I have a mortgage that keeps adjusting my payments higher. I am trying to re-finance and get a lower fixed rate. I have been on my job for 5 mths and I have a monthly income for the rest of my life of which makes me making between the two incomes of about 30000 a year. but my credit is 550. I really need lower my payments or I am going to loose my house. My payments are now 746 next month they will be 820 and it seems like they keep going up. Does anyone know of any information I can get to try to refinance or take out a second mortgage or are they the same. I am in need of desparate help quickly
2007-08-04 11:27:18 · 5 answers · asked by spider 1 in Business & Finance ➔ Personal Finance
Newest news on the homefront is even financial mortgagors are having problems with the alt-A credit people and cutting them off which makes you as a subprime in a position whereas it is going to be impossible to get a mortgage, or to refinance. As it is right now all the finance companies are pulling out even with those with a score between 650-680. If you only financed 80% you might have a chance but if you did 100% you are most likely already out of equity as prices are dropping because of the glut of houses, compared to the amount of eligible buyers. The housing bubble is bursting folks, am so sorry you are cought in the middle of it
2007-08-04 11:37:43 · answer #1 · answered by Pengy 7 · 0⤊ 1⤋
Have you asked your mortgage provider about changing to a fixed rate? Worth a try. Or compare lenders online, though you may end up with a severance payment due when changing to a different lender, plus legal fees for opening a new contract.
2007-08-04 13:22:55 · answer #2 · answered by bluebell 7 · 0⤊ 0⤋
Hi Spider,
I think in your case it would be best to talk to a licensed mortgage professional, rather than risk just filling out a form on a site.
A company that helped me was Loan Center, their number is
866-752-6089, I would recommend giving them a call, they can help answer your mortgage refinance questions and get you going.
2007-08-06 05:20:51 · answer #3 · answered by vahomerefinance.com 2 · 0⤊ 1⤋
I have been working with TopDot bank and ive seen many people under the same circumstances as you, if you need some help email me at ringmessenger18@yahoo.com and i should be able to get you a quote.
2007-08-06 08:21:32 · answer #4 · answered by ringmessenger18 2 · 0⤊ 1⤋
check the below link its good
http://workathomedatentryworks.blogspot.com
.
2007-08-07 20:04:15 · answer #5 · answered by Anonymous · 0⤊ 2⤋