Posted on: 31st Aug, 2009 03:47 am
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wow
this is really a nice piece of information for those who are financially troubled and are struggling to pay the mortgage.
But again this will not be a good (100 % ) help to those who are having bad credit.I think this is meant for those who were having good credit in past and now sufring due to economy.
But again this will not be a good (100 % ) help to those who are having bad credit.I think this is meant for those who were having good credit in past and now sufring due to economy.
hi lushlee,
i doubt whether it would be possible for a person with bad credit to get a refinance. with the crisis still prevailing in the real estate market, i don't think lenders would be ready to give mortgage to a person with a bad credit. moreover, there can be chances of scam as well. so, one should be careful enough before applying for such loans.
thanks
i doubt whether it would be possible for a person with bad credit to get a refinance. with the crisis still prevailing in the real estate market, i don't think lenders would be ready to give mortgage to a person with a bad credit. moreover, there can be chances of scam as well. so, one should be careful enough before applying for such loans.
thanks
Hi lushlee,
It's much easier said than done. Getting a bad credit refinance loan, that too at a 'reasonable rate', is almost impossible to get in this depressed economy. If your score is less than 620, you practically have little chance of qualifying for a refinance, let alone getting a reasonable interest rate. A cash-out refinance is also a rarity in this market. With the real estate prices declining, most of the houses are upside down and do not have enough equity to cash out. Thus, both bad credit refinance and cash-out refinance are not quite feasible options in this economic environment.
It's much easier said than done. Getting a bad credit refinance loan, that too at a 'reasonable rate', is almost impossible to get in this depressed economy. If your score is less than 620, you practically have little chance of qualifying for a refinance, let alone getting a reasonable interest rate. A cash-out refinance is also a rarity in this market. With the real estate prices declining, most of the houses are upside down and do not have enough equity to cash out. Thus, both bad credit refinance and cash-out refinance are not quite feasible options in this economic environment.