how do we refinance our home with low credit scores?

gmakerley · Posted: Mon Dec 29, 2008 11:50 am Post subject:

donna, the reality of the marketplace is that while in bankruptcy, you're not at all likely to obtain a refinance. i don't mean to slam your attorney, but it appears that he or she is not on top of the mortgage market at this point.

Guest

Yes me/ my ex-husband have a house together. we recently was discharged from bankruptcy, we have an adjustable rate it has been 11% to 12. We would like to re-finance at a fixed rate , get a lower payment . What are our options??????Help PLease/ Thanks

gmakerley · Posted: Wed Dec 31, 2008 8:35 am Post subject:

donna, you're going to have to be out of the chapter 13 before anyone will be able to do your refinance. how close are you? and do you know your credit score?

yes, it's definitely beneficial.

Guest

I'm currently in an adjustable rate mortgage of 12%. My credit score is about 640. My debt to ratio is high because I cosigned for a student loan for my then fiance. We are now married and she is working as a RN. Her credit score is about 630 and she has multiple student loans on her credit. Can we combine our income and get a better rate.

gmakerley · Posted: Sat Jan 03, 2009 9:40 am Post subject:

henry, i think you are in good shape to refinance. i will suggest that you look into an fha loan, as the point structure on conforming loans will ding you for your credit scores. assuming that your joint income relative to your joint obligations will be less than half of your gross income (including the new mortgage you propose to take), you ought to be able to find financing easily.

by all means, you will do well to get out of your 12% rate - check and see if there is a penalty for early prepayment, and when that penalty goes away. you might want to wait to do the refinance if it will allow you to avoid a penalty.

Guest

I just found out my home loan is due in full 4/29/2010 - It is interest only at 10%. We have lived here for five years in July 2009 and never been late on a payment. However, our credit is bad. What can I do?

gmakerley · Posted: Fri Apr 10, 2009 1:43 pm Post subject:

terri, if you've never been late on your mortgage, your credit scores can't be that bad. one favorable thing, of course, is that you've got a year to work on your credit and get to the point where you'll be able to refinance.

i'd also have to think that your mortgage lender would make themselves available to refinance the loan at that time as well. have you had that conversation?

Guest

i have chapter 13 bankrupcty and mortgage payment of $5000.00 amonth
1700.00 bankrupcty payment. lost my fulltime job only working parttime even with my husband income and daughter's income it's not enough rented out two rooms at $500.00. can't even put the home up for sell. please give me some advise fully stressed out!!!!!

adonis · Posted: Wed Apr 29, 2009 12:30 am Post subject:

Hi frankie,

Walking away from the property is not a good option in my opinion. If you walk away from the property, the lender will foreclose it which will badly affect your credit score. I would suggest you to speak to your lender and check out if he can offer you any kind of option or not.

Guest

I called my mortgage company for refinancing help they stated that my FICO scores are 679/610/0 according to the reporting companies Transunion, Equifax and Experian, therefore too low to refinance.

Called Transunion to find out why the low score and was told it is because my mortgage company has only reported 7 months of payments out of 10 year loan history.

Called my mortgage company to find out why and they said it was because I did not re-affirm the loan after claiming bankruptcy over 6 years ago.

Can't even get a person on the phone at Experian to find out why they have nothing to report.

What can I do to get refinanced?

gmakerley · Posted: Wed May 06, 2009 1:33 pm Post subject:

you need to seek out a lender who offers fha loans. perhaps the information your mortgage company put into the credit request was not totally accurate. someone might run a new report and come up with an experian score. fha is looking for 620 scores now, with pricing adjustments minimal.

Guest

Already went that route and was told my FICO must be no lower than a 620 median.

adonis · Posted: Thu May 07, 2009 1:03 am Post subject:

Hi john,

I guess the FICO score that you obtained from Experian is showing as 0. Recently Experian had come up with a rule that they will not allow the consumers to view their credit score. They will come to know about their Experian FICO score by contacting their lenders. This can be one of the reasons why your FICO score is showing as 0.

Check out the following link to know more:
http://www.mortgagefit.com/blog/nofico-experian/

Guest

My lender is the one who advised me of the no report from Experian so now what?

Guest

john...I would suggest you to contact Experian and get to know what has been the issue. You can even conatct an attorney to deal with the credit bureau if you are not confident dealing with them alone.

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