Posted on: 11th Sep, 2008 04:47 am
i have a mortgage of approximately 148,000 and a 2nd loan for 15,000. my house is worth about 170-175,000. i am currently paying a mortgage of 1368,00 with a interest rate of 10 plus%. i know this so high. i am trying to refinance my loan by getting a loan with somebody who has good credit. i do not have good credit, no judgements or anything but i do belong to a debt counseling co.
i am always on time with my mortgage... i just want to get my payment lowered i know i will be paying a high interest. we applied to get in refinance and waiting to hear if it is approved..if i am able to make this payment of 1368 each i would hope they would approve the loan. if they don't what else could we do... i need to get this payment lower. i am just throwing my money away each month...
i am always on time with my mortgage... i just want to get my payment lowered i know i will be paying a high interest. we applied to get in refinance and waiting to hear if it is approved..if i am able to make this payment of 1368 each i would hope they would approve the loan. if they don't what else could we do... i need to get this payment lower. i am just throwing my money away each month...
my mother is planning on co-signing with me for a mortgage due to my bad credit history. before my divorce, 9 years ago, my credit was excellent; but after losing a couple jobs, attorney fee's etc, my credit went down the tubes. chargeoffs, vehicle repo, etc. my question concerns after the original mortgage with my mother and me on the mortgage. what does it take, time/credit repair/etc, before i can refinance with just myself on the mortgage?
Hi ANB,
Your query has been answered in the given link:
http://www.mortgagefit.com/credit/refinance-loan.html
Please take a look. Hope it helps you.
Your query has been answered in the given link:
http://www.mortgagefit.com/credit/refinance-loan.html
Please take a look. Hope it helps you.
I have a line of credit for 180,000 on my home. Rate is floating under 5% and I have only been able to pay the interest due to hardship and the fact that I should of never borrowed the money...My first morgage is 5.78 oweing 119,000.The house would not sell for what I owe in this market. I have never been late on any of my morgages in 15 years. However I owe business and personal creditors that I have not been able to pay. My line of credit baloons in 2 years. Can I refinance with my dad as a cosignor and his credit at a low rate?????
Hi SHERI,
You will have to check out whether or not you've equity in your property. If you've equity in your property, then you will be able to refinance the mortgage and take advantage of the lower rates.
You will have to check out whether or not you've equity in your property. If you've equity in your property, then you will be able to refinance the mortgage and take advantage of the lower rates.
Sheri, I suspect your best move might be to seek a modification from your first mortgage lender...and it won't hurt to float that subject to the heloc lender as well. Lenders honestly don't want to take back a house in foreclosure, and refinancing isn't looking all that promising based on what you've said about the value...in that scenario, modification may well work to your utmost advantage.
By all means, investigate with your current lender, or any other lender you find you may like, and see if it's plausible to refinance. You've nothing to lose - by all means don't pay any fees up front for a prequalification request. All they ought to need do is to run your credit (and your dad's) and calculate what, if anything, they can do.
By all means, investigate with your current lender, or any other lender you find you may like, and see if it's plausible to refinance. You've nothing to lose - by all means don't pay any fees up front for a prequalification request. All they ought to need do is to run your credit (and your dad's) and calculate what, if anything, they can do.
We applied for a loan modificantion and were turned down after three yeas of aaiting for an answer. Now our home has possibly going in to forclosure even though we have made payments. Where can we get a bank to refinance with a cosigner. The only other option is chaspter 13
PChavez, refinancing is not a very likely consideration. There still remain some programs that would be worth your trouble to take a peek at. Contact a HUD-approved counseling agency to see if there's something that matches your situation.
Otherwise, you may be right about the bankruptcy option.
Otherwise, you may be right about the bankruptcy option.
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