Posted on: 14th Jan, 2010 03:50 pm
We have a private mortgage and would like to refi to get into our name.Or we will lose it in the next year. Credit score around 600-620 owe about 131,000. It is a 1976 manufactered home. Would like no out of pocket costs if possible. Is there anything you can help us with.
I don't understand how you would lose it in the next year? Can you explain a bit further?
Its a private deed that is for 5 years only and in this time we are suppose to find our own financeing.
with a credit score 600-620, it would be a bit difficult for you to qualify for a refinance. however, i would suggest you to apply for fha loans and check out if anyone can help you with it. do you have equity in the property? it is one of major requirements to get a refinance. you can speak to the lenders of this community and seek a no obligation free mortgage consultation. this consultation may help you know whether or not you would get a loan.
paintcloudranch, it's time you have a discussion with this private lender to see if you can wrangle an extension on that 5-year plan. who owns the home at this time? do you own it or does your lender own it while you make payments? your position is stronger if you own it of course.
