Our mortgage goes from Fixed to adjustable in March 2008. I have tried in vain to get help/credit is bad due to husbands lay off in 05,working now but still behind on everything.
Please, someone help!!!!!!
Vicki vcl0707@yahoo.com
2007-09-27 06:33:57 · 7 answers · asked by Vicki L 2 in Business & Finance ➔ Renting & Real Estate
FHA does not do loans for people who's mortgages are not paid on time. Even the new program available is only for people who got into trouble AFTER their adjustable rate loan adjusted. If you fell behind in 2005, and have remained late since then (2 years), then it is likely you are in a house you cannot afford. Put it up for sale and get into something you can afford.
2007-09-29 14:24:22 · answer #1 · answered by Shawna Marie 3 · 0⤊ 0⤋
FHA will help only if you have been on time before the rate increase, and have 3% equity, or payment towards such. Dependent upon which state you live (most are down) and if you financed for 100% your home is most likely worth less than you owe on it which makes things, especially with the tightening of credit (prime needs to have a down payment) even harder, no should say in today's market almost impossible,except for the scammer's that are prevalent upon these boards. I wish you luck but I truly believe that you are joining the many others that are in the position of losing their homes
2007-09-27 13:06:50 · answer #2 · answered by Pengy 7 · 0⤊ 0⤋
You may want to try for an FHA loan they are willing to work with someone that has credit blemishes in the past. With FHA you can explain your situation to the underwriter and you are not judged just by your credit score. You also want to see if you have a prepay penalty on your loan you may have to wait until 2008 to do it to save several thousand dollars. You r best bet is to get with a broker and have someone that is familiar with FHA go over your situation.
2007-09-27 06:43:37 · answer #3 · answered by Anonymous · 0⤊ 0⤋
what is the value of your home. if lower than 80% there is a good possibility you can refinance. How bad is your credit do you know or you think its bad? Also March 2008 is not that close and changes in November 2006 will help you to get it done dont panic. E mail mne if you want more details Fabios@bellsouth.net
2007-09-27 06:53:50 · answer #4 · answered by Fabio G 3 · 0⤊ 0⤋
FHA loans focus more on the current situation than bad credit in 2005, so they seem like it would be an option to look at.
2007-09-27 06:43:36 · answer #5 · answered by matzael 3 · 0⤊ 0⤋
Don't panic !
you stated your credit is bad. Had you had your credit check by a mortgage professional? Mortgage companies look to see how you paid you mortgage in the past 12- 24 months along with your credit score is how they determine if they will give you a loan email me @ mballard86@yahoo.com to discuss further I do Mortgage loans in all 50 states
2007-09-27 06:41:53 · answer #6 · answered by mtg guy 1 · 0⤊ 2⤋
have you tried FHA financing?
2007-09-27 06:38:00 · answer #7 · answered by Anonymous · 0⤊ 0⤋