Credit score 501

0.10 Dollars($)

Any suggestions about refinancing before I lose my home with a credit score of 501

Niicss · Joined: 03 Oct 2005 Posts: 1047 156.15 Dollars($)

Welcome Guest.

Credit score of 501 is not too good. So you may not be able to refinance. I feel you should consult with the mortgage company and asked then for forbearance and loan modification. It will help you to get back on track with your mortgage payments.

Let me know if you have any further queries.

sara · Posted: Wed May 21, 2008 5:29 am Post subject: RE: refinancing with low score

Hi guest,

I can feel what you may be going through since you wish to save your home and i guess it's getting a bit hard for you to do so. Now, your score being 501, I'm afraid it's difficult to do a refinance even with FHA loans. If you can try and repair your credit and bring up the score to at least 580 then you can at least go for FHA loans. But it will take time till you can raise your score. You can check out the Credit Repair tool which will help you analyze your credit so that you know how to fix it. Also, can you say something more about yourself as to what made your credit score drop down or do you have late payments etc?

Take Care

lisascherzer · Joined: 04 Jan 2008 Posts: 599 69.58 Dollars($)

Your best bet is to call your current lender to work something out like a modification. Right now lenders are being very generous in working with borrowers to avoid foreclosure. I am most definate that you will get the best deal that way. Even if you could refinance, the rate would be very high and your payments would likely go up. I urge you to call your current lender and work something out with them.

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