Posted on: 28th Jul, 2009 03:26 pm
I retired in 2007, and at that time had good credit but a life event happen which took all my savings, I feel behind on my mortgage and credit cards, My credit score now is at the bottom. I have 2 jobs but still lag behind and my home needs repairs. I have 43000.00 left to pay on my home and it has been appraised for 77000.00. What are my best options.
hi dandea,
it would have been better if you could refinance the property as there was equity in it. but with a bad credit score, it won't be possible for you to refinance the mortgage. it would be better if you could speak to your lender about a loan modification. it will help you in reducing your interest rate for paying off the mortgage dues. however, your term of paying off the loan will get increased.
thanks
it would have been better if you could refinance the property as there was equity in it. but with a bad credit score, it won't be possible for you to refinance the mortgage. it would be better if you could speak to your lender about a loan modification. it will help you in reducing your interest rate for paying off the mortgage dues. however, your term of paying off the loan will get increased.
thanks