Posted on: 22nd Sep, 2009 07:03 am
We have a 30yr fha loan which was with taylor bean and whitaker and was recently taken over by b of a we want to do a refi of some kind not necesarily getting money back just to lower the monthly payment as income has changed and we need help i spent a week working a loan officer at b of a and he finally called me back yesterday and had figures for a streamline refi and it was ok not great but during conversation i mentioned tbw and he went and came back and said on no i cannot help u its a tbw mortgage sorry i was like what i told him upfront it was a tbw mortgage. So now what do i do we are getting desperate our credit is bad but we dont want to lose our home can u help!!
i have done everything that people suggested i have tried but nobody seems to be able to help no lenders local can help, its a manufactured house and i guess lenders are not lending and we have bad credit i am not working now and we are finding it hard What about doing a modification how should i approach the bofa with this desperate please can you help
Welcome cheffiona,
You have mentioned that you have a bad credit. It may be one of reasons for lenders not approving you for a loan. In today's market, lenders have stopped giving loans to people with bad credit. you would require a minimum of 720-740 in order to get a conventional loan.
You should write a hardship letter to the lender and apply for a loan modification with your lender. He will judge your situation and depending upon that he would accept your request. However, you've mentioned that you're not working now. In that case, I doubt whether or not you would get a mortgage modification.
You have mentioned that you have a bad credit. It may be one of reasons for lenders not approving you for a loan. In today's market, lenders have stopped giving loans to people with bad credit. you would require a minimum of 720-740 in order to get a conventional loan.
You should write a hardship letter to the lender and apply for a loan modification with your lender. He will judge your situation and depending upon that he would accept your request. However, you've mentioned that you're not working now. In that case, I doubt whether or not you would get a mortgage modification.
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