Posted on: 17th Feb, 2009 07:25 am
i am currently in really a bad turmoil and need the cash very
badly because i have to repay my debt which is almost 6
months old.the lender is asking me full interest and i currently
have not a single penny (but i do not want to go for refinance
as it will again put me in debt trap)
badly because i have to repay my debt which is almost 6
months old.the lender is asking me full interest and i currently
have not a single penny (but i do not want to go for refinance
as it will again put me in debt trap)
If you are 6 months delinquent in your payments, then lenders will not offer you a refinance. You can request the lender for a short sale or a deed in lieu if you can afford to lose the property.
But remember that both these processes will affect your credit score. To know more about how short sale and deed in lieu affects credit score, check out http://www.mortgagefit.com/discuss/shortsale-crediteffect.html and http://www.mortgagefit.com/deedinlieu/affectcredit.html .
But remember that both these processes will affect your credit score. To know more about how short sale and deed in lieu affects credit score, check out http://www.mortgagefit.com/discuss/shortsale-crediteffect.html and http://www.mortgagefit.com/deedinlieu/affectcredit.html .
Yes after 6 months u dont have a choice to refi. the DIL or a short sale would be the only road if you dont have the money on hand to pay the 6 months.