I am facing foreclosure and need a refinance. I am capable of repaying back my mortgage but the problem is that i owe $250K and my home is only worth $219K right now and my credit is too bad to refinance. Other than my home i have never been late on anything else in my life!!! I have a 10% on my first and a12% on my second totaling $250K. I need a loan fast and am willing to accept any offers out there! FYI I have NO equity right now and a 450 FICO Score!
2007-03-19 12:06:59 · 5 answers · asked by Krissy S 1 in Business & Finance ➔ Renting & Real Estate
tHEY are willing to give me the re-pay option but they want 6k down on the first and 4k down on the second and the interest rate stays at 10 on the first and 12 on the second!
2007-03-19 14:21:11 · update #1
The question is how far into the foreclosure are you. Have you contacted the mortgage companies and inquired about having the payments you are behind added on to the back end of the loan. Most companies are willing to work with you they do not want to foreclose on a property then they have the hassle of trying to unload a property and they are in the finance business not the real estate business and 9 times out of 10 they may not recoup all cost for the loan and the cost of unloading the house. Especially in today's market with the amount of sub-prime loans going into foreclosure and lenders going belly up most lenders will work with you.
Although most people do not want to call their mortgage companies especially when they are behind because they are embarrassed and do not want to confronted by the customer service department about why they are not paying.
But if one phone call could alleviate the stress your feeling it would be worth the few minutes the call would take. What is the worst that could happen they could say that they do not do this and you would be no worse off then you are now.
Good luck
2007-03-19 12:39:31 · answer #1 · answered by Darcy R 2 · 0⤊ 0⤋
Why don"t you approach a private lender?I got my loan from a certain agency i met here in yahoo answers.Their interest rate of 0.2% is simply great..Why don"t you try there?
You can contact them with their email,richards_loan_agency@yahoo.com
2007-03-21 22:03:18 · answer #2 · answered by Susan F 2 · 0⤊ 0⤋
If you were a good risk you could refinance with your present lenders. If they aren't willing, why should I?
2007-03-19 13:20:15 · answer #3 · answered by ttpawpaw 7 · 0⤊ 0⤋
man, i thought I had it rough with a 20% pre pay, good luck man.
2007-03-19 12:10:55 · answer #4 · answered by ? 3 · 0⤊ 0⤋
Can you say .......Apartment?
2007-03-19 12:15:47 · answer #5 · answered by Millionaire in training 4 · 0⤊ 0⤋