Hi,
My husband and I bought our home 2 years ago on with an adjustable rate mortgage. The interest rate has now come up and we need to refinance.
The problem is that our credit score is about 600.
Can we get a refinance? Our home is worth about 0K, we have K in debt, and we make about 0K per year.
Thanks Bob,
But we really can’t afford the extra costs. Our payment went from 00 per month to 80 per month.
What would the rate be for a credit score of 600?
We bought our home exactly 4 years ago in July. At that time my husband was making tBwice the income as he is now, and I was earning more too. We put ,000 down on the house and now it is worth about 90,000 less than we bought it for. Because of a decrease in income we have been struggling for 7 or 8 months now on paying the mortgage on time and we can’t get it caught up for nothing. He already works approx 60 hours a week and I have been actively searching for a second job to try to catch things up – with no luck. I have kind of a difficult schedule to work around so it’s not easy to find something with flexibility, but the money is decent, just not the hours, plus we need the benefits.
We are stressed and tired of struggling, and want to go back to renting as we found some cheap apt’s that are nice enough and they cost several hundered less than our mortgage, plus utlities would be cheaper. Because of being 2 to 3 weeks behind on our mortgage payment every month, me and my husband both cannot finish school, but we less could if our expenses were less. We have a realtor who is a short sale specialist come out tomorrow, but we have one big problem! Our central air is not working properly, and we just blew alot of money getting it fixed so that we can sell the house asap, but it will not get cooler than 80 degrees, and he tried to say it is irrepairable. WTH?!!!! So we are moving out to an apt. by next week, and can’t afford to put a new unit in, and God forbid we face a foreclosure because my husband has excellent credit, and mine is pretty good. I’m so discouraged, we know the AC won’t pass inspection but there is nothing we can do about it. Are there any other options?
sorry messed up on typing, very tired!!!
I understand your credit score still drops in a short sale, but it would bring it down for 18 months to 3 years instead of 7 or more years, and would still be easier to but a home again in future.
(buy a home) If we face foreclosure just because we can’t afford to get a new air unit (and our credit cards are to maxed to finance one) then the only way we will ever be able to but again is pay cash (pay off) not finance
bought house in 1999. became ill in 2004 and could not make payments. foreclosure was started, but we negotiated with the bank and eventually got back on track with payments. We eventually sold house but credit score has been damaged. will we ever be able to get anoth home loan.
What do you do when you are divorced and the X can not refinance the mortgage to get your name off the mortgage? The house is up for sale, but few inquiring. My name still being on the mortgage is damaging my credit score which has caused me to lose a house I wanted to purchase. Is there any legal advise for me?
I fell behind on my student loan payments and it hurt my credit score pretty badly. However, I will soon be caught up thanks to a forbearance.
How soon can my score recover? The student loans are the only debts on my credit scores and I have no large credit card debt, car loans, or mortgages. How soon will I be able to bring my creidt score back up?
I am trying to buy a house and expect to close in 45 days. My money is tight due to down payment, closing costs, moving costs, etc. I am thinking of getting a forbearance on my student loan so I save some money but I don’t want to do it if it will lessen my credit score and jeopardize my mortgage approval.
I need to refinance my second mortgage but most brokers that I’ve worked with shoot us down. We reworked out 1st mortgage about a year ago due to my wife being out of work. We were able to avoid a foreclosure but it’s made lenders fearful of commitment. I need a lender that’s going to have the $&%^ to work with us…I have years under my belt with my employer but the reworked 1st mortgage hurt my credit score but my wife’s is good.
Any advice that’s realistic?
Missed 2 payments on a rental property, now almost 3, tried last month to get help but couldn’t because credit dropped too low (from 720 to 571) Loss mitigation has offered to revise the terms but I still can’t afford the new payment – re-renting isn’t an option, this property is dependent upon another business that is folding up it’s shop. This property is underwater by who knows how much since there are 207 other ones just like it that are equally screwed. How low will my credit score drop with a foreclosure?
Does any such organization exist in this thievery invented by jews? It seems no matter what my credit score is I ALWAYS will get dinged on either a) closing costs b) rate or most often BOTH! Then, when you really play hardball with the banks they typically tell you they’ll only do an ARM or something, anything less than a 30 year fixed rate mortgage. What gives? Where is the deal? I couldn’t even find such a deal when they said rates were so good 3 years ago!.
If I have a credit score of 820, what would it be if I just walk away from my home even though I can still afford the payments? Our mortgage is upside-down.
How do you refinance if your house is worth less than what you owe? We have a fixed 6.25% rate, but financially speaking, being upside-down is a "bad business situation".
This is our home. A 0k 2bdrm 1000sqft condo with a growing family. It totally sucks.
We paid k below market value for it too. Similar units were selling for 0. Now, they’re selling for 0k.
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