Posted on: 13th May, 2009 06:10 pm
i am behind 3 months on mortgage. the modification that i was offered involves a 3 year amortarization with balloon, and i'll only be saving a 100.00 off my mortgage, i don't think that such a good idea ( lots of people lost their homes this way). i don't think my credit is that great right now. does your credit score determine whether you can refinance or not?
Hi yes your fico score does determine if you can refinance and at what rate. The better your fico score the better rate you will get.
Hi mpatterson!
Welcome to forums!
Credit score is one the important factors to determine whether you would be able to refinance a loan or not. Moreover, you have mentioned that you are 3 months behind on your mortgage payments. In such a situation, the lenders would not accept your offer to refinance the loan. It would be better if you could accept the loan modification.
Feel free to ask if you have further queries.
Sussane
Welcome to forums!
Credit score is one the important factors to determine whether you would be able to refinance a loan or not. Moreover, you have mentioned that you are 3 months behind on your mortgage payments. In such a situation, the lenders would not accept your offer to refinance the loan. It would be better if you could accept the loan modification.
Feel free to ask if you have further queries.
Sussane
If you have financial difficulty makign your payments write a Finacial hardship letter to your lender. you will get a sample letter on this forum.
check this out
http://www.mortgagefit.com/know-how/about7067.html#hardshipletter
This may help you to adjust your payments to some extend.
check this out
http://www.mortgagefit.com/know-how/about7067.html#hardshipletter
This may help you to adjust your payments to some extend.
with recent late payments, lenders are far less likely to be able to assist you at this time. if the modification offered is unacceptable, let your lender know that, and see if they can work out a more reasonable plan.
