| Author |
Message |
|
|
 wendyperry
Joined: 11 Dec 2008
Posts: 1
1.32 Dollars($)
|
 Posted: Thu Dec 11, 2008 10:40 am Post subject: Are there agencies that will refinance my mortgage with a cr |
|
|
| Are there agencies that will refinance my mortgage with a credit score below 500?...I am currently behind on my mortgage b/c I lost my job last year. I am working again, but unable to bring my mortgage current. I need some assistance with my mortgage. I have reached out to orginazations that I could find onling but no one has been able to assist me. |
|
|
banker0679
Community Experts
Joined: 15 Nov 2007
Posts: 332
Location: Charlotte, North Carolina
1.41 Dollars($)
|
|
|
smithsussane
Joined: 18 Sep 2008
Posts: 3738
Location: Alaska
561.45 Dollars($)
|
| Posted: Thu Dec 11, 2008 7:35 pm Post subject: |
|
|
Hi wendyperry!
Welcome to forums!
In today's market situation, I think it is impossible to get a refinance with a credit score below 500. Even FHA needs a minimum of 580 credit score. I agree with Banker here. You should speak to your lender and look for a loan modification. In a loan modification, the lender will offer you a alternative repayment plan to pay off the debt. You can also check out the option of forbearance. In this process, the lender will either reduce or suspend your payments for few months depending upon your situation. The lender will also give you a repayment plan.
Feel free to ask if you have further queries.
Sussane |
|
|
