Posted on: 23rd Jan, 2009 03:01 am
WE have credit scores in the mid 640 to 660 and have several late payments over the last year, can you still assist us? WE have been promised in the past that others can until they hit these four late payments> we have full documentation and are looking for a closing in 30 days with 50,000 out in cash for home improvement. we currently owe 309,000 and the home is worth 550,000 more or less. we are at present two payments behind
i have to tell you that you're going to run into roadblocks wherever you go these days. investors do not like taking on risk at all, particularly in a case where your mortgage is currently delinquent.
there are hard-money lenders who would be more likely to take on that risk, but you'll pay dearly for the privilege.
there are hard-money lenders who would be more likely to take on that risk, but you'll pay dearly for the privilege.
you would have a shot at getting the loan with the mortgage lates in your history but the fact that you are also still two payments behind will make it nearly impossible.
your credit situation will result in a higher rate than what you would have been able to get under normal circumstances. combine that with the fact that you want to increase your loan amount by $50k......i dont know how you are going to make the payments when you are not able to make smaller payments now. how will you make this work when you refinance?
your best bet is to focus on getting your current situation cleaned up before you look to borrow more.
your credit situation will result in a higher rate than what you would have been able to get under normal circumstances. combine that with the fact that you want to increase your loan amount by $50k......i dont know how you are going to make the payments when you are not able to make smaller payments now. how will you make this work when you refinance?
your best bet is to focus on getting your current situation cleaned up before you look to borrow more.
You would have a shot at getting the loan with the mortgage lates in your history but the fact that you are also still two payments behind will make it nearly impossible.
Your credit situation will result in a higher rate than what you would have been able to get under normal circumstances. Combine that with the fact that you want to increase your loan amount by $50k......I dont know how you are going to make the payments when you are not able to make smaller payments now. How will you make this work when you refinance?
Your best bet is to focus on getting your current situation cleaned up before you look to borrow more.
Your credit situation will result in a higher rate than what you would have been able to get under normal circumstances. Combine that with the fact that you want to increase your loan amount by $50k......I dont know how you are going to make the payments when you are not able to make smaller payments now. How will you make this work when you refinance?
Your best bet is to focus on getting your current situation cleaned up before you look to borrow more.
