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gmakerley · Posted: Sat May 09, 2009 6:10 am Post subject:

i'm not certain engaging an attorney is going to be helpful, but roxanne's suggestion that you contact experian directly makes a great deal of sense.

perhaps you'll determine precisely why they aren't reporting back.

Guest

Hello-
I am purchasing a duplex on contract that I use as a rental unit. I paid a down payment and have made all of my monthly payments. I only owe $23,000 on it. I have a credit score of approx 650. My wife and I have a 190,000 home which we owe about $170,000. We both work and make over $110k combined. Her score is slightly higher than mine. What is the best course of action to try to get a loan for the rental?

[E-mail address deleted as per forum rules. Thanks.]

smithsussane · Posted: Sun May 24, 2009 10:38 pm Post subject:

Hi KENNETH!

Welcome to forums!

You can speak to the lenders and check out if they can offer you a loan for that amount. If lenders do not agree to give loan for such a small amount, then you should check out if you can get a personal loan or not. However, you should remember that personal loans come at a higher rate of interest.

Feel free to ask if you have further queries.

Sussane

eric1 · Posted: Mon May 25, 2009 11:57 am Post subject:

Not sure what you are trying to accomplish. Are you looking to refinance the $23k? Did you want to cash money out?

If your goal is simply to reduce the interest rate on your $23k loan, then you will need to see a VERY LARGE reduction in your rate to make up for all of the closing costs.

gmakerley · Posted: Tue May 26, 2009 7:36 am Post subject:

eric is correct, and it would behoove you to borrow not less than $50000 overall - take some cash back and do whatever it is you wish to do with the funds. otherwise, the cost is going to be prohibitively high for you.

Realgeni · Joined: 13 Apr 2009 Posts: 1434 99.76 Dollars($)

Kenneth your closign cost to finace $23k will be higher than what you will end up saving.

What is the reason you are trying to finance the 23K.

Have you look at the option of refinancing the home you are currently in?

Guest

I have a pre-1976 Mobile Home with an acre of property that is investor finance at 11% rate and would like to refi but I have filed Chapt 13 in 2003 and have low scores, I am 4 mths behind and what like to know what I need to do. I want to stay in my home so I would like suggestions, can I refi or What?

[E-mail address deleted as per forum rules. Thanks.]

smithsussane · Posted: Wed Jul 15, 2009 8:45 pm Post subject:

Hi WWeiss!

Welcome to forums!

It will be difficult for you to refinance the property because you had filed for Chapter 13 and have low scores. Moreover, you've mentioned that it is a pre-1976 mobile home. Mobile homes build prior to 1976 hardly qualify for loans. It would be better if you could sell off the property and rent a property for some time. Meanwhile, you can take steps to improve your credit score. Then you can try purchasing a new property.

Feel free to ask if you've further queries.

Sussane

Guest

a friend financed a modular home for me in 2005 i pay the mortgage of 800 per month never missed a payment now my friend want to house re finance in my name how do i do this with a low credit score. help

Niicss · Posted: Fri Mar 26, 2010 2:46 am Post subject:

With a low credit score, it won't be possible for you to get a refinance. You can either improve your credit score and refinance the loan or you may take the help of a cosigner in order to refinance the loan.

Guest

my husband and I have an interest rrate of 8.2. we now have the money to pay the motgage of 132,000 off in full. should we do this or try and re-finance?? and would it help to pay 50,000 towards the mortgage in order to refinance?? our credit scores are really low.

adonis · Posted: Mon Jun 07, 2010 2:18 am Post subject:

Hi meggie,

You can definitely pre-pay your mortgage and this will be a good option compared to that of a refinance. As your credit scores are low, it will be difficult for you to get a refinance. However, you should check out your mortgage docs to find out whether or not there is a pre-payment penalty clause mentioned.

Guest

We are looking for a lender to refinance our mortgage to pay off our chpter 13. We owe $40,000 and it was stipulated that we would refinance or sell our house to pay off the remaining balance we entered into the bankruptcy in 2004. We owe $171,000 on our mortgage and our house is valued at about $220,000. Our last check on our credit score was 526, and we had been late on a couple of payments. By the time it went through all the attorneys we were 4 months behind and had to make up the payments overtime to avoid foreclosure. in making the double payments we have been late in paying our regular utilities, and our checking account is in the negative. We have been current and have paid all the back payments. We know we will have to pay a higher interest, but we will be debt free once we have paid off the chapter 13 with our payments to the trustee being $1500.00 a month and our current mortgage at $1080.00 Is there a lender we can look at to help out?

jameshogg · Posted: Mon Sep 20, 2010 12:58 am Post subject:

Hi JP,

As you're in a bankruptcy filing, most of the lenders won't be ready to give you a mortgage refinance immediately. I would suggest you to wait for 6 months and then apply for a refinance to check out if your current lender is ready to refinance the loan.

Thanks

Guest

I own 2 homes valued at twice what they are mortgaged. I would like to refinance but am retired and recently widowed. One loan is a 3 yr balloon due soon. I would like to find a company to refinance so I don't have to deplete my limited financial resources. Can you suggest options?

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how do we refinance our home with low credit scores?