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diamondhawg
Joined: 02 Jan 2008
Posts: 1
Location: charleston
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| Posted: Wed Jan 02, 2008 5:12 pm Post subject: embarrassed but i need help |
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About 7 months ago I over obligated myself when i borrowed too much money to remodel my house. I am having a hard time keeping my bills current and i have fallen behind. My score has fallen off the table.
My FICO score has fallen below 500 and of course i can't get anyone to offer me a refi/debt consolidation.
I need help now and if i could get a refi, i could get things in order and get my score back on track. Most lending folks told me that if i was above 500, they had a program.
Can anyone offer me some sound advice. I could use it. Thanks! |
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uptight mortgage guy
Joined: 23 Nov 2007
Posts: 30
Location: WV
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| Posted: Wed Jan 02, 2008 10:02 pm Post subject: It is possible |
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It is possible, however, unlikely.
I would speak to your current lender and see if they will assist. They don't want you to default any more than you do.
I know it's a hard call to make but it will be worth it if you haven't done so. |
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sithburns
Joined: 12 Nov 2007
Posts: 20
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| Posted: Fri Jan 18, 2008 12:29 am Post subject: |
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If it's your primary residence and you can verify your income you should look into an FHA refinance.
It's possible to overcome negative credit including mortgage lates and still get very low interest rates using this program. |
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MC Guy
Joined: 20 Jan 2008
Posts: 23
Location: Eugene, OR
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| Posted: Sun Jan 20, 2008 5:58 pm Post subject: |
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Although it is possible it is highly unlikely that you can get an FHA loan. I wouldn't recommend any of these band aid loan unless you are going into foreclosure. I would recommend that you work on your credit. When I say work on your credit what I mean is by writing dispute letters to the credit agencies. You could perhaps raise your score well above 500 by doing this. It will take probably two months so if you have the time do it... It is your best bet of getting out of this hole. I have some advice on how to do this on my site...if you search on google for official mortgage I am the first site that comes up it is a mortgage calculator site...go to credit help from the home page. It dives more deeply into what to do.
Hope that helps. |
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loanmonk
Joined: 04 Feb 2008
Posts: 4
Location: Orange County
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| Posted: Mon Feb 04, 2008 11:18 pm Post subject: |
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| If you are about 60-90 days on the mortgage, I suggest talking to a short sale specialist. Start fresh! |
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