Posted on: 24th Jul, 2008 09:53 pm
with bad credit 615 score can i get interest only mortgage to a fix one
i both my house for 560.00 but now its worth around $410,000 now and i got a interest only both 1st and 2 loan first payment $4,200.00 with taxes and 2nd $1,265.00 interest only can i get fix loan payment ? AND IS THERE SOME WAY I GET MY MORTGAGE REDUCE
i both my house for 560.00 but now its worth around $410,000 now and i got a interest only both 1st and 2 loan first payment $4,200.00 with taxes and 2nd $1,265.00 interest only can i get fix loan payment ? AND IS THERE SOME WAY I GET MY MORTGAGE REDUCE
Hello.
Why have you taken interest only loan. This is only of the biggest reasons for this mortgage crisis. Noe are you finding problem to maker the payments. Have you contacted with the loss-mitigation department of the mortgage company?
Why have you taken interest only loan. This is only of the biggest reasons for this mortgage crisis. Noe are you finding problem to maker the payments. Have you contacted with the loss-mitigation department of the mortgage company?
Interest only loans, in and of themselves, are not the biggest reason for this mortgage crisis. Far from it. The real culprit is the option arm ( A paper, investor and B/C). Look at Wachovia, World, and Wamu - just to start, those ships are sinking fast.
That's going to be tough with a score of 615. You've got to work on getting that up. It will also depend on your entire financial picture. You may want to talk to a local lender in the meantime to see what your options may be.
That's going to be tough with a score of 615. You've got to work on getting that up. It will also depend on your entire financial picture. You may want to talk to a local lender in the meantime to see what your options may be.
Youre both wrong LOL This was the perfect storm multiple reasons came together at the same time no one thing can be blamed. My 2 cents.
OP
There may be a chance but we need to know more before we can comment. FHA just announced a new program for refis where they will lend up to 90% of the current value IF the lender holding the note will agree to take the loss. Is your first and second with the same lender? That may be an option once this gets written in it still has to pass the senate and get past the president.
Otherwise it will be very tough to do anything as it sounds like you are uoside down in the home.
Good Luck
Brian
OP
There may be a chance but we need to know more before we can comment. FHA just announced a new program for refis where they will lend up to 90% of the current value IF the lender holding the note will agree to take the loss. Is your first and second with the same lender? That may be an option once this gets written in it still has to pass the senate and get past the president.
Otherwise it will be very tough to do anything as it sounds like you are uoside down in the home.
Good Luck
Brian
