Posted on: 10th Feb, 2010 12:44 pm
I own 10.10 acres in Dawson, WV. 24910 free and clear. I have invested aprox. $50,208.00 of my own money so far. I am looking for a loan to build a log home on the property. I have a great credit score. The problem is I tried to do a loan modification on the home I'm in now and was told I had to miss a mortgage payment to qualify. Now this home is under contract to sell. I missed the mortgage payments as I was told I would have to do and now am being told I do not qualify for a loan because of missimg mortgage payments. Can you tell me how I can obtain the financing I need to Complete this home?
Missing those mortgage payments destroyed your opportunity to obtain another mortgage. Your credit scores are too low now, and the mortgage lates also inhibit a lender from offering financing. You're going to have to wait at least a year from your last mortgage late, and also improve your FICO scores.
That's a problem with Loan Modications.
That's a problem with Loan Modications.