information needed to accurately advise you on which way to go. What i can say is that every lender has different guidelines in which they lend money. Some lenders specialize with low credit, some only work with good credit, etc.

Your best bet is to talk with someone that has a portfolio of investors they work with. There are a couple reasons i suggest 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 saving you money..

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..

As for the limited info i see, it depends on where your score is now, and how many lates you have. I do have investors that work with people that have bad credit, mortgage lates, bankruptcy, etc., so i definetely think i can help 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 [e-mail].

Thank You,

Jason Fry
Providential Bancorp

Answer 3

different mortgage solutions exists, I have outlined some below

(I would also suggest you read : http://umgarticles.atspace.com/mortgage.htm

Pension Plan
Using a pension plan to accumulate the balance of your mortgage is a tax free saving scheme. The balance of your house will be saved over a period of time until you can pay your final balance. If you do intend to use a pension fund to save for the balance of your house, consideration should be taken into account to open another pension fund for retirement purposes too.

ISA Plan
With an ISA plan you invest in stocks and shares via an Individual Savings Account (ISA) - which is a tax-free method of saving. This method of saving may not be suitable for most borrowers. Before considering this option you should consult with an independent financial adviser.
Endowment
An endowment is still the most common type of interest only mortgage which also provides life assurance cover and a fixed payment for investment. The endowment policy along with the interest only mortgage should in effect end at the same time, leaving you with the ownership of your home and nothing to pay. Endowments have undergone much criticism; this is due to investors being promised high returns from their investments. However lately this has not been the case, borrowers have found their investments have been as good as expected and a shortfall in the end amount of invested cash will not match the amount owed on the current property.
Taking into account the recent problems that have arisen regarding endowment policies it is worth remembering that returns on endowment policies have been pretty good, however you do need to see the term out in full. Also endowments do provide life assurance as part of the actual policy, so in the unfortunate event of a death the mortgage balance is paid in full.
Advantages of an interest only mortgage
• Your investments and savings could accumulate more than the required amount to cover the final payment; this could leave you more cash for your own personal use.
• Some plans have good tax benefits and help reach the required amount it a quicker and cheaper rate.
Disadvantages of an interest only mortgage
• In the unfortunate event of your investments not acquiring the designated amount of cash to cover the loan repayment, the investor could face a shortfall which they will then need to pay. If you are worried about a shortfall on your investment, you should keep in touch with your investor and request regular updates on the situation of your endowment. If the worst comes to the worst, you can increase payments to compensate for the loss of investment.
• Cashing in your endowment, ISA or pension could have adverse effects on the amount of money you have saved over the past however many years. If you do decide to cash in any existing policies you may be subjected to a penalty, this could be a cash amount specified by the investment company/lender. Please seek professional advice if you are worried about the end results of your finances, don’t be too hasty as most policies accumulate more of the cash in the final year

for a complete informational package I suggest you visit one of the many mortgage informational sites the best free one in my opinion is :

also read http://umgarticles.atspace.com/mortgage.htm

Answer 4

You should be able to refinance but it may be at a higher percentage. Most mortgage companies will work with you if you are trying to consolidate and get your debt under control. Call both of your mortgage companys and explain the situation to them

Answer 5

It is possible, but your residence will make a difference, financial laws are different around the world and all have different regulatory rules.
Refinancing and consolidating your loans is an option, or selling one property to pay off the debt on the other, that way you don't risk the chance of losing both houses due to a default on the loan.

Answer 6

You can find a lender, but at a craze interest rate. However if you can come up with a good reason stating how you can repay the new loan. You may have a good chance at getting an ok rate.

Answer 7

Yes you can - the world is insane with people who want to lend you money - the real question is How is that credit score and ow are the w2's... As well - the interest rates will not be as good as they would be if you were not late...

Answer 8

Yes, you will be able to refinance, but expect to pay a much higher interest rate, especially if you want to continue having escrow included.