Posted on: 05th Feb, 2013 07:07 pm
i am about to go through a foreclosure. i was injured a few years back that has left me disabled. it took over 3 years for me to get into court to prove to a judge that what my doctors have said is true. i went with no income other them my friends & family for almost 3.5 years. this has caused me to fall to far behind on my mortgage to catch up. i live in the house i grew up in, and have been for almost 38 years, i am 41. my current lender is foreclosing on me, but has offered me the chance to do a short refinance. i am now married, getting disability, and my wife's income. because i fell behind, my mortgage payments would be 2x's what they were, and that we can't do. i am a lot better financially now then i was a year ago, but no where near what i was before i got broken. is there any lenders that can help my family and i? would a cosigner help us?
Hi,
You may take help of the co-signer and try to short refinance the loan in order to save the property. But there are chances that you may have to put some money out of your pocket in order to bring the loan current and then refinance it.
Thanks
You may take help of the co-signer and try to short refinance the loan in order to save the property. But there are chances that you may have to put some money out of your pocket in order to bring the loan current and then refinance it.
Thanks
The current lender HSBC stated they would not come after me for anything back owed. I have until AUG. to get this done. In that time, I don't have a problem saving up a good chunk to put down if needed. What I need is information on lenders that will loan the funds nec. to to keep the house. According to HSBC, it doesn't nec. have to be 100% of the value. It's like buying a house, make an offer and see if they will accept it. I am having a hard time finding lenders who will do the refinance. Not because of my credit, they just come straight out and say, "we don't do those". Even after I have explained that I don't need to full amount. Hard to believe a bank will not give a refinance to us at 90% of the value. When the words, "Short Refinance" are used, everyone seems to turn their back. This is very frustrating to us. Here, I have a chance to keep my family home, that I grew up in, at it's current value and payments I can handle but can't find a lender. I am getting doors closed in my face without them even doing any checking into me or my credit.
Just wanted to add, on disability I am getting about 2K a month. It isn't the 2k a week I used to get, but it is a guaranteed monthly payment to me. I wouldn't have a problem with letting the lender have automatic payments taken from my account for the house. With the combined income, I know I can afford up to about 1,200 a month. I know, even with escrow, my payments on a 100K loan wouldn't be that high. That is why I don't understand why a bank won't even look at us.
Hi prodigychild!
Welcome to forums!
This community has a large number of lenders. You can seek a no obligation free mortgage quote from them and get to know whether or not they will be able to help you in this regard.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
This community has a large number of lenders. You can seek a no obligation free mortgage quote from them and get to know whether or not they will be able to help you in this regard.
Feel free to ask if you've further queries.
Sussane
My wife and I have been working hard to improve our credit rating and it is up at least 100+ points from when I started. I do have a cosigner with a credit rating of around 800. If this would help me, and if there is anyone who can help me, please, let me know, I am in a bit of a crunch.
hi prodigychild!
welcome back to forums!
with a co-signer, you may be able to get a short refinance. but as the option is given to you as a mortgage help, you will always have to take the lender into consideration. it will be completely the lender's discretion as to whether or not you will be able to use a co-signer for the loan.
feel free to ask if you've further queries.
sussane
welcome back to forums!
with a co-signer, you may be able to get a short refinance. but as the option is given to you as a mortgage help, you will always have to take the lender into consideration. it will be completely the lender's discretion as to whether or not you will be able to use a co-signer for the loan.
feel free to ask if you've further queries.
sussane