Posted on: 18th Oct, 2010 05:11 pm
i inherited my property from my dad a couple years ago. i am in need of some cash and would like to refinance the property. i am not behind in payments, but this month i am late by a few days. i am in the process of putting the property in my name finally. i have had a couple bad years that lead up to this. my credit is not that good, and i would like to know what to do. i need about $20,000 and my property is worth between $600,000 and $700,000 with approximately $150,000 owing. these are estimated costs and values.
looking for advice and help.
viviana
looking for advice and help.
viviana
Hi vivryder!
Welcome to forums!
As there is equity in the property, you'll be able to get a mortgage refinance. But your bad credit will lower your chances of qualifying for a loan. You should take steps to improve your credit score and then apply for a loan. To know some steps to improve your score, check out the given page:
http://www.mortgagefit.com/credit-rating/credit-repair.html
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
As there is equity in the property, you'll be able to get a mortgage refinance. But your bad credit will lower your chances of qualifying for a loan. You should take steps to improve your credit score and then apply for a loan. To know some steps to improve your score, check out the given page:
http://www.mortgagefit.com/credit-rating/credit-repair.html
Feel free to ask if you've further queries.
Sussane
Hi Vivryder,
You're going to have a couple of issues here.
1) Since you're not currently on title you may have to wait 6-12 months. Most lenders require "seasoning" on title before that allow a refi or a cash-out refi. There maybe a way around this if you can document a "vested" interest in the home.
2) Your credit score will need to be at least a 620 mid for pretty much every lender and loan program. Do you have any idea what your current scores are?
You're going to have a couple of issues here.
1) Since you're not currently on title you may have to wait 6-12 months. Most lenders require "seasoning" on title before that allow a refi or a cash-out refi. There maybe a way around this if you can document a "vested" interest in the home.
2) Your credit score will need to be at least a 620 mid for pretty much every lender and loan program. Do you have any idea what your current scores are?
What's your credit score?