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adonis
Joined: 22 Oct 2005
Posts: 3852
Location: ALASKA
120.89 Dollars($)
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salamander
Guest
0.10 Dollars($)
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Post subject: refinancing |
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| If I have fallen behind due to a sudden increase in number of dependents and a salary reduction, can I still refinance and get additional funds so I can reduce debt? |
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jameshogg
Joined: 20 Dec 2005
Posts: 4291
Location: nevada
509.34 Dollars($)
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Post subject: |
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Hi salamander,
As you are past due on your debts, you won't be able to refinance your loan. However, you can always contact the lender for a loan modification. If the lender accepts this offer, you would get a lower interest rate to pay off the loan but the term of loan payment would get increased.
Thanks |
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Bill59
Guest
0.10 Dollars($)
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Post subject: trailer |
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| have good credit but i bought it for my daughter a nd she skipped out on the payments.We picked them up because we co sign.The interest rate is 12% we have had this nice trailer for 6 years still owe .Is it possible to refinance the trailer at a lower rate. |
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adonis
Joined: 22 Oct 2005
Posts: 3852
Location: ALASKA
120.89 Dollars($)
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Post subject: |
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Hi Bill,
If you're current on your mortgage payments, then you can refinance the loan. This will help you in getting a better interest rate. I hope you have a steady income and a good credit score. In order to get a mortgage, you should have a credit score of around 740.
_________________
Procrastination is the enemy of your financial sucess |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 7405
Location: bloomfield, ct
62.63 Dollars($)
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Post subject: |
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adonis, there are plenty of mortgages available out there for folk with credit scores below 740. yes, with a conventional loan, a person is best served with an excellent score, but fha loans (and others) provide more than adequate financing for those with scores far lower than that.
_________________
George M. Akerley
Loan Consultant
860-221-5044 |
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