My situation is taking a turn for the worst. I have been unemployed for more than a year and just got a job a month ago. I was able to keep up until March but the mortgage is the biggest problem. How can I get help when my credit is marred now do to the unemployement.
2007-06-28 12:08:44 · 2 answers · asked by Marcella D 2 in Business & Finance ➔ Personal Finance
You can find 'Hard money lenders' in the phone book under 'Payday loans'. If you think you need help, that is the LAST place you should go. Try asking your new boss for an advance on your pay. Ignoring your credit cards for a few months is a better option.
2007-06-28 13:31:56 · answer #1 · answered by STEVEN F 7 · 0⤊ 0⤋
"Hard Money" is the last resort and a very short term loan.
If you are behind a few months, not a viable solution unless you can easily afford 12.50% interest and have plenty of equity in the subject property.
What is better, is get caught up on the mortgage, pay the bare minimum on your credit cards and refinance with a conventional (reputable lender) when you have 24 months employment history if your unemployment lasted longer thatn 3 months. If your unemplyment was under 3 months, wait only 6 months.
Rates did NOT increase today so long term mortgage rates should remain about the same for the next few months (3) ahead.
2007-06-28 22:35:35 · answer #2 · answered by Anonymous · 0⤊ 0⤋